The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-06
MARK ELS.



Chicago, May 5.-Iiverpool set the ball
rolling I'm the wheat market by reporting
another sensational advance there at the
opening. the gain In July. compared with
the previous days closing quotation. be-
ing equal to about &c a bushel. Tao reason
for the Liverpool advance was. of core.
the continental competition for the wheat
cargoes arriving of coast and the greater
avidity of French and Antwerp supDort-
ers to secure them. the grain duties nav
ing now been abolished I'm France. Italy
and Spain. leaving those countries to dis
pute with the United Kingdom for the
possession of the wheat as II arrives on
coast on the other side.
The confirmation of the scarcity abroad.
so clearly given by the removal of the du-
tise. justified apparently to the full the
conviction with which Letter started In
last July TO buy wheat. The continental
nations, by throwing or the import du-
ties, seemingly admit that their own
stocks have been practically exhausted.
Active competition at Liverpool has
caused a rapid advance there for the past
week. but the full force of the famine
was not felt i'm this market until to-day.
At the present time the July option h he
active speculative month and bears have
sold freely. expecting to fiji their con-
tracts from the new crop. But the May
option appears to be controlled entirely
by Joseph Letter. who. II to-day's market
can be taken as an Indication. holds the
few who are still short to him in a death
grip"
The market opened at an advance of 1c
for July and 6 per cent. for May. As us
ual the pit traders sold and,July wheat
started at a?ssc. sold up to Sl.eSs n
dropped back 20 9sssc. May. which began
AT 49,. reacted to 81 81. Letter brokers
bought July on the decline and after ac-
cumulating a couple of millions of BUSH
-. -. ria~Nnx n hfAQ from ahrNnd
showed advances of T,sc at London. &c at
Liverpool. &c at Antwerp and &C. at Paris.
Then Letter capped the climax by an
nouncing the sale OF 2.000,0 600 bushels No. 2
red 10 "a French syndicate at VA per
bushel. In addition Letter sold 10000
bushels in odd lots. This remarkable
transaction set the pit wild. May wheat,
which had sailed TO The opening price.
Isl. Jumped 10 81 80. with 2 and 3 cents
bet sales. The trade was not broad
by any means. II simply meant that some
one had been caught short and was trying
to get out regardless OF the cost. At N.5J
Letter brokers stopped the advance by
selling a few small lots. but the market
closed strong at the figures. July was
handicapped by free liquidation for a
time. From around aaisc II gradually
worked up. gathering strength slowly.
finally touching sl.oi. Then IL dropped
back to $l.0o. Ten minutes before che
close IL started again ana rose fbolo'N
to 81 %. slid of In two minutes tn 81 OIL.
and up again TO 81 .02. where a trench
dous amount was for sale. Sut IL croke
the bonds and rose irresistible to N.0Sh=
slumped again to 81 .o2 and closed at 81 .o2'.
bid. a net gain of SAsc.
Corn ruled dull and neglected. July
closed &c net igher
Oats ruled firm but without especial fea-
ture. July rallied near the close, winding
up sc net higher.
Provisions were duh and heavy. owing
to the large receipts of logs at Western
markets. July pork closed SC lower. lard
&c lower and ribs sc lower.