The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-08

CH1CAGo-A combination OF favora-
bic crop reports, weak cables and IN
absence OF important trading made q
very dull and weak market OF wheat
to-day, July closing at decline OF
about q cent The closing OF the for
eign exchanges until after the Easter
holidays, undoubtedly had some effect
on tho volume OF trading done. Every
thing else on the floor was weak. part
~ through sympathy with wheat. Corn
closed 80 lower, oats kdAc lower and
provisions i5G7hc lower.
A continuance OF the weakness which
became so marked during yesterdays
session marked the opening in wheat
to-day, July, which closed yesterday at
47S@S5c, ranging all the way from
S47sc to sac. Nearly everything was
against the price Of the start. The
Michigan crop report was perhaps the
most important factor. That report
gave the wheat condition at CSC, tho
highest April figures since 1891. Liver
pool showed decline OF about sd and
continental markets were equally weak.
The fear OF damage TO winter wheat by
frosts. which has lowered over the mar
ket for several days, was effectually
dissipated By the higher temperatures
now prevailing throughout the west.
About the only crumb OF comfor. the
bulls were given was the figures of the
northwest receipts, which showed a
considerable falling or, Minneapolis
and Duluth reported 159 cars. against
go last week and e64 year ago. There
was some scattered buying at the start
by local shorts and scalpers satisfied
with recent profits. but the majority OF
traders were on the selling side. Liqui-
dalton by discouraged longs was quite
marked for time, and there was some
active short selling as well. For nearly
two hours the course OF the market was
steadily downward, varied occasionally
by small fraction rallies "a shorts
came In to cover. About II 30 o'clock the
bad crop reports from California, which
had been coming in all morning, began
10 have some effec. on the market. The
condition there as result OF the cold
and draught was said to be very grave,
some reports placing the crop condi-
ton at not over 10 per cent. The effect
OF these reports was somewhat nullitled
by heavy rains In California during the
past forty-eight hours, but the decline
was stopped and an appearance OF
steadiness given to the market. July
had previously sold as low as S34c. but
1t rallied to S5;s and for the rest OF the
session kept close 10 that price.
Trading became excessively dull late
in the session and the pit at times was
not more than half filled. Although the
local markets will be open tomorrow.
the closing OF the continental markets
over the Easter holidays had a tendency
to narrow scalp!ng trade. The close was
steady ct S35sc for July.
Corn was easy, influenced by wheat.
by the warmer weather and prospects OF
larger receipts on account OF the OPEN
ing OF navigation. There was good
deal OF commission house selling and
some professional liquidation. The de-
cline was stopped By the heavy cash
business. May ranged from 1850 20 a9c
and closed &c lower at e9Bc.
Weakness IN wheat and corn had q
like effect on oats, that market ruling
lower from the start. Urfavorable crops
had very little effect. Trade was small.
moderate offerings being taken very
slowly. May ranged from 25ikc to e5iic
and closed 1SGAc lower at 25asc.
Provisions were weak, partly with
grain and partly on lower hog receipts.
There was continuation of the pack
ing house selling OF yesterday, ,particu-
larry OF lard. There was some recovery
near the close on covering. May pork
closed nc lower at SO S2ik; May lard
TIC lower al IS liz. and May ribs SC
lower at IS Is.
Estimated receipts Friday:
Wheat, SO cars; corn, POS cars; oats,
l63 cars: hogs, 1900 head.
Cash quotations were as follows:
Flour steady.
wheat-No. 3 spring 9lGeSc; No. red
81 02EGl 03A.
corn--No. 2. 2s,sc; No. yellow 2sSc
Oats-No. .. 25Bc.
Flaxseed-No. /, 81 -.