Kansas City daily journal., 1896-10-28
WHEAT is OFF TWO CENTS.
WAS VERY WEAK ON THE CHICAGO
BOARD YESTERDAY.
Liverpool Did Not Respond to Mon
days Rise Here and Everyone
Wanted to sell-Corn and
Oats Lose . Little.

Chicago, Oct. 27.-Wheat suffered from a
variety of causes to-day and closed with
a loss of cents. though selling at one
time nc under that figure. Among the
chief reasons for the slump were the disap-
pointing cables and heavy liquidation by
prominent brokers. Other markets were
also affected to a degree, corn declining
lkc, oats about Nc and provisions 21547kc.
Everything was against wheat at the
opening of the market to-day. The most
depressing features were the early cables
and the Northwest receipts. After the ad-
vance of 1c here yesterday. Liverpool was
expected to show steadiness at least, and
the weakness of that market was a de-
cided disappointment. Northwest receipts
were remarkably large, 1,61S cars, as COM
pared with 1857 last week and 1,5l3 last
year. At the starting of the regular trad
ing, there were no buyers of December at
over 70kc; and so anxious had some people
in the crowd become to sell-having stop
loss orders at about 70c-that sale or two
at 6s7sc took place in the opening melee, as,
against yesterdays closing price of 70zc.
If 1t had not been that about 900 BUSH
els of hedges against the wheat in the
Pacific elevators had to be bought, in con-
sequence Of having been burned by yester-
days fire, the opening weakness would
doubtless have been Intensified. AS it was,
the later Liverpool cablegrams noted a
decline of about Nd per Genital, and that
caused drop in the price of December to
e95sc. after having had a short reaction
from the opening figures to 70lsc.
Another depressing factor was the liberal
selling for foreign account and during the
first hour such sales are believed to have
aggregated over SOC, 900 bushels. New York
poured in selling orders. as did the other
leading markets. and the trade was simply
swamped with offerings. Another disturb
ing factor was the high money rate at
New York. John Cudahy was q steady and
persistent seller. especially on soft spots.
His trading has been very large for some
time and as he has generally been on the
right side of the market he had a large fol-
lowing. the consequence being that whea,
, poured on the market at times in a perfect
avalanche. Prices continued to go down.
ward during the last hour under heavy
foundations. December finally reaching
egltc This was the turning point and De.
cernber had recovered to 69yc at the close
though remaining active and nervous tc
the end.
Corn ruled slow and weak following ths
course Of wheat. The Liverpool cable was
also lower the shipping demand less active
and the receipts continue liberal. During
the last hour the market was decidedly
weak, following the course of wheat. Ma,
opened about &c lower at 2SkM2Skc, ant
gradually sold down to 27s4c. closing veal
at 27.sG3c.
oats were Qulet. But StrOHS. nOidlng Det
ter than wheat or corn. but this was NOR,
on account of limited trading than from
any independent strength. Prices held u,
we'll to noon. but in the last hour wer
affected by the drop in wheat. May opened
shade lower at 2lSsc, declined to 2lBa
2lLc and closed at 2l%c asked.
A fair amount of speculative busines
was done in the provision pit, but ther
were more sellers than buyers most of tn
time. Hog receipts here exceeded yester
days estimates by 1000 head. That an,
weak grain markets caused the selhn,
pressure. After the opening decline, how
ever. prices fiuctuated but little Januar
pork closed 7lkc lower at s7S21s: Januar
lard, 2i9c lower, at $3.50: January ribs, S
lower at S3.SSG3Sik.
Estimated receipts Wednesday: whea,
200 cars; corn, $50 cars: oats, $50 cars; hogs
5000.