Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-03-12
PRODUCE.

~ " minutes III tHe wheat PIT to-day as
IL such furry would ensue that it
might sweep the big bulls off their
feet. What appeared to be an organ
lzed rald was made on May. brokers
oHerlng that option at prices Hm1bc
under what Letter brokers were bid
ding for it, but refusing to sell to the
latter at less than the Letter bid nrice
July broke &c in the excitement and
continued weak to the end, closing at
a loss Of 1%c. Letter, by heavy buy
ing, finally got the market under con-
troll and. succeeded in holding the Nav
prices at yesterdays figure. S1.04. The
market was a vicious one for a time
Coarse grains showed a good deal of
sreadiness in the face Of the wheat
break, and lost only &c of their prev
ious values. Provisions starting
strong, became weak and closed at
2%M7%c lower.
The start in wheat was quite firm,
July opening 1sc higher at 90A 0903sc.
and May &c higher at $1041s. There
was considerable falling off in the
volume of Argentine shipments and
this was apparently the only reason
for the slight advance. No great
dHiOullC VI NHGdL was OiISEtuS, anu
very little demand existed tcr the first
few minutes, and the market remain
ed at about a standstill for that time.
Then it commenced to drop slowly, at
first under statistical news Liverpool
receipts for the last three days was
slightly in excess of normal require
ments. The most disturbing element
was the big addition to the stock of
contract wheat here. Chicago receipts
were 81 cars, 10 of which were of con-
tract quality. Besides this Ga cars
and 5000 bushes Northern No were
transferred from unlicensed houses.
The continuance of the heavy contract
receipts from Irregular sources began
to have effect on traders and the I'M
usual heayiness of to-day's receipts re-
suited in an almost total withdrawal
of support shortly after the opening.
Prices in consequence began gradu
ally to decline No very great selling
pressure was put on the market, how
ever until the price had got to about
S9Hc. Letter brokers were as usual
giving support to May, bidding $1.04.
Then apparently an organized raid
was made on May, Offering to sell at
gI'pO a anu CN Ni at qIOO p, Dul Val tNl
Letters brokers from purchasing at
those figures. This created a great lot
of excitement among traders. as it was
believed an attempt was being made
TO get the market beyond the control
of the bull leaders and 4 small sized
panic in July ensued almost immedi-
ately. Offerings fairly poured into the
market and inside of ten minutes an
other cent had been Topped off the
price. In the meantime Letters brok-
ers were taking everything offered
them in May, though being forced to
pay $1.04 for it. 1t was also known
that Letter had promptly met calls for
heavy margins which had been made
on him by the bear contingent, and
had retaliated in kind. Not until his
representatives had absorbed some
thing like a million bushels of May
did the market quiet down. Then
sharp reaction took place in July. the
price rallying from SSAc. to which
point it had slumped, to S91bc. There
was quite heavy covering by profess
sional shorts on this decline. About
noon Letter apparently changed his
brokers and succeeded in getting
good deal of wheat at below S1.G4 The
readiness with which everything was
taken resulted in falling off of the
offerings, and the price after that was
steadily held at the price, the market
was apparently ''pegged" at S104 July
showed a good deal of nervousness for
the rest of the session. but did not
move very far either WY from sec I'M
I'll near the close, when renewed SELL
fo;1 NH
afraid of margain calls, and the price
declined rapidly again. At the close
$751; @SSssc was being bid for it. May
wound up at S1.O4
There was a rather light trade in
corn The market, considering the eX-
treme weakness of wheat, acted sur
nrisingly firm. A fair advance was
scored early on the buying on the
bullish government report and on wet
weather This was ultimately lost,
Int not without a struggle, and the
market was steady at the end. May
ranged from 30A@303sc to 30B @3OAc
and closed 1Bc lower at 30Ac.
The market for oats was very dull,
tboneb fluctuations were trifie wider
tban If late. 1t was chiefly scalpers
market. A bullish government report
and the frmness CT corn We're feat
ures in the early advance. This was
lost later Oats traders were sellers
later in the session. May ranged from
271s to 2634c, and closed @c lower at
26%c.
Provisions. Notwithstanding small
hog receipts. were easy rejecting the
break in wheat. The market was flrm
~ begin with but the advance brought