Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-04-03
WAR NEWS A BULL FACTOR
ALL MARKETS HIGHER AND STRONG
WHEAT CLOSES 81 1-2c.
Belief That War Must Come Caused
Withdrawal of Letter Offers
Mt Liverpool and In.
creased Demand There.

Chicago. April War news, instead of
weakening the wheat market, was to-day
decisively a bull factor. The result was
the advance of nc a bushel, which marked
the close. Apparently the belief that war
Is unavoidable was the cause of withdrawal
of all offerings of wheat by Letter, a
sharp advance at Liverpool and q greatly
increased demand from Great Britain.
Thee was a general covering movement by
shorts. Coarse grain and provisions also
were strong. Corn closed 3sdJsc higher,
oats lSaAc higher and provisions 71sa12lkc
higher
Wheat opened at almost call price, July
starting at S35sGS33sc. against yesterdays
closing price of S25snS3c, and selling up in
a short time TO Sitsc. The demand from
both local and Southwestern shorts was the
most active in some time and a great deal
of difficulty was experienced in covering
lines of any Importance, as offerings were
scattered. and sharp competition resulted.
The heavy cash sales for export and do
mestic milling purposes during the past
week. which was the feature of yester-
days strength. was evidently still in the
minds of traders Another factor was the
sharp advance at Liverpool. where prices
strength, reports of further heavy sales at
the sea5oard and a continued large demand
the theory which has been gradually grow
ing. that the actual outbreak of hostilities
would mean an imme diate advance in prlces
and 1T was generally believed that
The trade was much influenced by the
large business done in low grade wheat
yesterday for export. one firm disposing of
about $4,000 bushels. To-day's engagements
were reported equally heavy. Northwest
receipts were moderate, 299 cars against
80 last week and 80 a year ago. Chicago
received si&ty-seycn cars. thirty-four of
contract grade. The days addition to the
contract stocks amounted to about ll2 coo
bushels, ffty-eiEht cars and ~. bushels
coming from mixing houses. The weeks
c%Iearanees were put at S,a5o.cc bushels. A
slight decline followed the advance to S4sc,
holders letting go a little more freely. but
offerings We're snapped up so quickly that
after sagging to siasc the market began to
climb again yesterday, and did not stop
until Sc had been bid and accepted. There
the market held for some time and n large
business was done at that figure. The an
nounCcmcnt by Letters manager that he
had withdrawn all offers previously made
for the disposal of wheat and that otwith-
STANDING the fact that bids were heavy and
from all sources. no price would be named
at present. Much higher prices being ex-
pected in the event OF wal made shorts
doubly anxious TO get from under but the
. cent advance was too tempting for the
average holder and wheat soon came on
the market in large quantities. The result
was q gradual decline In the price, July
finally getting down TO ai4c. where it closed.
Before the crowd left the pit, however. Sac
was bid.
Corn was firm and n good business was
done. Shorts We're large buyers all day,
commission houses doing most of the SELL
ing. The market was affected some by
wheat. but a sharp advance in cables and
n good export were factors of equal i'm
portarce- May ranged from 2aSG29i5c to
2sI.c and closed 2sHiZc higher. at 29%T
29i-c
Oats showed more activity than usual.
with trade more general. The strength of
wheat and corn and large clearances were
influences. Shorts were the best buyers.