The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-17

European situation by n prominent
Chicago trader who haA been travelling
through Europe In which he confirmed
the reports OF almost unprecedentetly
small stocks and said that Europe was
dependent on the United States for her
supplies. Opening prices OF May wheat
ranged from 99Ac to 81, compared with
Yesterdays CLOSING price OF 9sAI9ekc.
There tyn1 a perfect rush OF shorts 10
cover at once, but rs was the case yes
tcrday, almost no wheat was offered
FOR sale. Inside OF fifteen minutes bids
had been raised 20 81 Ok. This was
above call price and for the first time
whent came on the market In consider
able quantities, mostly offering against
those privileges. Though everything
offered was taken, prices saRgcd of to
81 0Qlt, and tho excitement which had
been intense. died down TO n certain
extent. II was evident the trade was
thoroughly alarmed ovcr the apparently
unshakabic hold Joseph Letter has on
Mag wheat. and an official announce
ment that he has contracted for the
moving OF /, 100000 bushels OF his whea,
to the seaboard with the promised
movement OF 5000 900 bushels more.
served TO Increase the anxiety OF shorts
to get out. This, In fact. seemed to be
the only factor In trading. Apparently
no attention was paid to the news OF
the blowing up OF the battleshlp Maine,
and the usual news was colorless, Liv-
erpool was S@Nd higher at the close.
Northwest receipts were $50 cars,
year. Chicago receipts were 40 cars,ten
OF which graded contract. The days
clearances from Atlantic ports amount
ed to 800, 900 bushels. For some time
the market fuctuated n~ervously on a
narrow amount o. trading, but about
loon Il commenced 20 advance again
and on this advance outsiders made
their influence felt. Traders who have
been heavy sellers here against pur-
chases In New York were forced TO "un-
%straddlc."
Northwest shorts also came Into the
market TO make things interesting.
About half an hour from the close July,
which for come time past has been
comparatively neglected, jumped into
sudden activity. 1t had previously
been tagging at around s6Ts. but heavy
buying sent prices flying. Most OF the
July offered was taken by tho Letter
brokers. At the close July had ad-
vanced to s9kc. May In the meantime.
had been bid up to 81 03A and was
bringing 81 03N at the close. On the
curb after the regular session, Il sold
as high as 81. e5ilt.
The Post to-day says:
Joseph Letter has securely cornered
the May wheat market, plays fast and
loose with the fears OF u tremendous
short interest, and is showing himself
TO be by all odds the most remarkable
factor ever encountered In the local
market. Once more the battle between
Armour and Letter is being witnessed.
Vague rumors from the northwest,
showing that some big forces were at
work there. revealed themselves to-day
in the shape OF facts. Armour sent his
brokers to the northwest section some
days ago to buy all the cash wheat In
sight. 1t Is held Armour wants to re-
turn an equivalent for the wheat
which. despite his denial, It Is asserted.
he borrowed from Peavy to deliver to
Letter on December contracts.
No one did Letter hear OF this
flank movement than he began 10 play
a coup. To-day Instructions were for
warded to all OF Letters brokers in the
northwest to follow up Armour's agents
and bid two, three and four cents high
er than Armour on all wheat offered to
the latter.
Although Armour denies the report OF
borrowing from Peavy a leading brok-
er is authority for the statement that
Armour placed q check for 5000, 900 in
| the Northwestern National Bank. pay
able q the order OF Peavy, to insure
the return OF a vast quantity OF wheat
whlch Armour secured from Peavy to
cover his December short line. To what
extent Armour has obtained cash wheat
to cancel these obligations Is a matter
Of conjecture. But one fact Is certain
and that Is Armour had to pay a pre-
MUM und had 10 wrestle hard with Lei
ter's agents TO secure cash wheat In
the northwest"
There was another big trade in corn
and the market a strong. Sympathy
with wheat and n heavy demand from
shorts sent prices up sharply carly. The
market broke later on realizing, but
rallied again on general buying by
long" interests and closed strong.
May ranged from 3lssc TO 3oTsc. and
closed &c higher at 31AG313c.
Oats were fairly active and irregular.
though averaging strong. The market
started strong through sympathy with
wheat and corn, but heavy commission
house sell!ag and some general realiz-
Ing broke prices badly. The demand
became urgent again later In the day,
many early sellers buying back what
they had previously sold. Export de-
mand was again active. May ranged
from 27%c to &c and closed TNMc
higher ct 27Sc.
Provisions were active. Heavy re-
ccIpts OF hogs CAV the market a weak
start, but the heavy advance in grain.
the demand especially from shorts. In
creased and prices gradually rallied.
Packers were good buyers, which help
ed prices. Late: the market became
weak under realizing sales. The close
was steady at slight declines. May pork
Sc lower at sll 10; May lard 2i4c lower
at S. 17M., and May ribs SC lower at
s. 27E.
Estimated receipts Thursday:
Wheat, IS cars; corn. 275 cars: oats,
1870 cars: hogs, $4,000 head.
The leading futures ranged as follows:
IL,