The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-14

CH1CAGO-The break in Wall street
made another bad quarter of an hour"
In wheat to-day. causing July to break
about two cents. There was another
struggle in May between the Letter and
Armour interests, but Letter managed
to maintain the former price. Letter APP
Piled to the directors for a marginal
price on May wheat, which tended TO re-
lieve the tension toward the close. The
days decline in July was 1hc. Evers-
thing else on the floor showed weakness,
especially provisions, declines OF TX G25c
being recorded in that market. Corn
closed a shade lower and lost 40
nc.
Wheat started as II rally after the
weakness OF yesterday were to take
place. Holders were encouraged by the
steadinesS shown by foreign markets,
especially Liverpool, in the face of yes
terday's tumble In prices. II was also
known that Letter had placed additional
shipping orders of nearly 1900 bushels.
Offerings at first were in comparatively
small volume. while quite n good SCAT
tered demand was apparent. Bids were
made for July at the opening at SSi1sQ
SSac. This was Nc over yesterdays
closing price, and the buying demand
was good enough to add another small
fraction 10 the price In 4 short time. The
market held fairly steady. for some time
Mt around that price, but finally the
weakness in Wall street, giving rise to
apprehenslons OF liquidation In every
thing else, brought longs into the market
10 unload. 1t also resulted In an almost
total cutting or OF support and profess
sional shorts taking advantage of that
fact hammered the prices down rapidly.
For about fifteen minutes the market
was exceptionally weak. July selling
down without a stop 10 S6atc. break Of
27sc from the high point. The decline
brought good many stop-loss orders.
and considerable selling was also done
through fear of another attack on May
by the bid bears. In this however hold
crs were agreeably disappointed. Plenty
OF May was offered, but there was moth
Ing like the concerted attempt 10 break
the market which took place yesterday,
and Letters brokers' had comparatively
little difficulty in keeping the price ut
81 Oh. Another Influential factor was the
New York bank statement. The market,
after getting down 10 SG9Sc for July.
gradually grew quieter. The steadiness
OF May had good effect on the nerves
of the July holders, and brought some OF
the early sellers back. Shorts who had
big profits on the break also covered
freely and the price gradually crept
back TO S6;sc. Then for some time al
most n holiday duliness prevailed. with
fluctuations infrCQGeHt ana Glrrow. y
good deal OF excitement was caused by
u formal application by Letter to the
directors for marginal price on May.
which was done, he said, In otdcr to re-
llcve the tension. This action had
favorable effect on the market and re-
suled In further advance In July, that
delivery finally getting up to S7hdS7Mc,
where It closed. May closed at 81 Oh.
After the session closed It became
known that Letter Ind sold 100000
bushels OF contract wheat TO Counsel
man and Day. The price was not stated,
Letter merely saying It was disposed OF
ut market price,"
Corn was weak with wheat. There
was moro or less liquidation Of long
lines all day, and with the exception of
little strength at tho start, prices were
lower. The late rally In the major mar
kct had favorable effect, prices recov-
crlng to point only shade under yes
terday's final figure. May ranged from
SOA ISO98c TO soc, and closed at 30N9
30Hc.
The market for oats reflected the ac-
ton OF wheat and corn, though quite
good business was done. Liquidation
was very heavy during the weakness In
those markets, and e sharp decline re-
suited. There was good buying on the
break, but only part nf the loss was re.
covered. May ranged from 265i to 2Gc,
and closed A19sc lower at 2G35 GP26isc.
Provisions were weak from the outset
the decline In stocks and grains being
responsible for very general selling
many stop-loss orders being received
The demand was only moderate and
prices broke easily. the market ruling
heavy TO the close. May pork closcd CSC
lower at 50 95; May lard 7Mc lower at
Sc 12h and May ribs about Toe lower at
Sc 02isdP5 05.
Estimated receipts for Monday: Wheat
135 car5: corn 900 cars: oats 3l3 cars;
hogs 10000 head.
Cash quotations were ne follows:
Fleur-Dull:w!ntcr patents 81 S0Q5 co;