Kansas City daily journal., 1897-02-11
LOW CORN RECORD BROKEN.
THE MAY OPTION CLOSES IN CHI
CAGO AT 23 5-Sc.
wheat Closes at n Net Decline of z-sc,
After Selling Above Tuesdays
Close for "A Time-PrOVis-
ions Easy and Lower.

Chicago, Feb. 1O.-Corn made new low
record for the crop to-day. May closed at
22ssc Wheat sold at one time &c above
Yesterdays close. but turned weak and
closed at &c decline. caused apparently by
the overloaded condition of the market.
Oats were also weak and sc lower. Pro-
visions declined 5G7lzc.
May wheat was offered at the start at
76zdT6Nc, against 714c at the close yes
terday. This early weakness was brought
about chiefly by the failure of the Liver
pool market TO respond to yesterdays ad-
vance here and by the reported generous
snowfalls over the winter wheat belt.
The supposed gravity of the European po-
ltical situation received no confirmation
rom the action of the foreign markets.
Even English consols. always sensitive to
war rumors, showed no change. and trad
ers therefore paid but little attention TO
he disqu.eting reports. But after the first
few opening sales no more was offered at
the decline Holders of important lines of
long wheat were evidently more inclined
to buy more at the concession in price
than to part with any, the consequence
of which was quick reversal of the open
ing course of the market Later news
also favored the buyers. Minneapolis wired
that millers were active buyers of cash
wheat 1t is said that the supply of wheat
in the Northwest was not sufficient TO per
nit the mills running TO the extent they.
did last year. while the demand for flour
was said to be increasing. The late cables
indicated that the early weakness in Liy-
cTpool had been recovered. and that this
was a helping factor; another bullish infiu-
once was the report from Beerbohm, show
ing that wheat stocks in Europe really de-
creased over 100000 bushels in January,
instead of ], 10000. bushels, as reported by
the Liverpool Corn Trade News. Chicago
received seventeen cars of wheat. Mime
apoiis and Duluth reported 21S cars, against
24 q week ago and 439 the corresponding
day of the year before.
The bulls stuck to their recent programme
until, from 16sIc at the opening. May got
up to 775sc. The latter proved the dumping
place for as much long wheat as could be
disposed of without breaking all the pegs
IN the market. The speculative crowd was
apparently overloaded, and, finding the de-
mand falling of. made an effort to unload
Their offerings were sufficient to break the
market, slowly at first, but more rapidly
near the end of the session May was
finally forced down to 76isG76Isc and closed
easy at 769sc.
Corn was weak and had for the cause Of
Il heavy selling of several prominent re-
ceivers. The market greceived practically
no support, and sellers were aided by the
weakness of wheat near the close. Exports
were rather light. at 900 bushels. May
opened a shade lower at PC, sold split
fraction higher. then declined to 23%c, the
lowest point yet touched for the crop IT
closed at that figure.
In oats. an easy feeling was perceptfble
lower level Sympathy with wheat was
partially responsible for this, although lat
er In the day shorts showed some DISPOSE
tion TO SELL which materially helped the
decline. May opened q shade lower at
11A. sold to 11c and closed at 17d11Ikc.
Provisions were easy all day. Hog re-
ceipts were larger than expected, and, OPEN
ing prices for provisions were lower. in
consequence. Packers were liberal sellers
all day, and a still further decline ensued
part of which. however, was subsequently
recovered. At the close. May pork was
7izc lower at ST.70dT.721k; May lard sc lower
al S.S2lz, and May ribs sc lower at S3.95g
3.g7Ik.
Estimated receipts for Thursday: Wheat,
u cars; corn, 900 cars; oats, 800 cars; hogs,
5000.