Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-06-14
Oats declined ss@1ac Pork lost TIC;
lard and ribs sc higher

n
lard and ribs sc higher
/ Weak markets abroad and some in
dications of gradually clearing weather
in the west, more especially in the
Dakotas, Nebraska and Kansas, start
ed wheat very weak. For an hour 1t
continued to decline, every drop of 1ac
a bushel bringing out shoals Of stop
loss orders. In that time September
wheat had lost sac OF its volue as it
stood at the close of the session Satur
day December, the next active deliv-
cry, declined 3%c in the same time.
The nearby deliveries, however, in
which the trading was very much
smaller, suffered more severely. June
dropped SC a bushel and July TIC.
During that time it was mere hunt
for buyers in the pit, and for time it
was a question as to how to get rid
of wheat rather than question as to
how much could be got for it. 1t be-
came current gossip about II o'clock
that Joseph Letter had transferred his
open trades in wheat to others than
the brokers that have hitherto been
doing his trading on the floor. His
trades in June, it soon became defin-
Armour & Co., and his September
trades to Lamon Bros. & Co. AS that
was interpreted as a sign Of financial
weakness the effect upon the market
was very depressing. The previous de-
cline had been so severe and the mar
ket had been relieved of such great
quantity of long wheat, however, to
the panic that might otherwise have
been broken, for at such a suggestion
as the mere possibility of Letter being
in financial difficulty, was averted, al
though a further decline was, OF
course, inevitable. July declined to
Use, a drop of lie, compared with the
close Saturday. September fell to
69Ac and December to 69c. One Of
the weak factors Of the day was the
| utter decentralization in the northwest,
where a combination, of which Letter
was at the head, had been holding July
stiftiy. The break there was more
| than double what came here. Mime
apolis and Duluth gave indications OF
| a panic, the former getting 2113c be-
| low Saturdays close, and Duluth 23c
| lower. Near the close the panicky feel
! ing here gradually wore Off and there
| was SC1lS ISCONely lIOlll DoltoAl " iSNS'
! Liverpool at the close was from
| 2Ad to AID lower. and Paris the
| equivalent of 21sc bushel lower. Inc
worlds shipments last week were H.
| 387, 900 bushels against 4,026,0O0 BUSH
els the similar week of last year. The
! domestic visible decreased more than
expected, the reduction for the week
| being 2,905,0 bushels. The total is
now 100000 bushels, against ~
| CSC, 900 bushels this time last year. The
| clearances from Atlantic ports since
| Saturday were equal in wheat and
-four to GOA 900 bushels. Primary
western market receipts for the day
were 100000 bushels, against Z93,OoO
bushels year ago. July opened lWoc
| lower at SO@S5c, sold down to l9c, up
to Sic, then slumped to 75c, rallied to
| 79c the closing figure. September be-
gan 19s@25sc down at 7lA&I21ac,
declined to 70Ac, rose to 7Okc, fell
| off TO 69Ac, then firmed up to 1850
| Tic bid at the close.
There was very little independence
in corn, prices sympathizing with the
wheat collapse. July opened 1s@asc
lower at 1925 @327sc, sold down to
321sc, up to 32A@32asc, declined to
31Ac, then rose to 92A @32asc asked
at the close,
| 1t was a case Of follow the leader in
oats, the leader being wheat. July
opened &c lower at 237s @29Acc, sold
! Gown to 233sc, up to 24c, then fell OH
| to 23%c at the. close.
| With everyone wanting to sell and
no buyers in sight provisions started
very weak. 1t was not until pork had
been offered down 371Ac below Satur-
days closing price, lard 10c and ribs
| 71bc that any one came to the Aescue.
At those declies packing houses bought
in large quantities and lard and ribs
closed better than Saturday. Pork re-
covered most of the preliminary break.
July pork opened 12h@2212c lower at
! SO 1909 So, sold down 40 SO rs, then
rose to SO so, the closing figure. July
lard started 7h@12ac down at S. $40
5 Go, advanced to S. 50, then eased off
to S. 721a at the close. July ribs be-
gan 21a@71ac off at S. 2705 321a, sold
up to SO As, then declined to S. 40, the
final quotation.
Estimated receipts tomorrow Wheat
100 cars, corn 1870 cars, oats 300 cars,
hogs $4,000 head.
The leading futures ranges. as follows: