Kansas City daily journal., 1896-10-07
W. r Houston. W. NJ. Fible.
Houston, Fib|e & Co.
520 Delaware St Tel. zoos.
WHEAT TURNS UPWARDAGAI
JUMPED &c THE FIRST HOUR YES
TERDAY, BUT LOST PART.
December Closed at . Net Advance of
1-4c-Corn . Little Higher-Oats
UAchanEed and Provisions
Quoted Higher.

Chicago. Oct. 6-Wheat made a jump of
&c in the first hours trading to-day. en-
phasizing the fact that foreign news is
watched closely. 1t was decidedly bullish
to-day. but profit taking pulled prices
down again, December closing at an I'D.
vance of 1Ac. Corn benefited slightly.
closing Ac higher. Oats closed unchanged
and provisions 21sd5c higher.
The strength displayed by wheat at the
opening was surprise to most Of the trad
ers. December. which closed yesterday at
s14c. opened at SsA@SsNc. an advance of a
full cent. and in the course of the first
forty-five minutes trading had steadily ad-
vanced 1t to es&c. The strength apparent
ly came from the Liverpool and Berlin ca.
bles which both showed an advance. Liv-
erpool was quoted firm but unchanged in
price for spot wheat, and I'd higher for
futures. That about balanced yesterdays
decline IN futures there. This certainly
was not sufficient incentive for an init al
1c advance, but a private cablegram COW
erinS later time Of the day at Liverpool
quoted another I'D advance in futures, or
Id rise altogether. Then the reason for
the strength began to be understood But
1t was only when, in the course Of an hour
after the opening. the commission houses
who had been the best buyers during that
time, commenced to show some of the
dispatches they had had from the sea.
bcarc and other points, q rise to e9Zc for
december appeared to have any justifica-
tion. Some of these were enough to set the
most confirmed bear traders to thinking.
one read: Foreigners were heavy buyers.
They want the actual wheat We lust
f,lled buying order for q Continental
mouse ior 10000 bushels of October and
100000 bushels November delivery" An.
other stated that inquiries had been made
Tor freight for cargoes Of wheat to 20 to
Bombay. The advance. however. was not
unaccompanied by selling. A &c advance.
even In these days of rapid and large fiuct-
uauons, was very tempting, and 1t was
taken advantage Of with a vengeance. and
prices gradually slid on to 6s1sc The Min
neapolts and Duluth receipts were again
neavy. The number of cars at the two
places reached 1,2S9 against 1,1S2 a weak
$50 ano lSo6 on the corresponding day of
last year. Bradstreet's report of the
worlds visible. showing an increase of
6.I50O0o bushels, had a tendency to weaken
the market during the last hour, Decem.
Der finally rested at &c.
Corn was firm, and at times strong. but IN
the end made only hc gain for fhe dav
The anticipated raising of rail rates from
Kansas points in the near future had proh-
ably some influence In bringing in buyers
Most of the strength, however came from
wheat. May opened &c higher at 26ss s126Ac
ouNaiceu 10 lo'sc ana declined to 2S3sc
where 1t closed.
Oats opened firm on free buying by
shorts. also by longs, who realized their
ambitions when prices advanced. Sympa-
thy with wheat also created a fair tone
Toward the close, the market weakened
under free offerings by the parties who
purchased early. Business was moderately
heavy. May opened &C higher at 2olsc. ad-
vanced to 2oasc and declined to l97sc, clos
ing steady at that price.
Provisions were firm on a moderate
amount of business. Buyers were encour-
aged by a small run of hogs, and also bv
the hrmness displayed by the grain mar
kets, and substantial advance followed.
Prices settled back again later, the closing
being at small advances January pork
closed nc higher at $3.50: January lard Sc
higher at $i.25; January ribs PIC higher at
$3.50.
Estimated receipts for Wednesday.
Wheat. 80 cars; corn, 72O cars; oats. ble
cars; hogs. $1,000 head.