The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-06-14
LETTER LlQUIDATED.
Transferred His Trades to Armour
and Lsmsou Bros,
INTERPRETED As SIGN OF WEAKNESS
The Effect on Wheat Was Very De-
pressing.
a BREAK FOR CASH STUFF
yorthwestern Points Gave Indica-
tsons of n Panic and the slump
Was Very Great.

Chicago. June ls.-Enormous liquidation fol
Joseph Letter caused general falling In
the wheat pit today. At the start there was
4 loss of cents 10 July and ease In scpten1-
bsr Corn left of s.IAd lower. Oats de-
ciincd a.T,s. Pork lost 5,s, ribs and lard
wero each higher.
Weak markets abroad and sonc Indications
OF gradually clearing weather In the West
more especially in the Dakotas, Nebraska and
kansas--startcd wheat very weak. For an
hour 1t continued to decline. every drop Of 'ae
bringing out shoals Of stop loss orders. In
that time September wheat had lost 81. Of ia
value, MS 1t stood at tho close Of the session
Saturday. December Is the most active deliy-
cry and declined az IN tho same time. Nearby
deliveries. however IN which this trading was
very much smaller, suffered moro severely
juno dropped Sc n bushei and July ~ Dur
ing that time Il was mere hunt for buyer'
tn the pit and for time 1t was a question
how 10 set rid OF wheat rather than q question
as to how much could be got Tor IL.
II became current gossip about I.
o'clock that Joseph Letter bnd trans.
fcrrel his option trades In wheat "a
others Than the brokers TINT have
hitherto been doing his Trading on
the floor. His trades in June, II
soon became dehniteiy known. had
beon transferred Ia Armour ~ co.
and his September trades To LnmsOn
Bros. a Co. A. that was interpreted
rs sign OF financial vcnI.nrss. the
eject upon the market WINS very de
pressing. The previous decline bnd
been 80 severe that IT was thought
the cereal had reached bottom, one
of the weak factors az the day wa.
the utter decentralization In tn.
Northwest. where combination, al
which Letter was nj the hcad, hnd
been holding July 80 stifny. The
break there was more thnn doubt,
what IL was here. Minneapolis mud
Duluth gave Indications of "a panic
the former getting II lie below
Saturdays close and Duluth ~,
lower.
Near the close the pnuicky feeling
here gradually wore OH ana ther,
was some recovery from bottom
prices.
lower and Paris tho equivalent OF 2ls bushel
lower The worlds shipments last week wer,
12,ssd0Q0 bushels. The domcstic visible de
creased more than WAS expected, the reduction
for the week being 100000 bushels. Tn,
stock Is now 19,2l6,000 bushels, The clear
anecs from Atlantic ports siuce Saturday wer,
equal In wheat and Hour to GO4,0O0 bushcls
Primary Western market rrccipts for tho da,
were 3pd00D bushels. against 4pJ00O bushels
year ago. July opciied lg.Gc lower, at sOalSj
sold down 10 49, up 10 81, then alumpod I,
IS, rallied TO 10. the closing figure. Septcm
her opened al ,lhaii.a, declined 10 70I,, ros,
TO i0is fell of 10 693.. then hrmed up TO iuA
al bid at the close,
There very little independence in cprn
prices syupathiGing with tho wheat collapse,
II WAS OF follow leader In oats
the leader being wheat.
With every one wanting TO sell aud II,
buyers IN sight the provision market starte,
weak. 1t was not until pork had been OF
fered down 37is below Saturdays rlosinl
price. lard 10 and ribs ~ lower that an,
one came to the rescue. At these decliue
packing houses bought IN large quantities an,
lard and ribs closed bettor than Saturday.
Estimated receipts for tomorrow Wheat 10
cars. corn. 80 cars; oats, 100 cars. and hogs
1900 head.
The leading futures ranged as follows,