Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-20
REACHES DEFENDERS MARK,
MAY WHEAT TOUCHES sI.Oa-CLOsEs
CENTS LOWER.
All Markets Active and HIgher-Gen-
eral News Cut No Figure in
Wheat-EfEh Price Result
of Letters Movements.

Chicago. Feb. 19.-May wheat to-day reached the
food mark Of the recent December squeeze, selling
up TO sl.09 and closing at 81. an advance of oIsc.
July showed even more sensational strength and
closed at ssI=c. or SIC over yesterdays price. after
selling as high as $3.50. The market was stirred
at first by Letters statement that he had sold to
consumers the 1000. 900 bushels of wheat he was send
ing abroad. and attempts TO cover weekly calls later
caused the widest half hour that has been seen on
change for many months. Brokers for Letter helped
to make things lively by bidding for July. All the
other markets were affected by the extraordinary
bullishness OF wheat. Corn advanced I59zc. and oats
&c. Provisions. in spite of heavy realizing. ad-
vsnced 2tsG7sc-
The most important information wheat traders had
TO start with was the statement made by Joseph
Letter that he had engaged ocean freight room for
1000 600 bushels Of his wheat, all OF which had been
sold to millers and onsumc Liverpool cables also
showed some strength. The result was n very strong
opening. May starting unchanged to &c higher. at
l.05L.hl. and advancing at once 10 $l05. There
was a remarkable scarcity of offerings and 1t took
but very little buying TO advance the price. July
was fully as active and strong as May. opening isD
wheat came oUt to stop the advance. The advance TO
sl.05 in May was followed by &c reaction. but re-
ports that 800. 900 bushels OF Letters wheat at Du-
luth was to be shipped all by rail TO the seabcard.
stinened the backbone Of the market and prices soon
got back TO the previous high point and then passed
ST. for May and Soc fer July. then suddenly bed.arn
broke loose. Traders. in trying to protect them
EelfeS against weekly Calls. ulSfONtrel tuaI II MAR
ket was practically bare OF offerings and in their
anxiety to get wheat began raising their bids ic at a
time. That brought shorts into the pit in a hurry.
About the same time brokers for Letter appeared
with a number of buying orders. especially for July
The market advanced SO fast that changes in price
could hardly be kept track of. All kinds OF shorts
were compelled to stop losses and for nearly n half
hour the market was in a state Of excitement sell
dom seen. In the meantime May had advanced to
81. % and July TO $3.50. more than &C over yesterdays
closing prices. At these figures the market was
flooded with wheat on realizing sales, and sharp de-
clines followed, May dropping irregularly to sl.oa and
July to gl&c: after that the excitement died down
20 a great extent. Nevertheless the market was eN-
tremeiy nervous to the close and fluctuations in both
futures were rapid and at times violent. The or
binary news of the day was entirely neglected. Mill
neaPolis and Duluth reported arrivals OF az cars.
COMPARED with sol a year ago. Chicago received II
cars. 90 OF which were graded contract. Atlantic
mort clearances were equal to zIS,0oO bushels. Clos
ing prices were $40 for MAY and ssisc for July.
Corn IVES excited and higher. due principally to the
influence of the bulge in wheat. although small coun-
try offerings would probably have made the market
strong on it's owu account Demand from shorts and
scalpers forced prices up sharply. There was enough
realizing TO cause some decline from the top, the
markets closing steady. May ranged from 3li=c tt
soIlG 3o-sc. and closed ia Nc higher at $lisc.
The market for oats was fairly active. The strength
of wheat and corn was the influence. shorts were ac'
tive bidders. and the scarcity of offerings resulted In
a sharp advance in prices. There was also good buy
ranged from 27%c TO e5zc. and closed sc higher Al
.Tisc.
Realizing In provisions was pronounced all day. but
the demand was good. especially from shorts afraid o.
the influence of the advance in grain, and prices ad
ysnced somewhat. Parkers let go OF considerable,
quantities at the ton. Prices were at no time below
yesterdays final figures. At the close May pork wa
si.c higher at sIi.0eiz. May lard exc higher at Sc. 2e1.
and May RIBS 2Isc higher at S5.21I2.
Estimated receipts Monday: Wheat. 50 cars. corn
$50 cars: oats. JOS cars; hogs. 1000 head.