Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-29
WHEAT TAKES A TUMBLE.
TRADERS KEPT GUESSING AS TO
THAT ALLEGED CORNER.
Some Think II Has Collapsed and
Others That 1t Is Only Getting q
F1FmeF Grip - Corn, Oats
and Provisions.

Chicago, June 2.-What next in the July
wheat deal? was the question the board of
trade men were addressing TO each other
at the close of to-day's session. 1t began
with a decline of &c per bushel and left off
still 1zsc below the price it closed Saturday.
Considering the violence of the fiuctua-
tons, the amount of wheat that changed
hands was small. September was compare
lively steady and closed at a sc decline.
Corn and oats closed at substantially I'M
changed figures. Provisions were active
and advances were scored ranging from
The manipulated character of the present
trading in July wheat was forced upon
the most obtuse understanding by the vio-
lence of its antics during the first half hour
Of the session. The price of next months
delivery, which at its close Saturday, was
day ali the way from nc to 11fc. In five
minutes thereafter il had fallen to 6912c,
and before the expiration OF. the first half
hour ii was VI again TO &c for an instant.
Ordinarily such violent and rapid fiuctua-
lions would be the accompaniment of an
immense business, but on this. occasion
the quantity that changed hands was by
no means heavy, and strangely out of pro-
portion with. the noise over IT in the pit,
There were large QuantitieS of wheat for
sale at the opening, but no one would buy
and not until 69hc had been quoted did any
break marked the collapse of the alleged
corner, opinions differed. a good many hold
ing to the belief, which was strengthened
by the fact that little or no wheat was Of
fered by those who were supposed to be in
terested in the deal, that II was nothing
but a shaking off Of the small fry. At any
rate il had that effect. September wheat
did not participate to any great extent in
the opening of July. 1t was
wanted at the opening at about &c adj
vance, G6h Q663sc, a few lots selling at 66hc.
II declined to 655sp65Ac, when July was CIV
ing indications. Of going, all TO pieces, and
was allayed for the moment The crowd
was made susceptible to the panic which
afterward seized them by the news they
VverG in nOESREGiOn of before the market
opened. Liverpool reported only I'd adj
vance. Tennessee and Oklahoma advices
est ever seen, and California advices were
almost equally favorable. The market here
ruled comparatively dull after the subsi-
dence of its first explosion until about an
hour from the close, when ii became st
fully active and again weak. Some of the
later weakness was caused by a cablegram
from a well known Liverpool house which
said Russian wheat and rye crops would
be abundant, and Danubian wheat equal in
quantity, but deficient in quality, from last
year. The July price appeared to be pegged
at O1!c near the md, but September got
was 7Ozc at the close.
There was a fairly active trade in corn.
1t ruled firm during the early part of the
session, shorts being inclined to cover not
withstanding generally favorable weather.
The weakness displayed by wheat later in
the day caused more liberal offerings of
corn. and the advance was ultimately lost,
Local receipts amounted to 342 cars. The
visible supply decreased $4,000 bushels. Sep
tLlUr Optlltu a Sudut ulSneT at EDuEb1RC,
advanced to 26Sc and declined to 26c, where
II closed.
Oats were easy and ruled a shade lower,
with quite a good business transacted.
Selling was free, the favorable weather
being perhaps the most important factor.
A feature was the relative weakness of
July. Local receipts we're posted at 34l
cars. The visible supply decreased 81 1000
bushels. September opened unchanged at
1Sc. held between 1ssc and 1Tzsc, closing
at lSc.
There was a big trade in provisions, with
a great deal of important covering. Firm
yard prices made shorts anxious to cover.
They had great difficulty in doing so, and
sharp advances were scored, but at the
extreme figures packers were more dis
posed to sell. and some reaction followed.
The feeling was steady at the close, with
September pork 25d271zc higher, at T.S2Lzd
7.s5; September lard, POO higher, at $4.25,
and September ribs about 12zc higher at
&.62h.
Estimated receipts Tuesday: Wheat. Is
cars; corn, 500 cars; oats, $50 cars; hogs,
2lON.