The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-06

per bushel was the price OF May wheat
at the end OF to-day's session OF the
board Of trade. This represents an ad-
vance since yesterday OF twenty cents.
July wheat gained 3Sc. To-day's ad-
vance was the most remarkable In many
years. Famine OF grain abroad and
enormous sales OF American wheat TO
fill the empty granaries OF Europe caus-
cd the advance here. Shorts were driven
to cover and one small failure was an
>nounccd. Corn ruled dull, closing Nc
higher. Oats gained &c. Provisions
were dull. declining Sc for pork and
TIC each for lard and ribs.
Liverpool set the ball rolling In the
wheat pit by reporting another sensa-
tional advance there at the opening, the
gain In July compared with the previ-
GUS days closing quotation being equal
to about &c a bushel. The reason for
the Liverpool advance was Of course
the continental competition for the
wheat cargo and arriving of coast In
the United Kingdom and the greater
avldity OF French and Antwerp import
ers to secure them. The grain duties
having now been abolished In France,
Italy and Spain. leaves these countries
to dispute with the United Kingdom for
possession of the wheat as It arrives of
coast on the other side.
The confirmation Of extreme scarcity
abroad, so clearly given by the re-
moval Of the duties, justified apparently
to the full the conviction with which
Letter started in last July to buy wheat.
These continental nations by throwing
OF the import duties seemingly admit
that their own stocks have been prac-
tically exhausted. Active competition
at Liverpool has caused a rapid advance
there for the past week. but the full
force OF the famine was not felt in this
market until to-day. At the present
time July option Is the active specula-
tive month and bears have sold freely.
expecting to fill their contracts out of
the new crop. But the May option APP
pears to be controlled entirely by Joseph
Letter, who. II to-day's market can be
taken as an indication. holds the few
who are still short to him in a death
grip"
The market opened Mt an advance Of
1c for July and &c for May. AS usual
the pit traders sold and July wheat
started at $3.50, sold up to 81 00S and
dropped back TO 9SAc. May. which be-
gan ut 81 81, reacted to 81 81. Letters
brokers bought July on the decline and
after accommodating a couple million
bushels, Withdrew. Domestic news was
bearish. Chicago received 1T9 cars,
against % a year ago. Minneapolis and
Duluth got 1867 airs. compared with 1858
last year. Primary receipts amounted
to 100000 bushels. compared with 405. 600
last year. Toward noon bull news be-
gan to take effect. Closing cables show
ed advances Of nc at London. &c at
Liverpool, 4c at Antwerp and &c at
Paris. Then Letter capped the climax
by announcing the sale of two million
bushels No. 2 red to q French syndicate
at 81 AZ per bushel. In addition Letter
sold 100000 bushels In odd lots. This re-
markable transaction set the pit wild.
May, which had rallied to the opening
price, 81 81, jumped to 81 so. with two
and three cents between Gales. Trade
was not broad by any means. It simply
meant that somebody had been caught
short and was trying to get out regard
less of the cast. At l:50 Letter brokers
stopped the advance by selling n few
small lois, but the market closed strong
at that figure.
July was handicapped by free liquida-
ton for a time From around 99hc 1t
gradually worked up, gathering
strength slowly. but finally touching
81 Oh. Then /, dropped back to 81 90.
Ten minutes before the close It started
again and rose rapidly to 81 o.. slid off
in two minutes nc and up again to
81 ", where n tremendous amount was
for sale: but 1t broke the bonds and rose
| irrneIcfih1,, ~ c1 09h pIrn,.aJ n-.t~ :
81 % and closed at 81 O2H bid, q net
gain OF 3$c.
Corn ruled dull and neglected, more
inclined to go down than UP. Local re-
ceipts were 65l cars; seaboard clear
ances &c., 900 bushels. Foreigners were
inclined to resell recent purchases. The
closing squirt in wheat infused some
strength into the corn pit and the early
losses were wiped out. July opened un-
changed to &c higher at 3lk@3dIc, de-
cllned to 33Ic, rallied to 3+Xc, closing
&c net higher at 3!k@34%c.
Oats ruled firm but without espccial
feature. Chicago received 29S cars:
seaboard c%learances were GOO, 900 BUSH
els. The large shipments helped the
market, which rallied sharply with
wheat near the end. July opened &c
higher at 2skc, advanced to &c, and
closed &c net higher at 26%c.
Provisions were dull and rather heavy,
apparently weighted down with re-
celpts Of hogs at western markets, num-
bering 1900 head, compared with IS, 900
last year. Trade was small and pack
era were sellers. A slight decline was
the result of the days b~usincse. The
following were the losses In July deliv-
cries: Pork &c: lard TIC, and ribs &c.
Estimated receipts Tomorrow: Wheat
200 cars: corn h25 cars; oats $50 cars:
hogs 2s. 900 head.
The leading futures ranged ms follows:
Articles. open. H'sa. Low. Close.