The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-21

CHlCAGO-MayE wheat Today reach
ed the flood mark OF the recent De-
cember squeeze. selling up to 81 90 and
closing at 81 06, an advance OF 21kc.
July showed even more sensational
strength and closed at s21sc, or 3kc
over yesterdays price. after selling as
high as oSSc. The market was stirred
at first by Letters statement that he
had sold to consumers the 100000
bushels OF wheat he was sending
abroad. and attempts to cover weekly
calls later caused the widest, hair-hour
that has been seen on Change for many
months. Brokers for Letter helped to
make things lively by bidding for July.
All the other markets were effected by
the extraordinary bullishness OF wheat.
Corn advanced A9Sc, and oats &c.
Provisions. in spite OF heavy realizing
advanced 2H@7hc.
The most important Information
wheat traders had to start with was the
statement made by Joseph Letter that
he had engaged ocean freight room for
100000 bushels Of his wheat, nil OF
which had been sold to millers and
consumers. Liverpool cables also show
cd some strength. The result was r very
strong opening, May starting unchang-
Cu W iIle5i az IL Otlt u az 10 81 Vi
and advanced at once to 81 O5. There
was a remarkable scarcity of offerings,
and It took but very little buying 10
advance the price. july was fully as
active and strong as May, opening "a
Nc higher at SSSGS9c, and rising 10
9oc before enough wheat came out 10
stop the advance. The advance to 81 o5
In May was followed by nc reaction,
but reports that 100000 bushels of Lei.
ter's wheat at Duluth was to be shipped
all rail TO the seaboard stffened the
backbone OF the market, and prices
soon got back to the previous high
point and then passed It, For half an
hour the market hes!tated at around
81 05 for May and 90c 10: July. and then.
suddenly bedlam broke loose Traders,
in trying TO protect themselves against
weekly calls discovered that the mar
ket was practically bare OF offerings,
and In their anxiety 10 get wheat be-
gan raising their bids &c at q time.
That brought shorts into the pit In q
hurry. II the meantime May had Gd-.
vanced 10 81 90 and July to 93c. About
the same time brokers for Letter an
pearcd with Il number of buying or
ders especially for July The market
advanced so fast that changes In price
could hardly be kept track OF. All kinds
| Of shorts were compelled TO stop losses
| and for nearly half an hour the market
WAS In q state of excitement seldom
seen. In the meantime, May had ad
vanced to 81 % and july to 93%c, more
| than sc over yesterdays closing. At
| those figures, the market was flooded
with wheat on realizing sales and sharp
declines followed, May dropping irreg-
| ularly to 81 o. and July to 9lGc, After
that the excitement died down to a
| great extent. Nevertheless the market
was extremely nervous to the close and
| iluctulted in both futures rapidly and
at times violently. The ordinary news
| OF the day was entirely neglected Min
ncapolis and Duluth reported arrivals
of 2i2 cars. compared with 30l & year
ago. Chicago received 81, q cars OF
which graded contract. Atlantic port
cienraEces were equal to AIS 600 bushels.
| Closing prices were 81 06 for May and
9elsc for July.
Corn was excited and higher, due
principally 10 the influence OF the bulge
In wheat, although small country offer
ings would probably have made the
market stronger on its own account.
Demand from shorts and scalpcrs fore
Ell prices up sharply. There was
enough realizing to cause some de-
cline from the top. the market closing
steady. Mag ranged from 3lBc to 30AI
3otc. and closed I4G&c higher at 3lnc.
The market for oatH was f0irly active.
The strength of wheat and corn was
the Influence Shorts were active bid
dcrs and the scarcity of offerings re-
suited In sharp advance in prices
There was also good buying from New
York. Cash demand was poor. Nav
ranged from ZINC 10 2GlGc and closed
NC higher ut 271Gc
Realizing In provisions was pro-
nonnccd all day, but the demand was
good especially from shorts afraid O..