The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-21
WILD TIME IN THE PIT
WHEAT JUMPED TO S1.O9 AND
CLOSED 1-sC ABOVE LAST WEEK.
Brokers Begin to Fear that Letter Al
other Markets Active and Higher.

CHlCAOTO, rem. l9.-May wheat To-Day
reached the flood mark of the recent De-
cember squeeze, selling up to $l.09, and
closing at $1.O6. an advance of 212c. July
showed even more sensational strength and
closed at 921@c, or Sl2c over yesterdays
price, after selling as high $3.50. The
market was stirred at first by Letters
statement that he had sold to consumers
the 1900 900 bushels of wheat he was sending
abroad. Attempts to cover weekly calls
later caused the widest half hour that has
been seen on Change for many months.
Brokers for Letter helped to make things
lively by bidding for July All the other
markets were AFFECTED by the extraordi-
nary bullishness of wheat. Corn advanced
1aGD9sc and oats &c Provisions in spite of
heavy realizing, advanced 21aQ7lsc.
The last weeks trading in wheat has been
remarkable for the fact that the highest
price for May wheat since the season OF
1891 has been reached. From closing price
of 97$4Q977sc q week ago, the market ad-
vanced steadily to Thursday, May selling
on that day at $1.O612 and even bringing
cent more than that figure on the curb.
The sharp reaction followed late Thursday
and on Friday the net gain for the week
was very substantial one, May closing
yesterday at an advance of 55sQ534c over
last week and at one time 111sQ11Ac
above last week. July dragged until the
middle of the week, when it too moved
up, but reacted sharply again, the weeks
advance being csc. Up to Thursday there
was apparently but one factor in the mar
ket. The belief that, the enormous line of
cash and May wheat Joseph Letter IS Sc car ar
rying, amounting, it is alleged, to A,OO0OOO
bu, gave him practical control Oh the wheat
market created much anxiety among ShortS.
Much difficulty was experienced in covering
short lines, and on Wednesday the demand
from this source almost assumed the pro-
portions of q panic and resulted in an adj
vance of about 3%4c in both July ana May.
The market opened wild on Thursday, but
titles of wheat showing heavy prohts being
put on the market and prices cropped
noticeable Friday. Heavy Argentine ship
ments caused a renewal OF selling ana q
further decline the weakness being espe-
cially noticeable in July Later in the day
reports of the taking of ocean freight room
for 10000 bushels of Letter wheat Tor Liver
pool caused a rally, the market &C CLOSING Sn
was between $1.09 and 97$sc, and Tor July
between 93$4c and S5Ac. -.
The most important information wheat
traders had to start with was the statement
made by Joseph Letter that he had engaged
ocean freight room for 100000 bu of his
wheat, all of which had been sold to mlllers
and consumers. Liverpool cables also
showed some strength The result was
very strong opening May starting art -, IN n
VA'S'
and advancing at once to $1.05. There was
remarkable scarcity of offerings, and 1t
took but very little buying to advance the
price July was fully as active and strong
as May, opening 1s@$sc higher at SSa4QS9c
and rising to soc before enough wheat came
out to stop the advance. The advance to
$1.05 in May was followed by 12c reaction
but reports that 100000 bu of Letters wheat
at Duluth was to be shipped all rail TO the
seaboard Stiffened the backbone of the mar
ket and prices soon got back to the pre-
viCus high point and then passed it. For
half an hour the market hesltated at
around $lO0 for May and 90c for July, then
suddenly bedlam broke loose Traders, IN
trying to protect themselves against weekly
calls. discovered that the market was prac-
iety TO get wheat raised their bids 12c at
time. That brought shorts into the pit i'll
Letter appeared with a number of buying
orders. especially for July. The market adj
vanced SO fast that changes in price could
hardly be kept track Of All kinds of
shorts were compelled to stop losses. and
for nearly half an hour the market was in
a state of excitement seldom seen: In the
meantime May had advanced to $1.09 and
July TO 9324c, more than sc over yesterdays
closing. At those figures the market was
sharp declines followed, May dropping ir-
regularly to $1.05 and July to 9la4c After
that the excitement died down TO a great
extent. Nevertheless, the market was ex-
tremely nervous to the close and fuctua-
lions in both futures were rapid and at
times violent The ordinary news of the
ar Duluth reported arrivals of 242 cars,
compared with 301 year ago. Chicago re-
ceiVed 81 cars, % of which graded contract.
Atlantic port clearanceS were equal to AS
600 bu. Closing prices were $1.06 for May
ard PIC for July
Corn was excited and higher, due princi-
pally to the influence of the bulge in wheat.
although small country offerings would
probably have made the market strong on
its own account. Demand from shorts and
scalpers forced prices up sharply. There
was enough realizing to cause some decline
from the top. the market closing steady.
May ranged from 3112c to 301aGI305sc, and
closed 12G5sc higher al 31lsc.
The market for oats was fairly active.
The strength of wheat and corn was the
influence. Shorts were active bidders, and
the scarcity of offerings resulted in 81 sharp
advance in prices. There was also good
buying from New York. Cash demand was
poor. May ranged from 272sc to 261ac, and
closed Ac higher at 271Sc.
Realizing in provisions was pronounced
all day, but the demand WIS good, and es-
pecally from shorts afraid of the influence
of the advance in grain, and prices adj
vanced somewhat. Packers let go of con-
siderable quantities at the top Prices were
at no time below yesterdays final figures.
At the close May pork was T12c higher at
SLOPE; May lard 21zc higher at $5.22, and
May ribs 212c higher at $52712.
Estimated receipts for Monday-W
50 cars; corn, $50 cars; oats, 1926 cars; hogs,
$1,000 head.
Leading futures ranged as follows: