The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-18
THE WHEAT PIT EXClTEr.
The May Option Mas the Chief Point
il the Speculation.
The MAINE INCIDENT CUT NO FIGURE
AZ the Close All bnt Use of The Adj
vance wn- Lo.t--Corn, Oats. Pork
and RIBS All Lower.

| Chicago. February i7-Fof a few minutes
following the opening OF wheat today the mar.
ket was In state OF excitement seldom Wit
messed. May sold up In that time to i.o6ia OF
$40 higher than yesterdays close. but II
drcIrcd at once, and, though showing ncr-
vousLcss at times, tho market closed quiet
vita a modest gain of &c. War news appnr-
entity did not cut much figure. II was q mat
ter OF shorts getting out and longs taking
profits.s Realizing In other markets was
heavier than tho demand could take care OF
and small declines resulted. Corn closed a,c
Hover. oats &c lower and provisions uu-
charged TO 2isc lower.
Tho reaction In wheat that threw tho pit
Into ATS in tho last hour OF yesterdays sos-
sion and wus continued OH the curb aftorward
was renewed today. First curb prices were
l,sc higher at l.Oiis and during the half hour
that followed II sold as high as LOIS.
Tie regular opening WAS az wild one as
has been Witnessed III months. A perfect howl
went up from shorts. Who, Iii their oagorncss
10 cover their lines, bid all the way from
% TO o6 for May and n few seconds after
ward some of them hid l.06ta. That proved TO
bs the highest point OF the day. Thousands
Of hiishes were dumped m tho market by
longs, wheat coming from operators who have
hitherto chosen to hold on to their lines, aud
moe disposition to realize WAS shown than at
any time aimee the recent advance COM
MERGED The consequence was that the price
broke With great rapidity, getting down in
less than i've minutes to idJ's. Then u re-
bounded again. but with less force behind IL,
10 niB. Tho market tlhctuated rapidly for
Time, but at every rally there was renewed
realizing and tho market gradually became
mora settled.
Though the disauietine nows from Havana
may have rnt some figure la the jump, u was
a nihoi factor and was little heard OF It w1s
apparently q repetition ct yesterdays SCARF
among the shorts over The Letter deal aud
everybody was on the alcft TO see what he
would do today. But Letter s brokers' were
nat much In evidence, aud the fact that there
WIS plenty of wheat Tor sale around ipb
srsNcH TO keep the market within bounds.
About II O'Clock selling became quite heavy
and the low point-1 0S--was reached. Cudahv
anu others were credited with realizing on
lines showing heavy profits. and commission
horses had heavy selling orders, The decline
Was followed by u reaction to l0i% about
noon, For the rest Of the session prices rather
tended toward n lower levei
Ron eign markets were strong and showed
good closing advances.
Northwestern receipts were small. $50 ears,
compared with Ms last week and lS3 year
ago Chicago received 62 ears.
The closing price for May was t.0li4. There
was heavy business In July, but that option
did not show the extremes May did. July
oponGd iAmllsc higher at sQaeila aud dropped
at once To So That was the range Of prices,
July closing at 20.
In view Of wheats strength, corn did not
act strong and the volume Of trading was
smaller. The market opened higher In SYM
patty with wheat, but declined immediately
and acted rather weak thereafter There was
general profit taking, more corn being offered
than the demand could absorb, There was
also some short selling by professionals.
oats acted rather top heavy. Trading was
not 80 large MS of late and prices unsettled.
Tho opening WINS strong with wheat, but the
Advance brought out profit taking and also
induced sGme short seling and prices declined.
For the rest OF the session prices fuctuated
narrowly. though tho inclination to realize
was apparent on every rally
There was good trade in provisions, There
WA proft taking early. Al the close May
pork was 2isc lower. lard unchanged and ribs
aiac lower.
Estimated receipts for toniorrow--Whcat -
cars corn 325 ears, oats $50 ears, hogs - 900
head
The leading futures ranged as follows;