Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-17
THE HIGHEST SINCE 1891,
MAY WHEAT, s1.O3 3-s-JULY AD-
yANCEs ACCORDINGLY.
Letter Buys Heavily OF July Offerings
Reported That He Has Con-
tracted for Moving 100000
Bushels to SeabOard.

Chicago. Feb. N.-shorts in wheat caught 1t hard
to-day. May vas bid up to sl.03s and closed at
sl.0Sh, an advance Of 3aG33sc- July, hitherto very
quiet. also moved up as much as May. The May
price is the highest reached for that delivery since
1891. II was almost altogether a scare market.
shorts being thoroughly alarmed over the Letter
grip on wheat. They found great difficulty in COW
ering. A feature was the buying near the close by
Letter brokers Of an all me July offered; Corn and
and oats saAc. Provisions were irregular anu
closed at slight declines.
Trouble for shorts in wheat was indicated on the
curb before the regular opening. May was bid up
TO sLoo on rumors OF large engagements OF wheat
for shipment 10 Lisbon and talk of a reduction Of
the Portugal grain duty. The bullish feeling was
greatly increased by an interview regarding the
who has been travelling through Europe, in which
he confirmed the reports Of almost unprecedently
small stocks and said that Europe was dependent
on the United States for her supplies. Opening
prices for May wheat ranged from $3.50 to s1.0O.
ssiZe. There was a perfect rush Of shorts for cover
at Once. but as was the case Yesterday almost no
wheat was offered for sale. Inside of fifteen minutes
bids had been raised to sl.0lA. This was above call
price and for the first time wheat came on the mar
against those privileges. Though everything offered
was taken, prices sagged OF to SLO0is and the eI-
certain extent. 1t was evident the trade was thor
oughIy alarmed over the apparently unsuitable hold
Joseph Letter has on May wheat and an oicial an
nouncement that he has contracted for the moving
Of I,500,O 900 bushels of his wheat to the seaboaro.
with the promised movement OF 3,ooo,o 600 bushels
more, served to increase the anxiety of shorts to get
out. This in fact seemed to be the only factor in
trading. Apparently no attention was paid to the
news Of the blowing up OF the %battleship Maine. and
the usual news was coIorless. Liverpool was asdSa
higher at the close. Northwest receipts were go
cars. against 34s a week ago. and l65 last year.
Chicago receipts were ~ cars. 10 of which were grad
ed contract. The days clearances from Atlantis
ports amounted to 300. 900 bushels. For some time the
market fuctuated nervously on a narrow amount
OF trading. but about noon 1t commenced to ad-
vance again and on this advance outsiders made
their influence felt. Traders who have been heavy
sellers here against purchases in New York were
forced to .'unstraddle.' Northwest shorts also came
into the market and helped make things interest,"
ing. About half an hour from the close July, which
for some time past has been comparatively neglected.
jumped into sudden activity. II hal previously been
tagging around s6ssc, but heavy buying sent prices
fixing. Most of the July offered was taken by the
Letter brokers. At the close. July had advanced TO
s9lzc. May in the meantime had been bid up 30
81. 03% and vas bringing sl-05h as the closing bell
sounded. On the curb after the regular session it
sold as high as sl-0i..
There was another big trade In corn. and the mar
ket was strong. sympathy with wheat and a heavy
demand from shorts sent prices up sharply early.
The market broke later on realizing. but rallied again
on general buying by long interests. and closed
strong. May ranged from S1sc to 3Osc, and closed
&C higher at 5lhG3lac-
Oats were fairly active and Irregular. though aver
aging strong. The market started strong through
sympathy with wheat and corn. but heavy commits
prices badly. The demand became urgent again later
in the day, many early sellers buying back what they
had previously sold. The export demand was again
active. May ranged from 2IEc to &c, and closed
1sdLch higher al 21Sc.
Provisions were active. Heavy receipts OF hogs
ragc the market a weak start, but the heavy advance
in grain. the demand especially from shorts in
creased, and prices gradually rallied. Packers were
good buyers. which helped prices. Later the market
became weak under realizing sales. The close was
steady at slight declines-May pork SC lower at srl. 10.
May lard eisc lower at S5.17is. and May ribs &C lower
at s5.s7l..
Estimated receipts Thursday: Wheat. IS cars; corn,
e-5 cars- mats ITO cars hogs. rs mo head