The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-18
WHEAT OPENED STRONG.
Reltinc News In the Morning Was Of
o BuIIish Character.
KILLING FRoSTs IN CALIFORNIA
And Bad weather In the Northwest
Were Fcnturf s--No Marginal Price
WAS Fixed ON May.

Chicago, March 17,-The refusal OF the
board OF trade directors To fix n marginal
/ price on May wheat was the main factor In
that market today. Though, there was an
carly advance. this was lost nenr Tie tlose,
but recovered again. the July option closing
| hc higher than yesterday. May showed an
cuiiei advance Liquidation Of May contracts
| In corr and oats made those markets weak,
dcci.nea OF hMssc and ~ respectively re-
sultng Provisions were firm all day aud
CLOSED T,sa15c higher.
| A good deal Of strength was shown at the
opening In wheat although trading was not
heavy The action Of tho board OF directors
last night In refusing to fix marginal price
on May contracts and the fact that testl-
moliy taken by the hoard shows spring values
to nc more than tho bears cared to admit
caused halt In the liquidation and short
solling which has made the market 80 weak
Of late and, though u did not result in very
much increase IN tho buying demand yet the
falling on IN the aelins pressure was so
marked as to cntise an immediate advance IN
price.
Besides the directors action, some of the
routine news was OF a bulish nature. Killing
iroets were reported from California, FrecG-
ing weather wax reported III the Northwest
and Minneapolis adyiceB said the receipts Of
OF low grades. Northwestern receipts were
no. so heavy, Minneapolis and Duluth report-
Ing Sll cars. against Syi last week and 2O5 a
yea ago. Chicago received la cars.
Liverpool, IN Wow OF the decline here yes
tei1ay, showed an unexpected degree Of stead
mess. Opening trades IN July were On an
advance OF i9c. Sa6rS5iA being bid. Ono OF
Two sules were made low as SiTs. Soon a
dHr celtion among the scalpers 10 cover up
their short lines was shown. There was some
difficulty experienced In doing this Witch
pf DrOfpggipUnl
the market to cover on an advance which en-
sued which carried July up TO slSS,
Then tho market turned weak. The continu-
aneo of the very favorable weather West-an
inn ftant factor all week made it's influence
felt aguin. Prices began to decline under
realizing by many of the early buyers. Tho
demand from shorts ceased almost altogether
and very little support was given until prices
had declined to sila, At around sih Letters
hrolers gave July support This caused
dpiel halt in the decline aud started buy
Ing movement again under which the market
rap,diy improved, The strength was continued
10 the ciose July advancing IL and closing at
SAY
May was quiet all day. II showed some
atrength, selling MS high ns i.0iis ani never
getting below the hNed price, l.0i. 1t closed
ut the Inter prize
The opening In corn WIS steady, That WIS
all the strength the market displayed tor
some time, as liquidation OF May soon started
aud grew quite heavy as the session advanced.
The favorable weather MAS u factor, the trade
entering on o. decline on yesterdays heavy
exports. Some tally then ensued.
the market for oats was much the same us
corn EARLY steadiness with wheat was sue
ceedod BY n long Jcriod % wcahness iduida-
ton OF May lSing heavy. In this market.
ton the weathe, WAS factor, shorts covered
near the close and q substantial rally cnsucd,
the market closing fairly steady
Provisions we're the drmest on the market.
MAY pork closed Toe, lard i0c and ribs Iiec
higher.
Estimated receipts for tomorrow--Whent los
cars corn 2lO cars oats $50 cars. hogs 10000
head
Tho leading futures ranged ns foIowss