Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-02-11
PRODUCE.

Chicago, February Determination
Of the news that the Letter clique had
contracted to move large amount Of
its wheat holdings abroad was the
overshadowing influence in wheat to-
day. 1t made a strong and active mar
ket and, help by firm cables, resulted
in an advance of nearly cent in May
option. Wheat was not alone in the
buoyancy. Corn moved up nc and
oats gained $50 12c. Provisions made
new high levels, but heavy realizing
broke the. market and closing prices
were irregular, 212c higher to 21ac
lower The first hour or so in wheat
marked undertone of strength was
shown and prices moved upwards
Opening sales of May, which closed
yesterday at 95B096c, were made at
96A 03sc. The strength apparently
came entirely from Liverpool MAY
advices from the English market told
Of rapidly decreasing supplies. Soon
after the opening May dropped to 96B
a &c on realizing, then slow advance
started which carried the r arket up
to 9615 q 5sc, when another reaction
occurred, May declining this time to
couragement Northwestern receipts
were AS cars against 403 last week ana
256 year ago. Chicago receipts
showed some falling off, SO cars, eight
of which were of contract quality.
Crop reports were very favorable, Kan
sas messages stating that the prospects
there were the best ever known and
the outlook in Michigan was also good.
News from Argentine caused some hes
itancy for a time Bromhall estimat-
ted the Argentine shipping surplus at
80 600 GOO bushels, and said he looked
for shipments from that country to
Europe this month of about 5000, 900
bushels A report that between $780,
600 and 900 900 barrels of flour had ac-
cumulated in New York was also in
f1uential in the second decline About
II o'clock the market again became
strong and decidedly active. An au-
thoritative New York dispatch put the
flour stocks there at not to exceed
100 1000 barrels, outside of that already
contracted for shipment Everything
else was, however, entirely overshad-
owed by the cash news. Reports that
Joseph Letter had contracted to ship
aUU,UUU DuSHSlS VI NHSdl ny luS l<o>
high Valley road to the Eastern sea-
board which were circulated yester-
dav. were confirmed to-day, and it
was further ascertained the wheat
was going forward on a through rate
to Europe. There were also rumors OF
other large lots to be moved out, half
of it by rail- and though not entirely
confirmed we're received with creN
dence bv traders The Atlantic port
clearances of wheat and flour were
nut at 534 900 bushels. By noon there
was a big trade in the pit and prices
at general buying demand had advance
ed to 97@1sc Many of the early SELL
ers were forced to buy back their
lines. The price was well maintained
at the TOP prices for some time, but
offerings became freer later in the ses-
sion and a reaction to 9l7sc took
place, the market closing steady at
that price.
Considerable interest was shown in
corn, and the market in the main was
very strong. Small country offerings,
soft weather. good export demand and
the strength of wheat were all rae
tors Professionals and leading COM
mission houses were active buyers.
Heavy realizing by holders caused
some reaction, but the market was
strong at the close. May ranged from