The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-27

CH1CAGO-Despite Mr.. Letters eff
forts the wheat market broke away
from him to-day as far as July, Septem-
Der and later futures were concerned.
July shows a decline OF 2iAc and Sep
TENDER is off EXC. Corn Is down 19l1sc
and oats SG1ac. Pork and RIBS ore SC
lower and lard 2lsc.
There was a good deal OF excitement
In wheat and the actual trading was
| somewhat limited. The sentiment Of
the crowd was unquestionably bearish,
but, the position OF Letter and the dam
ger Of bull manipulation held the SELL
Ing impulse In check and as conse-
quence the business was light in VOL
ume. Letter took hold OF the buying
| side at the start, more especially OF
May and July bidding the former up to
81 Is and the latter to 81 14jS.
This made the shorts In September
| and December somewhat fearful that
the prices for those months might i'd
vance in sympathy and there was an
effort to cover which sent September up
to S9c. Later, however, the buying OPP
erations OF Letter were perceptlbly les
sened and the loss OF this support and
the unfavorable cables the market turn
ed weak and the bears began to show
courage and acted ON their convictions.
The market near the close OF the ses-
sion became very heavy from old crop
futures. Letter continued to hold May
and June. July, however, got so much
too heavy for the lifting power which
he eXerted In Its favor. or SO slippery in
the end from the melting around 1t OF
September and December prices that 1t
went down In the melee. Texas was
said 10 be Offering new wheat quite
freely for early June shipment. The
great overshadowing fact kept in mind
by the traders was the magnificent crop
prospects of the world and more espe-
cially east OF the Rockies In the United
States and Canada, otherwise sentiment
would apparently have been all that
the most ardent bull could have desir-
cd. Va
The receipts at Minneapolis and Du-
luth were only 1858 cars. against 404 a
year ago and as the price of cash wheat
in those markets to-day was from 81 IS
to 81 IS it is evident that wheat in first
hands In tho northwest is about ex-
hausted. In fact the large part Of Min
neapolis receipts are now said 10 come
from the southwest. Chicago receipts
were ZIG cars, al of which were con-
tract. The receipts n year ago were
four cars. Exports from the Atlantic
seaports were equal in wheat and flour
to GAL 900 bushels. July opened &@1Ac
higher ut 81 1901 lay, sold up rapidly.
to 81 14H, declined to 81 09h and rail-
lied to 81 10 asked at the close. Septem-
Der started 1sc lower at S7%0SSc, ad-
vanccd to SOC; sold OFF to S5ssc and rose
to SGh @S6Ssc. the closing figure. May
ranged between 81 70D1 rs.
Bull support steadied corn for
awhile, but this was offset by lack OF
spring demand and the general disbe-
lief In the theory that the chances for
the next crop have as yet been jeopar-
died to any extent by backward wen-
Their. The break In wheat also carried
corn down. Receipts CTS cars. July
opened A@&c lower Mt 338Q34c, sold
up to 34h d34%c, then back to 33c and
UP to 3h@33Ac at the close.
There was q good cash demand In
oats to-day and prices ruled higher un-
I'll the break in corn. Receipts 2SG cars.
July opened &c lower at AN @24%c, ad-
vanced steadily TO 25ssc, then fell Off
to 2i1ac at tho close. IN
Early In the session provisions were
firm and Mt times decidedly strong.
They finally yielded some with grain.
Lard was firmer comparatively than
pork or ribs. The crowd thought that
there was Armour buying and Cudahy
selling. Hogs are &c higher. July pork