The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-16

CHICAGo-May wheat to-day ad-
vanced TO within a small fraction Of the
dollar mark and closed with a gain OF
nc over yesterdays figure. The ad-
vance was due more to the anxiety of
shorts to get out than to the news. The
impression increased that wheat Is
pretty well tied UP by the Letter inter-
ests. Everything else>on the floor was
higher and oats sale higher. Provis-
ions advanced sharply but reacted on
realizing, pork closing zoe higher. Lard
and ribs unchanged.
For q few minutes following the OPEN
ing in wheat 1t looked as IL the dollar
mark for May was at last to be reached.
There was hardly any wheat offered for
sale on the curb and this condition also
prevailed when the regular market
opened. Reports that Letter had con-
tracted with the Lehigh road for the
moving Of 2,000. 900 bushels OF his wheat
10 the support came back from New
York. They were not subStantlated but
The report rapidly spread that May
wheat is almost completely tied up by
Letter influences, and when the market
opened there was a rush OF anxious
shorts TO get under cover. May, which
closed yesterday at 9SB@sSHc, opened
to-day at 9SS @9Stsc. Even at this sub
stantial advance the market was almost
bare of offerings and the price OF May
was bid up steadily to 99Sc. a peculiar
feature OF the advance was the number
OF stop loss orders In short wheat.
Wheat began TO come out after ''call
price" (99bc) had been passed, but Of
fcrings were eagerly accepted and the
market did not hesitate much until 99Sc
had been reached. This price brought
out n lot OF wheat from commission
houses and May dropped back TO 9gIc.
There 1t hung for a time. The news OF
the day did not especially favor either
side. though more bullish than bcarlsh.
Northwest receipts were 3o5 cars,
against 3J2 last week and 246 a year ago.
Chicago receipts were Is cars, OF which
6 were of contract grade. Liverpool
was up SIHc for futures, but cash
prices showed nearly all Of yesterdays
advance. Bradstrect showed 524, 900
bushels decrease in the visible.
a little before midday the price shot
up again under q renewed demand from
shorts, and This time May got to 99%c
before the reaction came. Letter had
sold no wheat during the dny. On the
contrary, he was credited with buying
| n little. This added to the belief that he
Is In control of the May: market and
started buying again At midday the
price had reached 993sc and for the rest
OF the session the market %nuctuated be-
tween that figure and 99Sc. At the
close 1t was bringing 99% 099hc.
Fol the first two hours business in
corn was exceedingly lively and 4 sharp
advance was recorded. Heavy buying
by one of the elevator concerns started
the market strong, and general buying
following the advance In wheat and pro-
Visions. prices moved up rapidly. The
advance brought out free offerings,
which were fairly well absorbed, and for
the rest OF the session the market ruled
stendy. May ranged from SIC to 3Ogsc,
and closed hc higher ut 30N 03o7sc.
Oats were strong and fairly active.
Strength in other markets, good eSport
demand and absence OF offerings rather
alarmed shorts and urgent bidding ad-
vunced prices steadily for n time. Many
longs also Increased their OFFERINGS,
Later there was some reaction on real
izing, but the market closed steady,
May ranged from 27kc to 2GRc, and
closed S@lc higher nj 27H0.7hc,
There was n broad general trade In
provisions. Tho opening was rather un-
settled, but higher. Heavy commission
house buying and sympathy with the