New-York tribune., 1905-02-16
TRADE IN CHICAGO.

[BE TELEGRAPH TO THE TR1BUNEI
Chicago. Feb. 15-With the prediction made by
John ". Gates yesterday that a sharp advance
would within the next sixty days ringing in
their ears, shorts II May wheat started to cover
in q lively fashion as soon as the market opened.
Within q few minutes they had bid the price up
the high point for the season-$1 1S24-and but
for the selling by q leading house Of long wheat
in quantities sufficient afford all those who
anxious 10 cover short sales ample opportunity to
do SO. further advance would probably have oc-
CURED. With the reaction extreme dulness settled
on the pit and the market presented rather weak
front. July wheat especially became heavy, falling
below the close Of the previous session under
scattered selling. Before midday May wheat re-
acted s. 1876 and July which sold early at 81 O21s.
fell off TO 81 0l12.
a glance at the LEGAL contract stocks went to ex-
plain why the Gates party, with its holdings OF
q O00OGo bushels or more, will be able make it
most uncomfortable for shorts if they insist the
Iatter's fulfilling their contracts. There are only
L3296l1 bushels Of wheat acceptable on contract
stocks in this market the supply having been cut
down by $3.50 bushels in the last week Many i'll
the trade believe it would tax the resources Of the
shorts to gather together 100000 bushels OF con-
tract wheat in all the markets OF the country
Local receipts were % cars. compared with 81 the
corresponding day last year. Trading near the end
became fast and furious when the price having
broken through the call price for the day, stop
loss orders and buying by those who had sold the
calls make quick work of an advance TO 81 4s4s,
figures for the day July sold as high as s. 029s to
81 O2zz and rested at 81 0213.
Receipts Of corn 133 cars over the estimate made
yesterday. had a depressing effect and started the
market at from 1ac CSC under the closing figures
of the day before. The Weather Bureau reported
the crest of the cold having passed. and
some mitigation Of the cold in prospect gave rise
10 the expectation Of increased deliveries and freer
acceptances by country dealers of Chicago bids
Local receipts were 308 but for tomorrow the
estimate is only 7s. Shipments hence were $4,000
bushels Nav closed at 47Ac. The highest was
47sc and the lowest 4s5sc to 4624c July sold from
17lLca47sSc TO 4sa4s1sc closing at 477sc 10 4Sc-
oats were firm and fairly active At the opening
the market was easy IN sympathy with corn, but
at the decline offerings were not sufficient TO sup
pJv the demand and prices soon recovered The
weakness in the September future was caused by
the heavy selling led by Sidney C. Love and
Topan Estimate OF to-morrows inspection. Il
cars May closed at 311zc 10 S1ssc. a gain Of &c
for the day The lowest was Bic. July sold from
80lc to S1sc closing at Sl9sc to sizc The sample
market was steady to Ac higher.
Hog products<started quiet and about steady at
yas+ nights finishing prices. There dis
annointuaeut at the failure OF the market 10 re-
snond more freely the lgh receipts Of hogs and
to the higher level OF values at the yards. The
,,o, receiDts were IS 900 head against estimate
~ AZ 600 head Packers the chief figure in the
trading being on both sides Of the fence