The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-01
LETTERS DEAL CLOSED
SHOWS HIS POWER BY DROPPING
MAY WHEAT FROM $1.75 TO s1.25.
Spectators Differ as to the Amount OF
Profit on the Famous Coup-Oth-
er Markets Stronger.

CHICAGO. May S1.--To-day's session saw
the close of perhaps the greatest wheat deal
in the annals of the grain business. The
May option, which left off Saturday at SIZE
ranged to-day between $14O and $125, clos
ing at the lower figure, a loss of SOC
bushel. The slump in May. coupled with the
bearish statistics, enormous worlds ship
ments and bright crop prospects, caused
severe decline of the deferred futures in
wheat. AT the close July showed a loss
of 6QS1ac, and September 2Q215c Corn was
sc and oats 1sc higher. Pork is up 21zc;
lard 1Oc and ribs 714c.
Letters famous wheat deal was formally
closed to-day. The last moments were lively
and Joseph Letter, to all appearances, was
master of the situation. AS If to emphasize
his command of the market Letter sent May
wheat down from $175 to $125 This move
was plainly for the purpose of evading the
big receipts and to circumvent the "tailers'
who wanted to ring in lot of wheat on
Letter at fancy prices. Letter fooled them
by putting the price down. Nevertheless
he had to take on board another SOC, 600
bushels to-day in addition to the 100000 or
100000 bushels he still has on his hands.
All attempts to place Letter so far as his
profits and losses are concerned, at the Gull
mination of his gigantic deal, are widely at
variance. Some claim that he will pocket a
profit of A,O0O,000 while others insist with
knowing glances that he will be fortunate
II he come out whole on the deal
The demand in the wheat pit to-day was
from shorts who took advantage of the
break to buy in and secure profits. July had
a sensational decline during which some
longs sold out 1t started from $1.01 to $1.O2
and was offered down from 81 Oh with 1bc at
break at each trade, until it had dropped
to 9412c. 1t recovered q portion of the de-
cline later with little help from Letter
May which closed Saturday at $1.75, opened
at SL4O and quickly dropped to $125 in the
nrst rev minutes. The evident intention
was to make price for the heavy receipts
that were offered in the sample market.
The trade was confined to Letter brokers
VINO were both buyers and sellers and made
what price they chose. well-known sta
lstlclan estimated the wheat crops of
Texas, Oklahoma and Kansas at 100 600 600
bushels, as against IS, 100000 last year. The
crop news at home and abroad could hardly
nave been more bearish. The worlds ship
mentS last week were enormous showing
tnaI wheat was being pressed for sale the
WOIlo over. Inc INDIA movement was sur
prise, that country having shipped about
100000 bushels, and Russia put afioat more
IAoA UAAACIiSd, Inc visible Supply increased
nearly 100000 bushels, where a small de-
crease was expected. Chicago received 65s
cars, OF which 404 were contract while Min
neapolis and Duluth got 1916 cars Exports
from Atlantic ports in wheat and flour were
equal to 100000 bushels. July opened PIC
lower at $lOlQ1.02, fell to 941ac, and rallied
10 SI12Q9Sc at the close. September started
&c on at Sl?sQS2c, advanced to S21sc declined
TO SV9sc and firmed up to S11s@81Hc, the last
quotation. 0 -"0'
o., There he was quick dip in corn at the start
on large receipts and the wheat break. 1t
ldIIeu very soon, however on good buying
ana wet weather reports. July started haaic
rover, at S214%321sc, sold up steadily to 335sc
asked, the final quotation.
only a moderately large business was
transacted in oats. Prices followed corn
july opened &c lower, at 2334@237hc. sold nm
10 z44sc, declined to 23Ac then rose to
z4ssQ2412c at the close.
Inc nrmness in provisions was largely as
crlped to the signing of the reciprocity
treaty with France The treaty cuts French
meat tariff in two and reduces the tax on
nigner, at I'll 5Oq1t.55, sold up to S11. 62b' de-
cllned to $11.421a, chen rose to sri. 30 and of
ine close was quoted at that inquire. JuIv
iaro started TIC higher, at 1922 up to s6 81
u0Wn 10 $6.17 and closed at Sc. 221h .fmiv
LIDS ranged from $3.50 to $59711 and closed at
., Estimated receipts for to-morrow-wbeat
Nl2 cars; corn, 800; oats, 3S5; hogs. Is 600
Leading futures ranged as foIlowS.