The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-12
CHICAGO GRAIN REVIEW.
Interesting Letter Erissdo-May
Wheat Lower, Oats Dull.

Interesting Letter EpiS2dc-May
Wheat Lower, Oats Dull.
Chicago. March 1.-THE start in wheat
was Quite firm, July opening sc higher
at 90L.tI9C7s and May sc higher a 1915
There was considerable faliing OF il the
volume or Argentine shipments, and this
was apparently The only reason Tor the
Slight s-dvznce No great amount OF
Z wheat was offered and very little demand
existed for the trst few minutes, and the
market renamed about at q staadstili
for that time. Then II comme2ced 10
drop, slowly at first, un1er StatIsucal
news. Liverpool receipts for the last
three DAYS were slightly in excess or
ing element was the big ADDITION 10 the
stock of contract wheat here
Chicago receipts were 81 cars today. -
of which were of contract quality Be
sides this. 64 cars and 1900 bushels north
ern We're transferred from unlicensed
houses. The continuance of the heavy con-
tract receipts from irregular sources De-
gan 20 have effect on traders and the
unusual heavinsss of today 5 receipts re-
suited in an almost total withdrawal OF
support shortly after the opening Prices
in consequence began gradually 10 de-
cline. No very great selling pressure was
put or the market, however, until the
price had got 10 about S1s, Letter 5Tok-
srS were as usual giving support to May.
bidding l.0i. Then apparently an or
ganized raid was MADE on May In
fiuential horses came into the market
sell it at 1.03h and at even 1889 but
barred Letters brokers from purchasing
at those figures. This created great
deal of excitement among traGers as II
was believed an attempt was being made
to get the market beyond the control of
the bull leaders. and o small sized panic in
July ensued almost Immediately; .Onsr,
ings fairly poured into the market, and
inside or ten minutes another cent had
been Topped of the price.
In the meantime Letters brokers were
"a pEa I'M han N
though being forced to pay 1.04 for it.
1t was also known that Letter had
promptly met calls for heavy margins
which had been made on him by the bear
contingent and mad retaliated in kind.
Not until his representatives had OBJ
sorbed something like million bushels
of May did the market quiet down. Then
sharp reaction took place in July, the
price rallying from SSl4, to which point it
had slumDed to S9ls- There was quite
heavy covering by professional shorts in
ly changed his brokers and succeeded in
getting a good deal of wheat at below
l.O4. The readiness with which every
thing was taken also resulted in marked
falling off in the offerings and the price
was steadily held at l.O4, whsre ii closed.
July showed a great deal of nervousness
for the rest of the session but did not
move very far either way from SO until
near the close. whsn renewed selling was
started by "tailers, who were afraid of
margin calls and the price declined rapid
~ again: AT the close ssh ASS was being
There was a rather light trade in corn
but was comparatively steady. May
closed Is lower
The market for oats was very dull.
Provisions were easy. rejecting the
break in wheat. The close was easy at
about bottom figures May pork, NJ cents
lower. and May lard and ribs. Pc cents
lower.
The leading futures ranged as follows: