The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-14
WHEAT COLLAPSED.
RumOrs of Letters Financial Weak.
ness Were the Principal
Cause.
GRAIN SUMMARY.

CHICAGO, June 13.-Enormous Liquidation
for Joseph Letter caused general rout OF
the bulls in the wheat pit today. Prices at
tie close showed a loss of &c In July, ana 20
&c in September. Corn left eff asQ44c lower;
Oats declined Sc 9c. Pork lost TIC. Lard
and ribs each sc higher.
Weak markets abroad and some .ndicat ons
OF gradually Clearing weather in the West,
more especially in the Dako.as, Nebras ka
and Kansas, started wheat very weak. For
an hour it continued to decline, every drop OF
1kc bushel bringing out shoals of stop loss
orders. In that time September wheat had
lost 3%4c of its value, as it stood at the clo;e
most active delivery declined 312c. in the
same time. The nearby deliveries, however,
in which the trading was very much small
err, suffered more severely, June dropped &c
a Blu, and July 7kc. During that time, it
was mere hunt for buyers in the pit and
for time it was a question as to how to get
rid of wheat rather than question as to
how much could be got for it. 1t became cur
rent gossip about II o'c.ock, that Joseph
Letter had transferred his open trades in
wheat to others than the brokers that have
hitherto been doing his trading on the floor
His trades in June, it soon became definitely
Known, had been transferred to Armour &
Co., and his September trades to Lamson
Bros, & Co. AS that was interpreted as a
sign of financial weakness, the effect ufen
the market was very de- ressing The plevi-
Gus decline had been SO severe and the mar
tity. of long wheat that the panic that
might otherwise have been looked for at such
a suggestion the mere possibility of Lett
er being in financial difficulties averted,
although further decline was of course. ia
evitab.e. July declined to 75e, drip of liz
compared with the c:o:e Saturday. Septem-
Der fell to 69Ac, and December t. 69c.
One of the weak factors of the DAY was the
uttsr demo a izati n in tie Northwest, where
combination of which Lei er was at the
head, had been holding July SO sttiy: The
break there was more than doub what it
was here. Minneapolis and Duluth gave in
dications Of panic, the former getting 2iRc
below Saturdays close. and Duluth g; lower.
Near the close the panicky feeling here grad
ually wore off and there was some recoy cry
from bottom prices.
Liverpool at the close was from 2Ad to AID
lower and Paris the equivalent of 2Ac a bu
iCwer.
The worlds shipments last week were 49,
1900 Blu, against 4.O2300O the SINH ar week
more than expected, the reduction tor the
week being $685. 600 bu. The total is now
1s,ss2Ooo blu against 22,eS6,oOO tu, at this time
ports since Saturday were equal in wheat and
flour to 604,0 900 Blu. Primary Western market
receipts fer the day were 100000 blu, against
July orened 1@6cS lower. at so@s5c; sold
down to 79c; up to Sic. slumped to 75c, then
rallied to 7Sc, the Closing figure: September
to 70Ac, rose to 701kc, fell off to 6sAc, then
frmed up to 7O7S@71c bid at the close.
There was ve:y little independ nee to corn,
prices sympathizing with the wheat collapse
July opened h@asc lower, at S25s@32%c sold
down to 321sc; up to 32H@32asc. declined to
3lAc; then rose to 32A 32ssc asked at the
close.
1t was of follow the leader in oats,
the leader being wheat. July opened Ac low
er, at 23B@24c, sold down to 23Mc, up to 24c.
then fell off to 23Ac at the close.
With every one wanting to sell and no buy
ers in sight, provisions started very weak.
II was not until pork had been offered down
3l1sc below Saturdays closing price, lard 10c
and ribs TIC that any one came to the res
cue. At those declines, packing houses
bought in large quantities and lard and ribs
closed better than Saturday. Pork recovert
most of the preliminary break. July pork
opened 124@2212c .ower, at S9.42@9.55. SD
down to 1925, then rose to $780, the closing
figure. July lard started 71k@121ke down at
$5.57G565 advanced to $3.50, then eased off
to $5.7714 at the close July ribs began 21SG
7!sc off at $5.S2R sold up to $545, then de-
clined to 40, the final quotation
Estimated receipts tomorrow: Wheat 1OC
cars, corn 70, oats 800, hogs 1900 head.
me leading futures ranged as Follows: