Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-12-12
WHEAT is STILL NERVOUS.
DECEMBER CLOSED AT SI.O4 1-2,
JANUARY 93 1-2c-MARKET QUIET.
Speculative Trade Light I'm Wheat
Corn and Oats D~uII-PrOvis-
ions Higher-May Pork
1Oc Higher.

Chicago. Dec. 11.-Wheat was quiet to-
DAY, in marked contrast TO the violent
fluctuations of the past three sessions. The
close showed an advance of lf2c for De-
cember over yesterday. Corn and oats
closed firm after a dull day, and provisions
We're in good demand. at an advance of
1Oc for pork and 2I2c for lard and ribs.
The speculative trade in wheat was light,
but the feeling continued nervous. The De-
cember clique was thought to have picked
up most of the offerings, possibly enough
TO replace the amount sold yesterday at
much higher prices. 10 check the feverish
advance which had been started on the
action of the shorts. But while December
sold higher, the more distant futures were
lower. May selling at one time i-c below
the close last night and January nearly &c
of, but both. recovered some. The heavy
movement of wheat which is under way
for this market tended 10 relieve to some
extent the apprehension of the shorts. and
there was less urgency in the demand from
that interest. Ii was currently reported
that wheat was coming In good volume
from Minneapolis. and that 5y.vO bushels
of Duluth No: ! Northern. on the way to
Buffalo, had been stopped by Geographic
orders and turned back to Chicago. where
the price would net the owners &c per BUSH
el profit. 1t is known that there are large
amounts of wheat elsewhere. only waiting
for the price here to reach Il figure which
will warrant putting it on the cars for
Chicago. and the bears hope TO see it come
~ sh' q AoehA s7 W MIA sDo
the clique to take care of il.
II was the belief that such would be the
case that encouraged the short selling.
Joe Letter is credited with the statement
that, however much wheat the clique
might get. ii would all be promptly
shipped. but the bears looked upon this
as a bluff. In December very little was
done. but any offer to sell depressed the
price lc a buSlel, and a bid for 1000 bush
els was sufficient 10 CORRESPONDENCE adj
vance it. The opening of December was
Sl.04. and IL first. after that. advanced to
sl.05. and afterward dropped to S1.03. and
the last trade was at Sl.0ii.. January was
in a similar condition to December. ex-
tremely sensitive, and orders 10 buy or
sell were in some cases impossible OF eX-
ecution. within from ldli=c of the immedi-
ately preceding transaction. The range at
the start was from gJc TO 95iac. after which
it sold again at 9i24c. and down to g3iac at
the close. While December in the end
showed 1sc gain for the day, January
shows 1.sc loss.
Corn opened easy at &c decline for Nav
and sc for December. business is now
all in May. except in the way of changing
open trades IN December TO the later de-
livery. The bearishness of the crowd.
quickly changed with a little buyinu for
long account and the early short sellers
made their own losses in competition for
the trusted offerings. At the end Nav
recovered AND closed at same price as the
day before: December 1-lGc lower. May
ranged from 2sa-c TO 2Sssc, closing At the
latter. The days receipts were 336 cars.
A fair business was transacted in oats.
Notwithstanding the narrow range of
prices; May opened at 22i4c. sold at 222sc.
and closed at 223sc, Lc off from yesterday.
Receipts We're 3S2 cars.
Provisions We're firm. and trading was
a little more general than for some days.
May pork rose 10c TO S.. 57i.. and closed AT
that. May lard rested at si.52i2. an inn
provement of 2isc. and May ribs at 4.35.
showing also PFC advance.
Estimated receipts for Monday: Wheat.
Ss cars: corn. $40 cars: oats. AIS cars;
hogs. 1900 head.