The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-24
WHEAT HEAVY ALL THE DAY
Decline in the English Markets the
Chief Cause.
JULY OPTION WAS The FAvoRlTE
At the Close Both May and July
showed a Decline From Monday.
Pork weak and Lower.

Chicago. February 23.--Whsat was heavy al
day and at the close showed declines OF III
In the May option and lac In July. The
market was affected principally by the decline
In the English markets. The disposition
umong wheat traders to leave that market fol
the coarse grain pits caused decided do
crease In tho volume of wheat trading. Corr
was heavy and declined nc. Oats were firm
after carly weakness and closed shade high
er. Provisions were irregular, pork dcclin-
ing i7iac while lard and ribs did not change
much.
All the firmness which characterized Mon
DAY y wheat market had apparently desert
"a the pit at the opening OF trading today.
Tho starting price for May ranged all the
why from N.o6A down to 81 .cjS as compared
WIN Mondays closing price OF sleo6ta, while
Jnly, IN which the most trading was done
throughout the session. opened at from 9i5s
to DIS, decline of AU1c. May touched 81. 05
before 1t was sufficiently supported to bring
about recovery. Commission houses were
the best sellers at the opening, brokers for
Letter being credited with some OF the offer
ings of May
ihe opening weakness was due apparently
TO tho decline at Liverpool, that market was
from Is to lIsd lower and the other markets
also showed weakness. For a time the mar
hct TOOK on some appearance OF strength.
Cocering by shorts started In moderate way
shortly after the opening and prices grad
ually worked back. May advancing to 81 0G
ana July 10 osls. India sdvices reported the
crop prospects IN the central provinces very
favorable. but this was colnteracted by prt-
vate kilograms from Argentine reducing the
estimates on the cxportable wheat surplus OF
that country TO 2i,O00.0O0 bushels.
Additional strength was lent to July by
moderate support from tho Letter interests
Trading at no time. however. was very heavy
IN either option. The fear of Letters influ-
ence over the market was shown by many
traders leaving the wheat pit for the coarsor
grain markets.
Northwest receipts were not very heavy,
Minneapolis and Duluth reporting $40 cars
against 80 last week and 100 year ago Chr
cago receipts were - cars
After the reactions noted July saggcd back
to VIZ aud May to Si.o5h on realizing by
room traders. Buying was started later on
the Biadstreets visible supply report. which
showed decrease of 365. 900 bushels This
was surprise, as the trade had been led
TO expect heavy Increase and prices for n
time got back to their former level Later
IN the day the market become quite weak OF
TURNER declines In English cables. Letter
BROKERS had meantime stopped buying aud
July prices tunhled rapidly, getting down TO
~ ana May to 81 .05 but reacted again before
9i9s
Corn was moderately active The opcnin,.
weakness OF wheat caused a rush to sell at
the start, chiefly by room traders. and prices
declined sharply. A rally followed on cover.
ing and on the heavy exports but prices de-
clincd again later. the market being easy at
tho close. The feature was the number of
traders In corn who usually trade in wheat
and who were mostly on the selling side OF
corn.
Oats were active and unsettled The featur.
was the revival OF the export demand which
acted as strong support to the market At
INC TOP there was moderate realizing and
prices slowly declined. The close was steady.
Provisions were fairly active and Irregular
Pork was very weak throughout. At tho close
May pork was 1Iiac lower; lard &c lower and
ribs unchanged
Estimated receipts tomorrow; Wheat 10.
corn 5t0. oats 400 cars and hogs &C. 900 head
1hc leading sutures ranged MS folow.