The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-14
Bre ud.tnn. and PRO, i.iou..

CHICAG0-Enormou liquidation for
Joseph Letter caused q general rout OF
the bulls in the wheat pit to-day.
Prices at the close showed q loss of &c
in July and 2@3c In September. Corn
left off %9&c lower. Oats declined
AGkc. Pork lost TIC, ribs and lard
each sc higher.
Weak markets abroad and some indl-
cartons OF gradually clearing weather
In the west, more especially in the Da-
kotos, Nebraska and Kansas, started
wheat very/weak. For an hour It con-
tinued to decline. every drop OF nc a
bushel bringing out shoals Of stop loss
orders. In that time September wheat
had lost 3Ac of its values as it stood at
the close OF the. session Saturday. De-
center, the next active delivery, de-
cliEcd 31sc In the same time. The near
by deliveries, however. I'M which the
trading was very much smaller, SUI
fered more severely. June dropped Sc
brshet and July TIC. During that
time Il was q mere hunt for buyers in
the nit and for a time It was o. Ques-
ton as to how TO get rid OF wheat rath-
err than question as to how much
Could be got for It. 1t became currcrt
gossip about IL O'clock that Joseph Lei
ter had transferred his open trades In
wheat to Others than the, brokers that
have hitherto been doing his trading
o.. the floor. His trades In June, It soon
became definitely known. had been
transferred to Armour & Co., and his
September trades to Lamson Bros. 6
Co. AS that was interpreted rs Il sign
Of financial weakness the effect upon
the market was very depressing. The
previous decline had been so severe ard
the market had been relieved of such q
great quantity OF long wheat, however,
that the panic THAT might otherwise
have been looked for atrsuch u sugges-
ton as the mere possibility Of Letter
being In financial difficulty was avert
ed. although further decline was Of
course, Inevitable. July declined 10 75c.
a drop of lie compared with the close
Saturday. iE59# asH at s.E,,5
September fell to G9hc and December
to Coo. One of the weak factors OF the
day was the utter dGmorhslzution in the
northwest, where n combination OF
which Letter was ut the head had been
holding July SO stinly. The break there
was more than double what came here.
tons OF apnnIc, the former getting 2lkc
bNibN . 'lOEC lilb -OC
lower. Near the close the panlclsy feel
Ing here gradually wore off and there
was some recovery. from bottom prices.
III Liverpool Mt the close was; from 2kd
TO Az d lower and PARIS the equivalent
OF 2Mc n bushel lower. The worlds
shipments last week were 12,3S7, 900.
bushels. against 4,026Ooo bushels the
similar week OF Inst year. The domcs-
fuc visible decreased more than pXupCt-
I'd. the reduction for the week being
2, 905.OO0 bushels. The total Is now l.
$4,000 bushels, against 22,CSG.0GD bush-
cid lat ith!s time last year. The clear
.ances, from Atlantic ports since Satur-
day were ,equal In wheat and -four TO
i'i0i 900 bushels. Primary western mar
kGt receipts for the day were 300, 900
bushels, against $4,000 bushels n year
ago. July opened lGGc lower ut S0@S5c,
sold down to Zoe. up to Sic. then slump
ed to TIC, rallied to zoe, the closing ilg-
iure. September yegan 1st 02ac down
mt 71A @72hc, declined TO 70Ac, rose to