Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-03-31
WHEAT CLOSED NERVOUS.
ALL But 1-sc OF AN EARLY AID
VANCE LOST.
Sailing of o New Spanish Fleet and
Favorable Crop Report
Were Factors-ROutine News
Attracts Little Attention.

Chicago, March 3O.-Wheat to-day closed
nervous with ALI but &c of an early adj
vance lost. The sailing of a new Spanish
fleet. the news from Washington and ru-
mors Of a favorable Kansas crop report pre-
cipitated general selling, particularly by
longs, who had a profit. Other products
followed wheat in a narrow way, closing
quotations showing scarcely any change
from yesterday.
Wheat displayed some strength at the
start and for about an hour after there
was quite a good demand from shorts and
MT a little general buying. Following the
extreme of yesterdays market
here. Liverpool showed surprising strength.
Another source of strength was the North
western wheat stocks. which were reported
at 2.2Jo.0D bushels. against 100000
bushels last month. 1t was said that
wheat. These were the factors in the
opening strength. starting July &C higher
at s2hSas2ssc.. For a few minutes the mar
s22c and S2IaS2Ac. Then the sharp adj
vance which was taking. place in Wall
street stocks and more q~uieting reports as
strength TO the market and started a quiet
buying movement which carried the price
under realizing by s%caIpers and Some Of the
first buyers. but the decline was limited to
about &c. For an hour the market fiuctu-
ated nervously. within a narrow range un-
der the operations of scalpers. but around
the noon hour the continued strength of
Wall street rumors of impending cabinet
wheat holders and resulted in an advance
in the price to sSlsc. As was the case yes
terday,. routine news was given very little
attention; Northwest receipts were Ss cars.
against 34 last week. and 3g1 a year ago.
Chicago receipts were So cars. The addi-
ed to $3.50 bushels. IS cars COM
ing from regular sources. while mix
ing houses contributes IS cars and
receipts were $1,000 bushels. Atlantic
port clearances were reported at go. 900
bushels. Closing prices at Liverpool and
Paris showed substantial advances. May
wheat was little heard of. 1t sold at 81
shortly after the opening. but quickly re-
covered to N.G, and remained at that figure
Letter cut no small figure in the advance
in that future TO S31sc. though il was NOT
on a large scale. The market held firm at
around that price until the last half hour.
when attempts to sell long wheat with good
profits attached to it. coming about the
same time rumors were circulated to the
report would be the most favorable on
record, started a general liquidating move
ment- Holders had some difficulty in con-
sequence. the market becoming decidedly
weak in the last few minutes. After de-
Ginning TO Size, shorts covered in a moder-
ate way and a rally to S2dS2kc ensued,
s1O3a4.
Market for corn was quiet and steady.
Shorts did most of the buying. the in
fuence being the strength of wheat and
stocks. Trading as a whole was uninfer-
esting and price fluctuations were narrow
May ranged from 29h to 2S5.I2sA. and
closed Il shade higher at 2S7Sc.
Oats Were very quiet. The market In
a general way sympathized with the ac-
tion of wheat. and the tendency of the
market was upward. though trade was too
small to cause much variation in prices.
business was mostly of a s~calping nature.
May ranged from 25Lc to 25c. and closed
&c higher at 2sc.
Provisions were strong during the first
two hours. The strength OF grain markets
time. and prices advanced. Later. realize
ing became fairly heavy and the advance
gradually disappeared. Packers were the
best sellers. The close was steady. MAY
pork unchanged al $40. May lard PIC
higher at $500. and May ribs 2l.c higher
at S5.1siL.
Estimated receipts Thursday: Wheat. Il
cars: corn, 10 cars; oats. go cars; hogs.
5000 head.