Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-11-05
PANIC IN WHEAT MARKET.
PRICE DROPS &c IN A FEW
AND RECEIVERS AS QUICKLY.
Close Was mt n Net Loss for the DaS
of 1 3-Sc-COrn Only n Trihe
Lower and Oats a Shade
Higher.

rh;c.po Nov. If there is a bull Clique
a,hoat &c ,s so generally believed, the
market got away from 1t to-day ior
moments. A break of about "a cents toon
pIace shortly after the opening ioiio"eu
by an equally sharp recovery. AN a.'. M
to dispose of a long line bougnt SUM .
a,o started the trouble. The market was,
strony PRECIOUS to the close, at lag
10 decline for December. An enormous
ernort business was done at the oechne.
other markets were scarcely ruined oy .he
violence in wheat. corn declining pu' ~
while oats closed a. shade higher. ProVis-
ions advanced 2l3@12hc.
wheat opened firm at a shade above yes
terday's closing prices Liverpool "as
stronger than expected. showing put &c oe-
cline, while Paris was up 3o centlmes'
face of yesterdays 1sc break mere. nlsn'
local receipts were a sustaining influence
shortly after the opening. at which time
Dacember was quoted at 95Ad95lec. the
,oarket was struck with one OF those eX-
traordinary panics that every once IN d
while knock into smithereens calculations
based on the sanity of the operators. Inc
manic was apparently the result OF an un-
skillful ar = nS SlheI tor =, 'h Bec snbs Wheat
upon which the holder had placed WI he
his brokers a stop loss limit When ne
bought il ten days previously. 10 lnsure
the nrompt execution of the order to stop
the ioss al a certain price, the brokers. In
authorization of its reaching II to-day, ulSlu-
egents and. of course. when the market
got within 1-l6c of the limit what appeared
to be a general selling panic struca I Ia
crowd. and ii became imTo sslpie 10 ger Ilu
of any until the market had dropped apout
3c from the opening prices OF DecempsL.
May also suffered; but not ON nea aho, s1 n cent
under the opening prices. Buying orosss
were quickly distributed among a num nDnl
of active brokers ,hs by 1saS Gsor II the Il, bull Clique,
through whose efforts the break In the
market was mended in an even shorter 1iLne
had sold down to a2c. but it advanced to
s5c without a stop. Receipts at Chicago IN.
Guided ll6 carloads by rail and a cargo OF
anoIis and Duluth received 1857 cars.
against g39 a week ago. and s49 last ytar.
The Atlantic port clearances were gan
very heayy-160, coo bushels. New YORK au-
vices were very bullish as regards the nuIn,
her of boatloads said to have been Workeu
for export on the early decline. CLAIMS 3s-
ing made of as many as ninety-nVe iodus'
or go. 900 bushels.
The Cincinnati Price Current was deciu-
eddy bearish in its weekly report; saylnS
that the rains east of the mississippi mad
frightened the wheat crop situatlon very
much. In addition. more rain was pre-
dicted for tomorrow; the ma hreet w snS
rand recovery. but it made no more such
wild skips. The tendency was to SINK, ana
even the reported aking OF Il tOtdi VI i"-
hoatloads AT New York and other ports
failed TO hold it IN. December wobbled
between 94kc and s4Stc. but 1t closed at
e4c. as against a5kc yesterday. May closed
at 9l5sc. or only &c above its lowest on
the big break.
corn was dull. but. considering the err
ratio character Of the wheat market. very
steady. A slight advance was noted at
the opening. due to the small receipts
297 cars. When the sensational break In
wheat occurred. prices dipped Sac from the
high point, but recovered later. Deem
her showing but nc decline at the close.
Atlantic clearances were $1,000 bushels.
Gables were I'D higher. December ranged
from 2easc to PC. closing at 26isc.
Oats were firm. especially during the
carly part of the session. The break In
wheat and corn was not responded to,
even though business was inactive. The
urgent demand from exporters for the
cash article was back of the strength. To.
days sales for shipment aggregated 2n:"N
bushels. Receipts were $50 cars. December
ranged from 1880 to lgsc and closed a
shade higher at 19l2Mlstc.
Provisions were dull. but firm. with thu
execution of a short time after the open
tny when the gyrations of wheat pro
1uced n somewhat unsettled feeling. OF
ferings were very small. and with a mod
crate demand prices rallied a little. Trad
ing throughout was unimportant. At thu
close. December pork was 10d12iac highe
nj 81 1919; December lard &c higher at s4-2J
and December ribs 2iac higher at A.4ll2.
Estimated receipts Friday Wheat. II
~ cars: corn, $50 cars: oats, 20 cars: hogs