The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-03-12
CHICAGO MARKETS.
l,rotl,lce.

Chicago. March 1.-THE start in wheat
was quite firm. July opening ise higher at
90i4 m90ase and March 1sc higher AT S1.oiss.
There was considerable falling off in the
volume of Argentine shipments, and this
was apparently the only reason for the
slight advance. No great amount of wheat
was Offering and very little demand exist
ed for the first few minutes and the mar
ket remained at about a standstill for
that time. Then ii commenced to drop,
slowly at first, under statistical news.
Liverpool receipts for the last three days
were slightly in excess of normal
The most disturbing element WIS the
big addition to the stock of contract
wheat here. Chicago receipts Were y cars
to-day 10 of which were of contract quail
ity. Besides this "a cars and l6.oo0 bushels
northern were transferred from unit
censed houses. The continuance of the
heavy contract receipts from Irregular
sources began to have effect on the trad
ers and the usual heaviness Of to-day's
receipts resulted in an almost total with
drawal of support shortly after the open
ing. Prices in consequence began gradn-
ally to decline. NosRery great selling
pressure was put on the market how
Sever until the price had got to about
s9Ac. Letter brokers were. as usual, CIV
ing support to May, bidding slA.
Then, apparently an organized raid was
into the market with heavy offerings of
May, offering to sell All 81 03i4, and even
sat 81 03i5. but barred Letters brokers
from purchasing, AT these figures. This
created great deal of excitement among
traders, as IL was believed that an at
tempt was being made to get the market
beyond the control OF the bull leaders and
small-sized panic In July ensued almost
immediately Offerings fairly poured into
the market and inside of ~ minutes an
other cent had been Topped off the price.
In the meantime Letters brokers were
taking everything offered them in May.
though being forced To pay 81 .0i for IL. II
was also known that Letter had promptly
met calls for heavy margins which had
been made in the recent rise. Not until
his representatives had absorbed some
thing like a million bushels of May did
the market quiet down. Then a sharp re-
! action took place in July, the price rally
ing from Ss14c. to which point II had
! slumped, TO SaIsc. There We're quite heavy
coverings by professional shorts in ths
decline About noon Letter changed his
brokers and succeeded IN getting gooe
deal of wheat below s.o4.
The readiness with which everything
was taken also resulted in marked fall
ing off in the offerings and the price was
steadily held at s1.04, where 1t closed
July showed a gre at deal of nervousness
/ for the rest of the session. but did no
move very far either way from sac unit
near the close when renewed selling WA
started by the "tailers,' who were afrai'
OF margin calls. and the price declined
rapidly again Al the close ssAmSs7sc wa
being bid for il.
There was rather a light trade i'll corn
but 1t was comparatively steady. Ma
closed lsc lower
The market for oats was very dull. Ma
closed tsc lower.
Provisions were easy, rejecting III
break IN wheat. The close was easy 4
about bottom figures. May pork al2c lowe
and May lard and ribs 2f2c lower,