The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-16
Br,ad,tnn, aud Prevalent,

Br.adsinr, aud Provislons.
cHlCAGo-Thc unloading OF some.
thing like 100000 bushels OF Jiily.
wheat to-day by Joseph Letter. resulted
In break OF &c In that option. May
also declined sharply. closing eiEc, slow
err than It did yesterday. The. wildness.
and activity OF the market Is shown by
the fact that there waste difference be-
tween the high and low points OF May
and 3kc In July. This high point, 81 Is, Is
the highest since 1892. Corn and oats
declined about &c each In sympathy.
Provisions were steady and showed
slight closing advances. ~
Trade in wheat started out with the
usual jump In May and new high,
prices were made for that delivery.
May closed yesterday at 81 1lh.Ebuti
opened to-day all; the way from 81 le to
4 Il and in two minutes time 1t had
been bid up to 81 10. Not since, 1892 has
wheat reached. such a high level. 4:
sharp break to- 81 10 followed. followed
by a quick recovery 10 81 1lk. After
that all interest Until near the close,
was conferred In the avalanche OF long
Julr wheat, which was thrown on the
market by the big longs. July opened
at 1fsGSIIc, compared with yester-
days closing prices OF S7:sc. HunIrSds
had 1t for sale at those figures and the
decline, which started, did not halt un-
til Ssssc was recorded There the mar
ket steadied, but only for a few, min
utes. Liquidation was redoubled and 1t
was estimated that. at least 5000, 900
bushels was dumped on the market In
the hour and half which followed the
opening. chiefly by one concern. John
Cudahy was credited with d,sposing OF
a large proportion OF this. Others cred
tied 1t TO Armour and still others to Lei
ter. 1tscame out later. however, that
the liquidation was on Letters account
and the heavy lines he. disposed OF, cou-
pied with his enormous cash sales the 4
last week, must have materially red,1c-
ed his line OF holdings. The LIVERPOOL
market was 5sGfsd lower before this
market opened. but apart from that no
real reason for the weakness could he
gathered from the news; The heavy
holders were evidently determined 10,
realize their profits on the recent large
advance and their action brought near.
ly all the small "tailers" III with their
lines OF long wheat. After the July price
had got down to S6hc, the market again
Quleted down 10 certain extent andyup
to 1880 the decline was very gradual.
But in the last half hours trading. IL
quidation was resumed again, and this
time May also suffered, though more
from lack OF support than from an ex-
tenslvs offering. 1t was evident then
that the early bulge in May was part OF
cleverly pre-arranged plan to help
Letter llquidate his July holdings and
1t undoubtedly did act as a steadyinr
influence during the first tremendous
flood OF wheat. The ordinary news OF
the day was entirely neglected. North
west receipts were small, POS cars.
against 223 last week. Chicago receipts
we're forty-nine cars. The addition to
the contract stocks to-day amounted TO
about $1,000 bushels Crop reports we're
rather conflicting In nature, but gener-
ally favorable. Argentine shipments
were 100000 bushels. compared With
Sl,6Ie,000 bushels the week previous.
Seaboard cleara noes were 49,, 900 BUSH
els The market became very weak to-
ward the close and the lowest prices OF
the day for July were quoted as the \
session came to close. July'closed at
SLY 1S4;sc; May closed at 81 %, after
selling at 81 0S. Is a a
Corn was easier. partly on account
of fine weather, but principally;in SYM
pathr with wheat The cash demand
showed big falling OF, another. bearish,
factor. Professionals led the sellinr,bu:
offerings were not heavy. Shippers
bought sparlngly. May ranged from
3o1sc to ?9at G29Sc and closed &c lower,
at 26k Ge6asc. 5.5s$ f..S,S5
Oats were fairly active and little
lower. There was a good deal OF; SELL.
Ing. The weakness OF wheat and corn
was the main factor. Weather was also
nm influence. New York was nloder-
ate buyer. May ranged from 26,sc 10
sassc and closed Gg46s;c lower at $3.50
o5Sc. sssss5' s -
Provisions, considering the extreme
weakness OF grain, were quite steady,
Business was very dull, however. Buy
Ing was scattered, hut was sufficient 10
care for all offerings. Fluctuations
were very narrow The close was
steady. May pork 9t:c higher at 50 so:
May lard PIC higher a. IS Is, and Nav
ribs exc higher at s. Is. =. (
Estimated recipes Friday:
Wheat, so cars; corn, 30 cars oats.
$40 cars; hogs. 5000 head
The leading futures ranged as follows:
AFt1 80 isfVrEnl L = IsrEfEs Il $3.50 T7--