New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-11
CHICAGO MARKET FLCCTCATING.

JULY WENT UP To u But Cl<JofsD Al ~ ~
fBr TELEGRAPH TO TRIBuNE.l
Chicago, May 10.-There Wild fuctu
atoms in wheat to-day as at any time during
the excitement, but they were downhill In
stead Of up. II was most bewilderins day.
July made a new record, 81 25. That was in
the forenoon. In the last hour OF the session
f. was as low as 81 O6 q break OF 10 cents from
the top. The close was at 81 IA t had g tned
a. 81 Il, off about 3 cents from Mondays close.
People who kept UP with the fluctuations to-
day We're satisfied. Explanations end theories
were not attempted.
At the outset Liverpool acted as Il wheat had
eliminated over there. After a range OF about
10 cents a bushcl the July .he Liverpool
close UP a little on some future, AID on
little on others. There no doubt at ell as
10 what the foreigners were doing in this mar
ket. They were taking profits on long July
wheat. splendid profits IN some instances The
local talent was still In bearish mood but It
had in mind the terrible punishment received
on the bear side.
Professionals hailed every decline. They
bore in mind that the Government report was
due in the afternoon. and thew felt certain It
would be bear document showing Il large
area and a fairly high condition. When Issued
At o'clock In the afternoon the document
showed q May condition Of $50. and area
Of almost % 600 900 acres. suggesting a total
crop OF winter wheat Of 3l3 900 bushels.
II was not a big speculative trade. Small or
ders moved the market UP or down asttr ish-
,ngly.
There was no echo from the Lindblom fall
ure. II wasn't mentioned. and no other fall
ures were announced There have. however
been some narrow escapes Letter 3 known
20 have helped several concerns to squeeze
through, In some instances making Il easy for
them on the May. but IN other instances act
ually furnishing the funds for them 70 get
through the clearing house. Outside markets
have acted this has, with wild fuctuations
with the July. September and December max
ing some loss.
The May prices everywhere have been strong
II cloaed at 81 81 here the top prices being
made on small lot closed out for I-indtcm's
account. There were some fairly gocd-sized
May short lines covered to-day Letter brokers
did the selling. The September is getting
ht;le more popular 1t opened at al TO "512
cents. sold between 037s and $50 cents. and
closed at go. cents. Paris was higher. The
worlds visible decrease 5.9l3,OpO bushels
Liverpool cabled that bakers and 'nillers had
stopped buying. Another cable from the same
direction said India was 10 Increase Its ship
Ynent. Receipts Of wheat were large enough
here and al other Western points 70 suGSes,
anything except famine. At primary points thero
594 900 bushels against $4,000 bushels
last year. here there were 33o cars against
10 cars last year, in the Northwest, All cars
agains; 49S cars last year. II there was any
July selling worthy Of special comment. II was
by the foreigners
The rally from the extreme break was on
buying by Letter brokers. The latter might
have been covering some OF his short July. for
Letter has at time been buIlsh on July
within the last three weeks
Privileges were not so vide apart on wheat
a. on Monday night, but there was still an as
tonshing rarge.
puts and calls Monday 80 cents apart;
tonight they at one time - cents spread
Puts on July wheat closed at 99ls cents; calls
81 27a4. Wheat on the curb was weak Down
70 81 III. II went back 10 81 ~.