The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-17

CH1cAGo-The exceptionally favor
able weather caused the most general
liquidation in the wheat market o.day
that has taken place for some time.
July wheat at one time showed break
OF nearly two cents. Covering by
shorts was responsible for the change.
Corn and oats suffered from the l!qui-
dltion In wheat and closed &c lower
and &c lower respectively. Provisions
were slow and showed little change at
the close.
Wheat was very weak at the opening.
The bearish sentiment among traders
on last nights curb, resulting from the
continuance OF remarkably favorable
weather prevailing over the entire win
ter wheat section, was reflected fully.
Opening prices for July ranged from
S59s to S5bc, against yesterdays closing
OF S5Sc. For q moment or two the
market hesitated, The option decline
Itself was sufficient to induce covering
in q moderate degree and the market
recovered n fraction, selling at S51sc.
That. however, was the extent OF the
bu!llshness. Offerings soon began to
come In from ali directions, holders APP
parently being discouraged ut the ex-
cellert crop prospects. The decline also
brought In stop LOGS orders and the
pressure was greatly increased by
prominent st. Louis operators, Offer
lngsl from that source being exception
ally heavy. The market fell pretty
steadily to Sac, becoming quite nervous
around the bottom. A reaction then
ensued. Professional, shorts and many
early sellers came in 10 cover lines
showing good profits and the market
generally assumed q degree Of steadl-
ness. By noon prices had recovered to
S5c. During this time May steadily
held at 81 o., by the Letter interests.
and that price in fact was maintained
throughout the session, although one
or two sales were made at 81 OLE Be-
sides the fine weather, which was the
overshadowlrg influence, there was a
good deal OF bearishness in the routine
news. Northwest receipts were 2S1
cars, against 1874 last week and 231 a
year ago. Chicago receipts amounted
10 Ill cars, II OF which were Of contract
grade. The total addition to the con-
tract stocks to-day amounted to 6S000
bushels, so carloads and $500 bushels
coming from private houses. LIVER
pool cables showed weakness all day.
Clearances were Light, $4,000 bushels
After noon the market declined. Shorts
by that time had been filled: UP and
when the market lost this supporting
Influence prices sagged at once. This
brought sellers into the market again In
Increased numbers. July from S5isc,
which point was reached for short
time, was pounded down to S4&c and
was briring Si1sGS4Ssc at the close. Z
( Corn suffered from liquidation and
short selling and prices declined sharp
ly In consequence. Fine weather and
the wheat weakness were the factors.
Selling was quite general all day and
but little support was given. A fairly
good cash business was done on the de-.
cline. May ranged from 207s 10 29hc
and closed sc lower at 29E@299sc.
Liquidation In oats was quite as free
and general as was the case in corn,
and the market was weak all day.
Wheat and corn were the influences A
good deal OF long property was disposed
Of. scaipers and professional shorts also
pressing the market. There was some
rally from the bottom on covering.
Cash demarty was good at the decline.
May RANGED from 2G9?6M to. 252s q25Mc
and closed &c lower at 25k6l25%c.
Provisions were In the main steady,
considering the weakness in grain.
This was n factor early. there being
some sympathetic selling. and prices
declined somewhat. Offerings at no
time were heavy and moderate buying
by shorts on the decline caused recov-
cry. the market ruling steady within n
narrow range to the Glove. At the close
May pork was 2ko lower at 50 77ts;
May lard 2Ac lower at S5 05, and May
ribs unchanged! ut S. 02Es.
Estimated receipts Thursday: Wheat
112 cars; corn 200 cars; oats 195 cars;
hogs 10000 head.
The leading futures ranEed rs folIoMs: