The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-17
NEW RECORD FOX WHEAT.
Nav Option Is Higher Than Any
Tine Since 1901.
AN ADVANCE or NEARLY FOUR CENTS
chicago Trader Says There Is a BiE
European shortngc-Lcitcr M"k-
ing Mig shipments Abroad.

Chicago. February 1s--Shorts in wheat
caused q hardening today. May was bid up
to l0sSs and closed at lcsH an advance OF
3Mat3 rs. July. hitherto very quiet, moved
up as much as May, Tho May price is The
highest reached for thnt delivery since 1891.
1t was almost altogether "scare market"
shorts being thoroughly alarmed over the
| Letter grip ON wheat They found no diff
Guilty In covering a few bought early IN
| July. Corn aud oats were strong and firm.
| Provisions closed at slight declines.
| Trouble for shorts In whrat was indicated
on the curb before the regular opening. May
was bid up to 100 on rumors Of engagements
of wheat for shipment to Lisbon and talk of
a reduction OF the port grain duty. Tho bull
ish feeling was greatly increased by an In
terview regarding tho European situation by
"a prominent Chicago trader, who has been
travelling through Europe. In which he con
| armcd the reports OF almost unprecedentedly
| small stocks of grain. The opening OF May
wheat ranged from 99A to loo. compared to
yesterdays closing price Of 99%Geaig,
| There was a perfect rush of shorts to cover
Mt once. but as WAS the case yesterday. almost
no wheat was offered for sale. Inside of nj
teen minutes bids had been raised TO LOLA
| This WIS about call price, and for tue hrst
! time wheat came oil the market In consider
| able quantities, mostly offerings against priv
| ilegcs. Though everything offered was taken,
| prices sngged of TO lO0ii and the excitement.
| which had been Intense, cooled down to some
| cxtent.
II was evident that the trade was thor
al he. l,g hal
| able hold Letter had on May wheat and an
ofhciul announcement that he has contracted
| Tor the moving of 100000 bushels of bis
| wheat TO tho scaboard with the promised
movement of 3,0000O0 more. served TO in
| crease the anXiety OF shorts to get out. This
seemed to be the only factor in trading
Apparently no attention was paid 20 the
news OF the hattloship Maine, aud the usual
news was colorless. Liverpool was 8sG3sd
higher Mt the close.
Northwest receipts were $50 cars against
\ 3@s week ago. and i65 last year Chicago re-
ccpls were forty nine ears. The days clear
anrcs from Atlantic ports amounted to 800
600 bushels.
For some time the market Huctuated ncrv-
onaly on n narrow amount OF trading. hut
about noon II commenced to advance again
aud on this advance outsiders made their in
iucnoc felt Traders who have been heavy
sellers hero against purchases In New York
we're forced TO unstraddlc.
About half an hour from tho close July
jumped into sudden activity It had pre-
| heavy buying sent prices up AT tho close
July had advanced to SOY. MAY in the mean
time had been bid up to l.05A and WIS bring
ing 10ah at the closing bell sounding On
the curb after the regular session II sold as
high us 1856,
There, was another big trade in corn and
the market was strong, Sympathy with wheat
sent prices M carly The market broke Inter
on rehli&ing, but rallied on general buying
by The long interests aud closed strong
Oats were fairly active and irregular.
though strong The market started strong
through sympathy with wheat aud corn but
heavy commission house selling and some
general realizing broke prices badly. The
demand became urgent again later IN the
day. many carly sellers buying back what
they had previously sold Export demand
wax again active.
Provisions were active. The close WAS
steady ut slight declines May pork b lower.
May lard ~ and ribs > lower.
Estimated receipts tomorrow Wheat -
cars; corn, 2lji oats, ITO; hogs. 3S. 900 head.
The leading intMrro ranged foiiowp.