The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-11

CHICAGO-Conflrma or the news
that the Letter clique had contracted TO
move n large amount OF Its wheat hold
ings abroad was the overshadowing in
fiuence In wheat to-day. II made
strong and active market and helped BY
firm cables resulted In advance OF nearly
a cent in the May option. Wheat was
not alone in the buoyancy. Corn moved
up &c and oats gained h@isc ProvIs-
Ions made new high levels but heavy
realizing broke the market and closing
prices were Irregular. 2,sc higher 10 2isc
lower. The first hour or SO In wheat a
marked undertone OF strength was
shown and prices moved upwards.
Opening sales OF May, which closed yes
terday at 955sGe6c were nada nj s6it(q
96Sc. The strength apparently came
entirely from Liverpool. Private ad-
vices from the English market told OF
rapidly decreasing supplies. Soon after
the opening May dropped to s6lsG96nc
on realizing. then slow advance start
cd. which carried che market UP TO 96is
d96Sc, when another reaction occurred.
May declining this time to 96$c. Sellers
were not WITHOUT encouragement.
Northwestern receipts were AIS cars
against 400 last week and 256 year ago.
Chicago receipts showed some falling or,
80 cars, eight Of which were OF contract
quality. Crop reports were very favor
able, Kansas messages stating that the
prospects there. the best ever known,
and the outlook in Michigan was alsu
good. News from Argentine caused
same hes.tancy FOR time. Broomhall
estimated the Argentine shipping sur
plus Of 100000 bushels and said he
looked for shipments from that country
to Europe this month uf about 100000
bushels. a report that between 100000
and 100000 barrels OF flour had accumu-
lated at New York was also influential
In the second decline. Abou. II o'clock
the market again became strong and de-
cidedly active. An authoritative New
York d!sptach put the flour Stocks there
at not tn exceed $4,000 barrels, outside
OF that already contracted for shipment.
Everything else was, however. entirely
overshadowed by the cash news. Re-
ports that Joseph Letter had contracted
10 ship 100000 bushels OF wheat by the
LehiSh Valley road TO the eastern sea-
board which were circulated yesterday,
were confirmed to-day. and 1t was fur
Their ascer.ained the wheat was going
forward on 4 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 were
received with credence by traders The
Atlantic por. clearances OF wheat and
-four were put st $4,000 bushels BY
noon there was a big trade In the pit
and prices at general buying demand
had advanced to 9IG97Mc. Many Of the
early sellers were forced to buy back
their lines. The price was well main
tained at the top prices forsome time,but
offerings became freerfa;erin the session
and 4 reaction to $3.50 took place, the
marke. 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 factors.
Professionals and leading commission
houses were active buyers. Heavy real
iz!ns by holders caused some reaction,
but the market was strong at the close.
May ranged from 294Ga9s3 C to $3.50 and
closed &c higher at 29h@29Ic.
Oats were active and firm. The feat
ure was tine reported sale OF $4,000
bushels for export. The large cash bust;
ness had good effect on business, many
OF the longs" who unloaded yesterday
buying again. There was good real
izing at the advance. but all offerings
were taken. May ranged from 25Nc to
oiSc and closed ai91ic higher at 25Nc.
Trading in provisions was active with
the feeling unsettled. A small opening
decline. due to large hog receipts. was
quickly recovered on good general buy
ing and new high prices were reached.
There was heavy selling on the swell OF
lard and pork by packing interests and
unloading finally became quite general.
All the early advance was lost, the mar
ket closing steady. Mdy pork ohc
higher at $40 62hs; May lard 2isc lower
at So or: and May ribs &c lower at
IS liz.
Estimated receipts Friday: Wheat 80
cars: corn 525 cars; oats go cars; hogs
q. 900 head.
The, leading futures ranged as follows: