The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-16

CHICAGO-May. wheat to-day ad-
vanced TO within a small fraction of the
dollar mark and closed with q gain Of
nc over yesterdays figure. The ad-
vance was due more to the anxiety of
shorts TO get ou than to the news. The
impression increased that wheat Is
pretty well tied up by the Letter inter-
csts. Everything else>on the floor was
active and strong. Corn closed &c
higher and oats Sale higher. Provis-
ions advanced sharply but reacted on
realizing, pork closing zoe higher. Lard
and ribs unchanged.
For q few minutes following the OPEN
ing in wheat 1t looked as II the dollar
mark for May was at last to be reached.
There was hardly any wheat offered for
sale or the curb and this condition also
prevailed when the regular market
opened. Reports that Letter had con-
tracted with the Lehigh road for the
moving Of 1000, 900 bushels OF his wheat
to the support came back from New
York. They were not substantiatcd but
the report rapidly spread that May
wheat is almost completely tied up by
Letter influences, and when the market
opened there was a rush of anxious
shorts TO get under cover. May, which
closed yesterday at 9SM4sSKc. opened
to-day at 9SkGsStsc. Even Mt this sub
startial advance the market was almost
bare of offerings and the price of May
was bid up steadily to 99Hc. a peculiar
feature of the advance vas the number
OF stop loss orders in short wheat.
Wheat began TO come out after "call
price" (99Bc) had been passed, but Of
ferings were eagerly accepted and the
market did not hesitate much until 99ac
had been reached. This price brought
out a lot Of wheat from commission
houses and May dropped back 10 99ac.
There 1t hung for a time. The news OF
the day did not especially favor either
side, though more bulllsh than bcarish.
Northwest receipts were 3O5 cars,
against 352 last week and 2t6 q year ago.
Chicago receipts were rs cars, of which
6 were OF contract grade. Liverpool
was up 8GAc for futures, but cash
prices showed nearly all of yesterdays
advance. Bradstreet showed 52I, 900
bushels decrease In the visible.
a little before midday the price shot
UP again under n renewed demand from
shorts, and this time May got to 99Tc
before the reaction came. Letter had
sold no wheat during the day. On the
contrary, he was credited with buying
a. little. This added to the belief that he
~ III COHlIOl VI tHe NluS market ana
started buying again At midday the
price had reached 999sc and for the rest
OF the session the market fuc,uated be-
tween that figure and 99$sc. At the
close 1t was bringing $685. 1896
For the first two hours business In
corn was exceedingly lively and n sharp
advance was recorded. Heavy buying
by n OF the elevator concerns started
The market strong. and general buying
following the advance In wheat and pro-
Visions. prices moved up rapidly. The
advance brought out free offerings,
which were, fairly well absorbed, and for
the rest OF the session the market ruled
steady. May ranged from Slc to 3OSsc,
and closed &c higher ut COX 930Nc
Oats were strong and fairly active,
Strength In other markets, good EXPORT
demand and absence OF offerings rather
alarmed shorts and urgent bIddIne;ad-
vnnccd prices steadily for n time. Many
longs also Increased their OFFERINGS.
Later there was some reaction on real
izing, but the market closed stcndy,
May ranged from 27Isc to 2GYc, and
closed A6lc higher nt 27kDa7Xc.
There was n broad general trade In
provisions. The opening was rather nm
settled, but higher. Heavy commission
house buying and eympathy with the