Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-04-16
EX-diN. %.
PRODUCE.

Chicago, April 15.-The unloading CT
something like 100000 bushels of July
wheat to-day by Joseph Letter re-
suited in a break of three cents in that
option May also declined sharply,
closing at 21ac lLwer than it did yes
terday The wildness and activity Of
the market is shown by the fact that
there was &c difference between the
high and low point Of May and 314c
in July. This high point, $1.15, is
the highest since 1892. Corn and oats
declined about re each in sympathy.
Provisions We're steady and showed
slight closing advances.
Trade in wheat started out with the
usual jump in May and new high
prices were made in that delivery.
May closed yesterday at Silly, but
opened to-day all the way from S1.12
to $1.14, and in two minutes time it
had been bid up to s115. Not since
1892 has wheat reached such high
level A sharp break to S1.1O followed,
followed by a quick recovery to 81 IL Y.
After that all interest until near the
close was conferred in the avalanche
of long July wheat, which was thrown
On the market by the big longs. July
opened at S7$sG%c, compared with
Yesterdays closing prices OF SItsc.
Hundreds had it fer sale at those fig
ures. and the decline which started
did not halt until 96Ssc was recorded.
There the market steadied, but only
for a few minutes. Liquidation was
redoubled and it was estimated that at
least 5000, coo bushels were dumped
on the market in the hour and a half
which followed the opening, chiefly by
one concern. john Cudahy was cred
tied with dispcsing OF large proper
tion Of this. Others credited it to
Armour. and still others to Letter. 1t
came out later. however, that the hQul-
da+icn was or Letters account aud
the heavy lines he disposed of, coupled
with his enormous cash sales OF last
week. must have materially reduced
his line CT holdings. The Llverpooi
market was "a @ Esd lower before THIS
market opened, but apart from that no
real reason for the weakness could
be gathered from the news. The
heavy holders were evidently deter
mined to realize their profits on the
recent large advance, and their action
brought nearly all the small "tailers'
in with their lines Of long wheat.
After the July price had got down to
S61k. the market again Quoted down TO
a certain extent, and up to 1880 the
decline was very gradual. But in the
last half hours trading liquidation
was resumed again, and this time May
also suffered, though more from lack
Of s,lpport than from an extensive Of
fering. 1t was evident then that the
earlv bulge in May was part or
cleyerly prearranged plan to help Lei
ter louidate his July holdings, and 1t
undoubtedly did act as a steadying IN
Auence during the first tremendous
flood Of wheat. The ordinary news OF
The day was entirely neglected. North
west receipts we're small, 20S cars,
AGAINST 223 last week. Chicago re-
ceipts were 40 cars. The ADDITION TO
the contract stocks to-day amounted
to about $4,000 bushels. Crop reports
were rather conflicting in nature, but
generally favorable. Argentine ship
ments were 1000 900 bushels, COM
nared with 1.6720O0 bushels the week
nrevious. Seaboard clearances were
433 600 bushels The market became
very weak toward the close. and the
lowest prices of the day for July were
ouoted as the session came to close.
Iplv closed at S4a4@!s; May closed at
81 90. after selling at $1.0S.
Corn was easier. partly en- account
If the fine weather, but principally in
sympathy with wheat. The cash de-
mand showed big falling OH, an
ether bearish factor. Professionals
led the selling, but offerings were not
heavy. Shippers bought sparingly.
May ranged from 30isc to 29A q sc,
and closed &c lower at 26j4 q sc.
Oats were fairly active. and little
lower There was a good deal CT sell