Kansas City daily journal., 1896-12-18
WHEAT MAKESASMALL GAIN
CLOSES lie HIGHER, AFTER SELL
ING CONSIDERABLY LOWER.
Market Was Feverish and Unsettled,
but Ended Firm-COrn and Oats
Rather Henvy-PrOvisiOns
a Little Lower.

Chicago. Dec. T.-Wheat acted feverish and
unsettled to-day, fuctuating over a 1Ssc
range, but finally closing firm at nc ad-
vance. Large lines of long wheat were
dumped on the market, but reports of
heavy seaboard clearances sustained the
market and were the main features of the
advance. Corn and oats were rather
heavy, closing unchanged and &c higher,
respectively. Provisions declined slightly.
In wheat. there was some good buying
early for a reaction, as a good portion of
the trade looked upon yesterdays weak
ness as without warrant from anything
which could be discovered in the legiti-
mate situation 1t was further helped by
the report that over 100000 bushels of cash
wheat had been taken yesterday, part of
1t to go East by rail, and seventy-fiye cars
we're said TO be now loading at one of
AImour's elevators for Boston, by rail
freight. The opening decline in the Liv-
eTPool cable was only I'd, equal to less
than NC and was not regarded as serious,
IN view of our weakness yesterday, and
New York wired liberal acceptances last
night. Northwest and Chicago receipts,
as usual. were a factor in the early tone.
Those points reported 495 cars, as com
pared with 4S6 cars last week and $50 last
year. Opening prices for May were prac-
ucally the same as yesterdays closing iig-
urea, initial trading being At 7S&aSOc, yes
tercay.s closing being at lgisc. A moment
after Sglkc was quoted. But then began
heavy selling, participated in by many of
the heaviest operators on the board, which
slowly but surely pressed prices down
ward. One operator was credited with dis
posing of over million bushels and the
depression which naturally followed the
unloading of such large quantities of wheat
on a rather unwilling market was in
creased by rumors that ii was for Armour.
Cudahy was also credited with it, but
this was emphaHcally denied by that gen.
tleu.an. The result was that May, by 1888,
had declined to 79ttc. That. however, was
the lowest point OF the day. 1t soon be-
came evident that the clearances would be
heavy, and as confirnatory dispatches as
10 crop damage came in, the selling furore
was checked and prices soon advanced to
Soc. A reaction to T9izc then occurred, but
II was temporary and during the last hour
the market gained strength on the New
port News advices that 10000 barrels of
flour had been exported from there. While
81 was afterward corrected 10 read pounds
instead of barrels, 1t nevertheless had its
May.
corn was quiet and inclined to weakness.
The cables were easier, trade very dull
and when wheat made Its sharp break
corn also sold off some. The prospect OF
cod weather has made larger receipts
probable and was partly responsible for
the suggishness the market displayed. The
closing strength of wheat had SUFFICIENT in
nuence on corn to rally prices to the open
ing figures. where the market closed. May
opened at yesterdays closing price, 25l2c;
1t sold at 25Ssc. declined to 251kc and closed
steady at 25lzc.
The market for oats was stubborn one.
There was some attempt at TdlulIlB uuI-
ing the early hours OF the session. but
prices held well in spite of the liberal Of
ierings and finally advanced slightly. Bus
iness was fairly heavy, though mainly of
n scalping character. May opened about
3kc higher. at 20d2Olsc, sold between 1880
and 20lsd20kc. closing steady at 20lSc-
Provisions were slow all day. The open
ing was firm. although at practically un-
changed figures. in sympathy with steady
hog market and a slight advance followed.
T-rder liberal offerings by packers, an
easier feeling was created ana the ad-
vance was lost. May pork closed about
2IIc lower, at S7.9OG7.92Ia: May lard, 2l5c
lower at S4.02lz; May ribs, 2iRc lower, at
$500.
Estimated receipts Friday: Wheat "a
cars; corn. $50 cars; oats, $40 cars; hegs,
On 0rn