The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-14

Nl@ 80 AAtN|A minutes duOul an nQuf
from the close Of the session. That deiiv-
~ was worth from 81 Oiis 10 81 O5 most
OF the morning, and all at once It began
10 SHOW decided weakness. Before the
crowd could realize what was happen
ingNl was being offered at 97iAc. and
closed az 9sAe, or az a decline Of SC a
buahel since Saturday. May was COM
paratively steady, its loss for the day
being only hc. Both Armour and the
Letter crowd were said TO have sold
heavily, and this selling was lnstru-
mental In causing the slump. The large
amount OF contract wheat which ar
rived IN Chicago made the decline easy.
Corn, oats and provisions showed at the
close very little change In prices. Up to
about the noon hour wheat was compaf-
atlVely quiet and steady, May opened
shade higher than Saturdays closing
price ct 9lhg9lssc and during themorn-
ms huctuated between that price and
9lsaq9l&c. December, which broke
loose during the afternoon, opened &c
higher at 81 O5. and up TO ll;46 a, m.
had not sold below 81 04. Traders were
disposed 10 await the announcement OF
the government crop estimate before
plunglng too deeply into a sensitive
market. the general impression was
that the report would show II much larg-
er acreage harvested last summer than
the department has heretofore estl-
mated, and this showed a bear
lsh influence on the scalping senti-
menl, although a firm and higher open
Ing at Liverpool caused the price Of
May TO advance somewhat at first. The
government report, when finally post
ed, estimated the yield at $4,000, 900
bushels, or from 50,0O0,000 TO 70,0OOOOO
bushels larger than statistics generally
have predicted. Bu the report had been
pretty wen discounted, and followed as
II was by n surprise In the shape OF a
visible decrease OF 100000 bushels, where
an increase OF 100000 bushels had been
expected, Il had little or no effect. A
feature of the early market information
was the large quantity of contract
wheat added since Saturday morning TO
the stock in regular Chicago houses.
From unlicensed elevators, or. mixing
and celanlng houses, as they are some-
times called, there were transferred 1877
carloads and $4,000 bushels No. ] north
ern spring; by lake lb5,SO0 bushels No, l
northern spring, and by rail 1893 carloads
No. northern and No red winter, a
total of about $4,000 bushels. Nearly
every receiving house in the trade was
In receipt OF inquiries from country
shippers who had from one carload to
10, 900 bushels they wanted sold to ar
rive for December, The uncertainty OF
Its grading, however. made commission
men averse to selling In advance of It's
arrival and inspection, Northwest re-
ceipts were liberal. Minneapolis and
Duluth reported l,2Si cars. against l,Sl5
week ago, and $40 the corresponding
day OF 1896 The total receipts by rail
were 81 cars, and as already mentioned
1l9 OF them we're Of contract quality,
Notwithstanding the heavy receipts OF
contract wheat here, the trade for a
time did not appear to have any doubt
OF the ability OF the bull clique to
take care OF all that could be brought
In up to the end OF the month.
About 80 a. m. the price OF Decem-
Der began 10 weaken under selling
pressure which was credited to Armour.
The decline was slow at first, but as the
pressure increased and the fact devel-
oped that December was receiving
practically no support, the market be-
gan to slide Off In way that was sem
satlonal in It's rapidly. BY IL O'Clock
December had declined to 81 o., where II
remained for short time. Suddenly
the market began TO slip away another
nc at time, and in fifteen minutes the
price had struck size. Then 1t febound-
ed to 81 OF, but again declined to VIC. and
was bringing 99lac at the close, or DC
under Saturdays closing price. May
was of course affected, but not severely.
It declined to 98isc during the head!oBs
plunge OF December. but by closing
time haG reacted to 9lhc, n decline for
the day OF but lsc. Undoubtedly the
heavy arrivals OF wheat had much to do
with the decline, especially In starting
Il. but Allen and Grier, the bull clique
brokers. were mainly responsible for
the break TO 97lsc, their offerings being
especially heavy. 1t was regarded by
many as n move on the part OF the
CLIQUE to prevent further heavy ship
ments to this market, In view OF the
much higher prices prevailing mere than
In other markets. The market was
quiet but rather nervous at the close.
Corn. though quiet. was firm small
country offerings and bad weather
were helpful factors.
oats were slow within an extremely
narrow range.
some strength developed in provisions
during the morning on the small run OF
hogs, and prices opened slightly higher
and improved to limited extent. The
rise In prices was taken advantage OF
by packers to sell, but the offerings
were fairly well taken care OF until the
smash came In December wheat. This
made buyers timid, and in the absence
OF support the market lost Its advan-
taEe At The close May pork was 9&c
lover at IS 50. May lard unchanged at
s, ~, and May ribs unchanged at ~ 30.
Estimated receipts Tuesday: Wheat
$40 cars: corn. $50 cars; oats, 600 cars;
hogs, 10000 head. -,
The leading futures ranged as follows;