The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-21
LETTER STILL BUYING
BOTH DECEMBER AND MAY WHEAT
STRONG AND CLOSED HIGHER.
The Young Chicago Spectator Backed
by His Fathers MiIIions-Smart
Advance in Pork.

December wheat deal was greatly increased
to-day by the arrival from Washington of
Levi z. Letter, the millionaire ex-merchant
of Chicago, and the substantial admission
by him that his millions were at his sons
command in his struggle with other inter-
ests. My son has plenty of money to pay
for what he has purchased said Mr. Lett
er, sr About his wheat operations he has
informed me fully. / have been a merchant
the greater part of my life and much
pleased that my son has broadened out into
a first-class merchant. Wheat is a first
class commodity of universal use. The
quantity of wheat which he has purchased
is of the highest grade and 1 am sure will
be in demand at a higher price than he paid
for it. 1 am well pleased with the situa-
tion''
George B. French, who it is said, has en-
gineered the tremendous deal in December
for the Letter clique, stated to-day that the
bull combinations will have at least six mil
lion bushels of wheat to take care of. The
tactics of Armour in rushing millions of
bushels to the Chicago market, he said,
have caused the Letter following to change
some of their plans very materially. The
impression that we are going out of the
market as soon as we conclude this months
trading is hardly true" He continued:
1--WE propose to remain in the field. l am
not prepared to say we will ship all
wheat abroad, but we will sell it best we
can" There was another big increase in
the amount Of contract wheat in store here
to-day, over 100000 bushels added to the
stock. Friday and Saturday nearly 2,50O0O0
bushels were delivered here all of which
was taken by the Letter people. AT least
100000 bushels more are expected to arrive,
and in the liquidation of this is expected to
The 900 bushels delivered to-day had not
the slightest weakening effect on December.
On the contrary, 1t sold as high as $l.W
shortly after the opening. 1t subsequently
reacted to SS1ac, and closed at 81, or cent
a Feneb sarday the Of mr.
tention to stay in the market received some
solid confirmation. The Letter crowd took
a turn at the May option and the market in
consequence closed at the top of an adj
vance of 1850. The trade was the biggest in
the pit for several weeks. Corn was very
BGAc higher Provisions were influenced
by grain and advanced 10000 with big
trade.
Wheat opened trifie under Saturdays
closing price, May starting at 92AM924sc.
Under covering by shorts the slight decline
was quickly recovered and the market dur
ing the next hour kept little above the
final quotations of the preceding session.
Trade during the time referred to was rot
heavy and was almost entirely of local
professional character. The opening decline
was probably que to the heavy receipts at
Chicago, much of which was of contract
quality, but this was apparently forgotten
when it was seen that it did not keep buyers
out of the market. Minneapolis and Duluth
reported receipts at 995 cars, against 24
the week before, and 563 the corresponding
cars, of Which az were 10. j Northern
spring and fifty-five cars of No. red win
ter and Ill 800 bushels and 1873 carloads We're
transferred from unlicensed to regular ele-
vators. An addition of about 5l1,OOO bushels
was made to the contract stocks. The total
quantity shipped from all quarters TO Eu-
rope and the United Kingdom cast week
was 6, $1,000 bushels, against 9,166000 bushels
the week before OF last weeks total, Rus
21l2,0O0 bushels the previous seven days.
This country and Canada shipped, as usudi,
two-thirdS of the whole. The days clear
ances of wheat and flour from Atlantic
ports were $50 900 bushels. 1t was not until
after the visible supply statement for the
week was completed and the increase In
the stocks found to be smaller than expect
ed that the market gave any very clear In
dication as to which side of the deal 1t
would ultimately favor. With that out of
the way, and the weeks increase only ST.
600 bushels, against from 1OOO,O0O bushels
to 900 bushels increase looked FOR, the
Dull feeling began to predominant and the
price soon responded. The total of the
days clearances from the seaboard were in
creased to 900 bushels by shipments from
Galveston. That gave further courage to
the buyers. who took more wheat, at an ad-
vance of 1c over the earlier price they had
paid for May, and, of course the more the
bulls bought the more was also wanted by
such bears as had been selling during the
nrSL nOur. Alien ~ GI1Sr, representing lIIe
Letter crowd, were very prominent in the
buying leading it, in fact, but trade was
greatly increased with plenty of outside or
derS. Shortly after the opening May ad-
vanced to 92a4c, and hung for an hour be-
tween that price and 9212c. The heavy buy
ing which commenced after the announce
ment of the days clearanceS gave fresh i'm
petus to the advance, and at the close May
was bringing 941sc December attracted
very little attention, the general body of
spectators abandoned it long ago, and are
now merely on-lookerS at the narrowed
down combat between the Leiter-French
bull combination and the Armour Keare-
SeaVerns-PeaVey elevator interests. 1t
ranged between 99c and $l02 and closed at
ST. About 100000 bushels are said to have
6een delivered nv Armour to the Letter
crowd in the afternoon.
There was a greatly increased trade in
corn, operations in wheat and provisions
both being in the market, and prices were
firm and higher almost from the start The
action of wheat, the small receipts. 163 cars,
and the visible reduction of 2,14l0OO bushels,
all helped the price. The market showed
its greatest strength after the visible state
ment. May ranged from $3.50 to 291sc and
closed 5sQ%c higher, at @1sc.
Oats were firm. but did not keep pace
with wheat and corn, and showed but 80
1ac advance at the close. There was better
buying by elevator concerns and by COM
mission houses in general, but there was
was not so good. The visible increased
81 600 bushels. May ranged from 227sc to
2212c and closed at 221@d 225sc.
Provisions were very strong, and the vol
ume OF speculative trade showed considera-
BILE increase The market started firm and
higher. helped by the light run of hogs.
Some of the later strength came from the
advancing wheat and corn markets The
feature was the purchase of about 100000
prices of the day were quoted at the close,
May pork being zoe higher, at $9.O5; May
lard Zoe higher. at $4.65, and May ribs 15c
higher, at $4.6712.
Estimated receipts for Tuesday-Wheat,
500 cars; corn, 400 cars; oats, 440 cars; hogs,
81, 600 head.
Leading futures ranged as follows: