Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-26
DOLLAR WHEAT AGAIN.
LETTER BUSHES JANUARY TO 81 TO
RAISE PRICE OF MAY.
May Closed at 93 ~5-Sc-News Mostly
BeariSh Excepting Italy Bread
Riot Reports Other
Grains Higher.

Chicago. Jan. 25.-Jaruary wheat sold at 81
to-day. The price was bid up &c in as many
minutes by brokers acting for the Letter
crowd. who it was believed took this meth
cd of advancing the price of May. jan
uary closed at 91l&c, an advance of 2I2c.
May closed at sc advance after many fiuc-
tuations. Corn was dull but firm, and adj
vanced lsGi4c. Oats closed a shade high
er. Provisions We're active and advanced
5d15c.
The opening in wheat was weak. May,
which closed yesterday at S3l4c, started
to-day at s3lsd934c. and comparatively lit
lie trading was done even at those prices.
Weakness was due to both foreign and do
mestic news. Liverpool cables were but I'D
highe at the opening there. and this slight
advance was soon lost. There was no~con-
iirmation Of the sensational reports of yes
terday afternoon regarding the Austrian
demand for Argentine wheat or of the Rus
sian importation of German grain and news
from Havana was very pacific. Heavy
SHOWS We're reported all over the winter
wheat country. Minneapolis and Duluth
received 323 carloads. against $50 the cor
responding day of last week, and 127 cars
the similar day of the previous year. Chi
cago got 30 cars. against A. L year ago.
PRIMARY market receipts in the West We're
3l6.cc bushels. against LIS, 600 bushels Il year
ago. The Atlantic port exports We're very
liberal. being equal in wheat and flour 10
5000 bushels; that includes Il considerable
quantity from Newport News. About forty
hvc minutes after the opening the pit was
set in Il commotion, Jenuary being the CEN
ter OF interest. That delivery was NOM
inally worth SIC at yesterdays close, and
was offered at 94%sc at to-day's opening.
ABOUT !0:l5. however, brokers for Letter
bgan bidding for January, and the price
was advanced so fast that for a few min
utes II appeared to be fairly running away.
From 90c it jumped &c and lc at a time,
brokers raising their bids that much until
81 was bid Then the reaction came Tho
price dropping almost as quickly as it ad-
Nanced. IL brought up at &c. and for the
rest OF the session was comparatively quiet.
The Syrations of January were generally
believed TO he due to a clever move on N,
Iart of the Letter crowd. who. it is
thought took this method to advance the
price of May. This belief was strenrrhenrd
y" the unloading which took place in the
latter option at &c, to which price it was
carried while the pyrotechrics were going
on in January. Allen * Grier were said
II have taken $4,000 bushels Of January in
o. the morning May was rather nervous,
though no great trading was done. Brad
streets visible report showing Il decrease
of but 40 bushels was, Il disappointment
and was a factor in the decline 10 .c:ILc
which took place after the bulge to 94c.
Late in the session, however, reports that
1taly's bread riots We're Increasing and
that reserves had been called out, started
some brisk buying. and May WIS advanced
- ~ ~ ''Sgil.S nv ".tS .itsEf. MOI
much was done in July and price rather
tended downward. II ranged between soc
and e4i4c. and closed at Si'sc, a shade IN
der yesterdays price.
Corn, though active. was decidedly firm.
Moderate receipts and stormy weather
West caused some investment buying ard
moderate covering followed. Offerings were
Very limited. The late strength Of wheat
was also a factor. May ranged from eS'ic
% 29c and closed isGi4c higher at 2gi sa29l4c.
Oats were firm all day. though trading
was even smaller than in corn. 1t was
almost entirely a scalping trade. with
prices Influenced by the strength IL wheat.
May ranged between 2@;sc and 2S7tc, and
closed a shade higher at 2Sai a
After 4 rather easy opening provisions
turned strong and remained so throughout.
Scalpers were against the price early. hut
trade soon hToadened out. outsiders coming
into the market quite freely. and this. with
good buying 10y local operators. advanced
prices steadily. The close WIS strong a:
ahGgt top prices May pork, llhc higher
ana May ribs &c higher AT Si.g1l..
receipts. Wednesday: Wheat. 20
cars; corn, 100 cars: oats. $50; hogs, 26, 900
head.