The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-08-12
NEW YORK MINING STOCKS.
Rrcndstufrs ma ProyisLons.

cHICAGo-wheat got well above the
seventy cent mark to-day. closing
strong at an advance OF lHc. The bull
ish government crop report was the
main factor in the scramble for cover
which took place and which at one
time advanced the price 2kc. Corn,
oats and provisions were oil pulled out
OF hole by the strength Of wheat, corn
and oats closing a shade higher and
provisions 2Isc higher.
Wheat starter with an advance OF
MGhc for September. opening trades
in that option being made at SIS 969$c.
Bull news for the first time in weeks
was plentiful. but all else was lost sight
Of in the government figures on the con-
dition Of spring wheat They showed
decline Of 81 points in the condition,
suggesting q crop Of 236, e00. 900 bushels.
This would indicate a decrease OF co.
100000 bushels. a shortage too great to
be overlooked even In the present apa-
thetlc condition OF trading. To add to
the strength Of the situation reports
from the northwest told Of serious and
widespread damage by yesterdays hail
storms in the DalIotas and Minnesota
and northwest receipts showed q mark
ed falling of. Cables, however, were
rather disappointing. Liverpool show
ing but M3H pence advance early, and
losing even this slight advantage before
the market CLOSED for the day. The
opening advance was looked upon by n
majority OF the older traders as sutti-
Client considering the news and consid-
cradle selling followed, under which
September slowly declined 10 69A. Of
ferings were all absorbed. so quickly
In fact that although period OF dull
ness followed the decline to 6sH. some
of the early sellers attempted to cover
shortly after noon. Then It developed
that the market was heavily oversold.
Offerings were scarce and apparently
the attitude OF the wheat trading ele-
ment changed within few minutes.
In the next half hour the buying de-
veloped into a regular scramble among
shorts to cover and the rnpldlty with
which prices shot up caught many
heavily. Before the demand had been
satisfied September had advanced to
TIC. Realizing at that figure was heavy
and q decline Of &c to 7IS@7&c followed
but the market was we'll supported,
Shorts being anxious to cover even at
that price and the close was strong ut
70%c.
Northwest receipts were 1l5 cars,
against sos last week and Illnety-nlle
Chicago receipts were fifty-three cars,
fourteen Of which were contract grade.
Total primary receipts were $4,000
bushels. against $4,000 bushels last
year. Atlantic port clearanceS amount
cd to 1000 bushels, There was
better cash demand for all grades OF
wheat and $4,000 bushels were reported
worked here.
Corn was weak early on the govern
ment report which indicated nm eN-
ceptlonaliy large crop This was the
chief feature OF the morning trading
and though no material decline took
place, the market tended downward I'M
iii the big advance took place In wheat.
Tint started buying in corn. shorts
coming to the market and advancing
the prices Of all futures feature
was the buying OF May, possibly 100000
bushels. The cash demand was not so
active. Receipts wcrn light, 2I5 cars.
Crop ndviceE were favorable. septem-
Dor ranged SOAc and closed hc higher
at S0N G3O7sc.
oats were exceptionally dun, but
firm with prices following narrowly the
course OF whent There WIS good buy
ing Of September by shippers, supposed