Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-05-06

small failure was announced. Corn
ruled dull, closing nc higher. Oats
gained Mc. Provisions were dull, de-
Ginning &c for pork and 71ac each for
lard and ribs
Liverpool set the ball rolling in the
wheat pit, by reporting another sensa-
tional advance there at the opening,
the gain in July compared with the
previous days closing quotation being
equal to about &c bushel The rea-
son for the Liverpool advance was OF
| course the Continental competition for
the wheat cargo arriving off coast in
the United Kingdom and the greater
avidity of French and Antwerp impor-
tiers to secure them. The grain duties
| having now been abolished in France,
Italy and Spain. leaves these countries
to dispute with the United Kingdom for
possession of the wheat as it arrives off
the coast from the other side
The confirmation of extreme scarcity
abroad, so clearly given by the removal
Of the duties. justified apparently to
the full conviction with which Letter
started off last July to buy wheat.
| These Continental nations by throwing
Off the import duties seemingly admit
that their own stocks have been prac-
tlcally exhausted. Active competition
at Liverpool has caused rapid adj
vance there for the past week. but the
full force of the famine was not felt in
this market until to-day At the pres
ent time the July option is the active
speculative month and bears have sold
freely, expecting to fill their contracts
out of the new crop But the May OPP
ton appears to be controlled entirely
by Joseph Letter, who, if to-days mar
ket can be taken as an indication, holds
the few who are still short to him in
death grip"
The market opened at an advance Of
1c for July and &C for May. AS usual
the pit traders sold and July wheat
started at $3.50, sold up to S100$s and
dropped back to 9S5sc May. which be-
gan at S1.37, reacted to $1.31. Letter
brokers bought July on the decline ana
after accommodating a couple million
| bushels, withdrew. Domestic news was
bearish; Chicago received 179 cars
against p a year ago. Minneapolis
and Duluth got 367 cars compared with
35S last year. Primary receipts amount
ed to $685. 600 bushels, compared with
10000 year ago. Toward noon bull
news began to take effect Closing ca
bles showed advances of 71ac at Lon
don. sc at Liverpool, &c at Antwerp and
&c at Paris. Then Letter capped the
climax by announcing the sale of two
million bushels of No. red to French
syndicate at $147 per bushel In addi-
ton Letter sold 100000 bushels in odd
lots. This remarkable transaction set
the pit wild. May, which had rallied
to the opening price. $1.3T7, Jumped to
$3.50 with two and three cents between
sales. Trade was not broad by any
means. 1t simply meant that somebody
had been caught short and was trying
to get out regardless of the cost At
S1.50 Letter brokers stopped the adj
vance by selling few small lots, but
the market closed strong at that figure
July was handicapped by free liquida-
! ton for a time. From around 991ac it
gradually worked up, gathering
strength slowly, but finally touching
s1,C1. Then it dropped back to s100
! Ten minutes before the close it started
again and rose rapidly to S1.02, slid off
in two minutes 11ac, and up again to
| S102, where a tremendous amount for
| sale: but it broke the bonds and rose
! irresistably to s103s, slumped again to
! s1.02 and closed at $1C2Ac bid, net
| gain of 35sc.
Corn ruled dull and neglected, more
| inclined to 80 down than up. Local
receipts were 651 cars seaboard clear-
ances $4,000 bushels. Foreigners were
inclined to resell recent purchases.
| The closing squirt in wheat infused
| some strength into the corn pit, and the
! early losses were wiped out July
opened unchanged to 19c higher at 34A
| @34$4c. declined to 33%c, rallied 10
/ 34a4c, closing &c net higher at $40
! 349sc
Oats ruled firm but without especial
feature. Chicago received 29S cars:
seaboard clearances were 100000 bush
els. The large shipment helped the
market which rallied sharply with
wheat near the end. July opened nc
! higher at 264c, advanced to 277c, and
| closed &c net higher at 263zc
| Provisions were dull and rather hea-
Wy, apparently weighted down with re-
! ceipts of hogs at western markets. num-
! bering 1890 head. compared with 55.-
| eco last year. Trade was small and
| packers We're sellers. A slight decline
was the result of the days business
! The following were the losses in July
| deliveries: Pork, sc; lard, 71sc. and
ribs sc.
! Estimated receipts for tomorrow
! Wheat eco cars: corn, 525. cars; oats.
$50 cars: hogs, 2S,C00 head
The leading futures ranged as follows
|
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