The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-18

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CH1cAGo-The refusal OF the board
OF trade directors 10 fix marginal price
on May wheat was the main factor in
that market to-day. Though the adj
vance this caused was lost about the
middle OF the session, price, recovered
again, the July option closing Nc hlghv
er than yesterday. May showed an
equal advance. Liquidation of May
contract, in corn and oats made those
markets weak. declines OF A@Hc and
nc respectively resulting. Provisions
were firm all day and closed 7Aal5c
higher. a n
a good deal OF strength was shown at
the opening In wheat, although trading
was not heavy. The action OF the
board OF directors last night In refusing
to fix q marginal price on May con-
tracts, and the fact that the testimony
taken by tn board showed shipping
values 10 be more than the bears cared
to admit. caused halt In the liqulda-
ton and short selling which has made
the market so weak of late and though
It did not result in very much increase
In the buying demand, yet the falling
of in the selling pressure was so
marked as to cause an immediate id
vance In prices. Besides the directors
action, some OF the routine news was OF
bullish nature. Killing frosts were
reported from California Freezing
weather was reported in the northwest
and Minneapolis ndvices said the re-
E,,.hn fro gs,,n IAN
probably be mostly OF low grades.
iiNorthwest receipts were not so
heavy, Minneapolis and Duluth report
Ing 231 cars against POI last week and
205 q year ago. Chicago receipts were
1i7 cars. or this number SO were con-
tract grade. but Notwithstanding this
large proportion, the addition to the
contract supplies here was not so large
as private houses contributed but Il
cars and 10000 bushels No. 1 northern,
O total OF about 5000 bushels. Liver
pool. In view OF the decline here yester-
day. showed an unexpected degree OF
stcadIness. Opening trades in July
were on an advance OF &c. s5GS5hc be-
ing bid. One or two sales were made
as low as size. Soon q disposition
among the scalpers to cover up their
short lines was shown. There was some
difficulty experienced In doing this,
which brought some Of the professional
shorts into the market to cover, on an
advance, which ensued. carrying July
up to S5ssc. Then, the. market turned
weak. The CONTINUANCE of the very
favorable weather west, an important
factor all week. made itse influence felt
again. Prices began to decline under
realizing by many OF the early buyers.
The demand from shorts ceased almost
altogether and very little support was
given until prices had declined to StAc.
AT around S4l:c Letters brokers gave
July support. This caused a quick halt
in the decline and started buying
movement again. under which the
market rapidly improved. The strength
was continued to the close. July nd
vanced to and closed at S47sc. May was
very quiet all day. 1t showed some
strength, selling as high as 81 0ih and
never getting below the fixed price OF
81 OF. 1t closed at the latter price.
The opening In corn was steady.
That was all the strength the market
displayed for some time. for liquidation
OF May soon started and grew quite
heavy as the session advanced. The
favorable weather was 4 factor, the
trade entirely Ignoring yesterdays
heavy exports. Covering OF short con-
tracts was fairly liberal at the bottom
and some rally ensued. May ranged
from 293sc to 2SEc. and closed AG&c
lower at. 2sc bid.
The market for oats was much the
same as corn. Early steadlness with
wheat was succeeded BY a long period
OF weakness. liquidation OF May being
heavy. In this market, the weather
was the factor, shorts covering near
the close and n substantial rally en-
sued the market closing fairly steady.
There was some demand for spring
shipment at the decline, May ranged
from 25Ac to 2i7sc and closed &c lower
at 25as 125hc.
Provisions were the firmest market
on the floor. Small receipts of hogs
caused a firm opening. Shorts and
packers came into the market with
good buying orders and q steady ad-
vance ensued, closing prices being
about The best OF the day, AT the close,
May pork was l5c higher at 50 TIE;
May lard lQc higher at S. Is and May
ribs nc higher at s. 10.
Estimated receipts Friday:
Wheat, lis cars; corn, 2l0 cars; oats.
$50 cars: hogs. 10000 head 80
The leading futures ranged us follows:
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