The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-02

,CHICAGO-The magnificent pros
poets for the growing crop, the move
ment OF new wheat from Texas, the low
cables, all caused q sharp decline in the
wheat pit to-day. July closed with a
loss of 5NG6c; September csc. Corn
is &c and oats &c lower. Pork is down
s2Ec: lard 10912Ec, and ribs 1oc. )
There was no definite reason for a
show Of strength In wheat that was dis
played at the opening. But scalpers
seemed to regard q reaction as due af-
ter the severe slump OF yesterday, and
for q while there was q moderate de-
mand on this theory. The news Of the
day proved SO intensely bearlsh. how
ever. that buyers began to draw out
and as soon as the demand was check
ed holders Of long wheat began to press
1t for sale. The bears became aggress-
i've sellers and 1t was not long before
there was general Decentralization. July,
which closed yesterday ut 97lsc, broke
to 92c, and September from S1bc to
1880. The weather for the home crop
could hardly have been better and
stocks abroad are increasing. But per-
laps the most depressing news came
from st. Louis, which wired that new
wheat was coming in there freely from
Texas, where the harvesting and
threshing were being pushed vigorous
~. Liverpool cables were It'd lower.
Chicago received 81 cars, compared with
q the year before. Minneapolis and
Duluth received 1913 cars, compared with
263 the corresponding day in 1897. The
clearances from seaboard cities amount
ed to the enormous aggregate Of $780,
600 bushels.
With May out of the way June be-
came the regulator OF cash prices II
opened at 81 IS and closed at 81 o.,
against 81 20 yesterday. The market
became extremely weak near the close,
Liverpool cables apparently being the
chief factor. July opened 20 higher at
9S@aShc, sold at 97lsc, up to 9S1tc
again; fell to 9lAc, rallied to Csc, then
weakened to 91%@92c, the closing fig
ure. September began 1B@lAc better
at S2AGS2hc. declined to S1Sc. up to
S2kc, down to 7Skc. then up to roc, and
declined to 7Sh97S5sc at the close.
Unfavorable crop news strengthened
corn at the start. The absence Of ship
ping. demand and the closing weakness
in wheat undermined the faith OF the
bulls and created weak feeling and
the early advance was lost. July OPEN
ed %0lsc higher at 3443hc, eased off
to $3.50. up to 34lsc, and Gown to 33c
bid at the close.
Like corn, oats were firm early and
weak later. A feature was buying Of
July against sales Of September. July
opened &c higher at 2+TQ247sc, sold up
to 24Ac, then weakened to 24h9Aac,
the closing figure.
ALI the strength shown by provisions
was at the opening. Later there was o
selling movement, brought about prob
ably in sympathy with the weakness in
wheat, and q marked decline resulted.
July pork opened &c higher at 81 So,
sold UP to sl1 60, fell to sl1 TIE. the
las. Its resting price. July lard 2l9o
better at the start at Sc 25; from that
figure It fell to and closed at Sc 100
12E. July ribs opened 2hc higher ut
IS 95, sold down to IS so and strength
ened to SIS So ut the close.
Estimated receipts Tomorrow:
Wheat lis cars; corn SIS cars; oats
2T5 cars; hogs SO 200 head. t55
The leading futures ranged as follows: