The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-12

to-dav's receipts resulted in an almost
total withdrawal Of support shortly af-
ter the opening. Prices In consequence
began gradually to decline. No very
great selling pressure was put on the
market, however, until the price had
got to about S9hc. Letter brokers we're
as usual giving support 10 May, bid
ding 81 Oh. Then apparently an organ
lied raid was made on May. influential
houses came into the market with
heavy offerings OF May Offering TO sell
1t at 81 0SA and even at 81 0315, but bar
red letters brokers from purchasing
at those figures.
This created great lot OF excite
ment among traders as 1t vas believed
an attempt was being made TO get the
market beyond the control OF the bull
leaders and small sized panic IN July
enSued almost Immediately. Offerings
fairly poured Into the market and in
side OF ten minutes another cent had
been Topped off the. price. In the mean
time Letters brokers were taking cv-
erything offered them in May. though
being forced TO pny 81 OF for 1t. It was
also known that Letter had promptly
met calls for heavy margins which had
been made on him by, the bear contin-
gent and had retaliated In kind Not
until his representatives had absorbed
something like a million bushels of May
did the market quiet down. Then
sharp reaction took place in July, the
price rallying from SSkc TO which point
thad slumped TO S9isc. There was quite
heavy covering by professional shorts
on this decline. About noon Letter APP
parently changed his brokers and sue
ceeded In getting a good deal OF wheat
at below 81 OF. The readiness VITA
which everything was taken resulted
in 4 falling OF in the offerings and the
price after that was steadily held at the
price the market was apparently peg
ged" at 81 o.. July showed good deal
OF nervousness for the rest of the gcs-
sion, but did not move very far either
way from soc until near the close. when
renewed selling was started by tall
ers," who were afraid OF margin calls
and the price declined rapidly again. At
the close SSkdSS3Sc was being bid for
It. May wound up at 81 o..
There Was rather light trade In corn.
The market considering the extreme
weakness OF wheat acted surprisingly
firm. y fair advance was scored early
on the buylng on the bulllsh govern
ment report and on the wet weather
This was ultimately lost but not with
out a struggle, and the market was
steady at the end. Mag ranged from
SohG3OsEc to SO1sG30hc. and closed &c
lower at 50Ac.
Market for oats was very dull, though
fluctuations were trlne wider than OF
late II was chiefly scalpcr's mar
kct. 4 bullish government report and
the nrmness of corn were features In
the early advance. This was lost later.
oats traders were sellers later In the
session. May ranged from 27isc TO
26ic and closed &c lower at 9G&c.
Provisions Notwithstanding small
hog receipts. were easy rejecting the
break in wheat. Tho market was firm
TO begin with, but the advance brought
out liberal offerings from packers aud
scalpers and the decline thus started
was helped along by the wheat weak
ness. Tho close was easy at about bot
tom figures. May pork 7Ihc lower ut
$40 20; May lard exc lower at 81 27lSdh
8 GLAND May ribs &c lower Mt t5l2I!.
Estimated receipts Saturday:
Wheat, l16 cars; corn, 800 cars: oats,
235 cars; hogs, $4,000 head.
The loading futures ranged as follows: