Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-01-27
PRODUCE.

Chicago, January 26.-January
wheat again received the attention Of
the Letter brokers to-day In the last
ten minutes trading the price of that
delivery was rushed up from around
961ac to S1.G1, ard it closed at S10O,
an advance of 21@c The effect on May
was more marked than during yester-
days January close. May closed at
&c advance, the gain being directly
the result OF the advance in January.
Corn and oats were helped by the
strength of wheat to the extent of 1sc
each. Provisions declined 2h05c.
For the greater part of the session
in wheat the market was decidedly I'M
interesting. If anything, traders were
inclined to the bear side and prices
for some time were shade below
yesterdays closing figures. The open
ing was firm enough, May starting at
941s 094Hc, an advance of Il q &c,
while July was 1s0a5c higher at S4Ac
This was partly due to the firmness
at Liverpool, where ed advance was
shown. The destruction of the East
st. Louis elevator also had some effect
as it was expected to cause buying
from there. The contrary proved to
be the case. New York reported
good foreign demand with the May
price up 1ac. Against this was the
big snowfall and the bearishness thus
caused was especially marked in July.
There was no sign Of a renewal Of the
Letter bidding for January, which ran
the price of that delivery up to 81
yesterday, but nevertheless the sudden
advance in prices which that manoeu
vre caused yesterday made the bears
rather tinid and each attack on May
was followed by rally. Toward mid
day, however. the market was allowed
to sag. May had touched $3.50 and
reacted to SAFE several times, but
about Il o'clock the price had grad
ually declined to 931a @935sc. The
fluctuations were apparently entirely
the result of scalping as no news of
importance came in. Northwest re-
ceipts were PSF cars, against 335 last
week and 1872 a year aSo. Chicago re-
celpts were q cars. None of this was
contract. The days clearances from
Atlantic ports were equal to 415 600
bushels. Liverpool closed 3sd higher
for futures, Paris from confines to
10 confines higher for wheat and -four,
and Antwerp 12A confines higher.
About ten minutes from the close jan
uary brooke loose and the pit sud-
denly took on an appearance OF activ-
ity. Brokers for Letter used the tao
tics that were SO successful in January
yesterday. the price jumping even fas
ter than during that furry, January
had been practically nominal about
96bc all day, but before the Letter peo-
pie got through with it, the price was
ND to S1.01. 1t closed at $1.00. May
responded to the rally much more
readily than it did yesterday. The
market had been rather oversold any
way. and the jump in January COM
ing Just after fresh war news in the
shape of a report that a British gun
boat had seized a steamer loaded with
arms and ammunition in the Gulf OF
Oman and consigned to Russian
houses. started shorts in a hurried
hunt for cover. The top price of the
day was reached on this bulge, May
closing decidedly strong at 94Ac; July
had sold as low as Size earlier in the
day. but rallied TO and closed at S5aac.
Not much was done in corn. There
was a little trade early, but the mar
ket soon became very inactive. The
business done was chiefly OF a scalping
nature. The market in the main was
firm under the influence of strong
cables and the recent large exports.
Later the rally of wheat had its effect.
the best prices of the day ruling at the
close. May ranged from 2sA@ss TO
297sc, and closed &c higher at 291sG
sc.
Oats were very dull but firm. the
principal influences being large sea-
board clearances, $4,000 bushels.
Shorts were the best buyers, but prices
were almost at a staldstiil till near
the close. when the rally in wheat in
creased trading little and also helped