The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-10
Advance of II Use in the Active Fut-
ure Following n Panic That
Struck Liverpool.
LETTER SELLS MAY At ST. rs
AMONG THE BROKERS FORCED TO
THE WALL is ROBERT LINDBLOM.
Corn and Oats Beginning to Climb
Rapidly, and All Lines of Pro-
visions Are Higher.

CHICAGO, May 9.-One failure was re-
corded to-day as the result of the fiuctua-
tons in the wheat market and the man to
go under was Robert LindbIom one of the
best known operators on the Board of Trade
and president of the Civil-service Commits
sion. Immediately after the close of bust
ness this afternoon he made an assignment
in the County Court to the Royal Trust
Company as assignee, the assets and Ia
bities being fixed at 100000 and $125, 900
respectively. The failure of Mr.. Lndblom
was entirely unexpected, even among his
close business associates. 1t is attributed to
the condition of the wheat market and the
fact that he was suddenly called on during
the day to provide margins for trades in
barley amounting to $4,000. Mr. Lindblom
/ found himself unable to respond to the cali
and decided to make an assignment in the
County Court, so to provide equally for
all his creditors. 1t is said that arrange
mentS may be made with the creditors of
Mr. Lindblom in few days that he may
resume business. All the pending trades in
which Mr.. Lndblom was interested were
turned over by him shortly before the fail
ure to others who will continue them The
margins placed by Mr.. Lindblom will be
returned to his assignee for the benefit of
the estate. No investigation of the books
of the insolvent broker has yet been made.
Until the present crisis, Mr.. Lindblom con-
sidered himself worth upwards of 100000.
Another record breaking twist distin-
guished fo-day's session on the Board of
Trade Veterans on Change who witnessed
and played a part in the scenes on the
beard during the Franco-Prussian war
claim to find a marked resemblance in to-
days session. There were moments when
the official reporter in the wheat pit heard
traders offering or selling wheat at vari-
ance of one cent at the same moment. AL
though the last week has recorded two
daily advances of twenty cents in May
wheat. neither of these fluctuations has
caused such frenzy in the pit as the boom
in July wheat. That another volcanic ses-
sion was to be encountered to-day was evil
dent on the arrival of the first cable from
Liverpool conveying the information that
wheat had been boosted there to the extent
of Sls cents bushel over Sunday. July
wheat jumped from Saturdays close of
$106$s to $1.09$4 in one bound at the open
ing. There was no break in the advance
until 10 cents was added to the Saturday
closing price, land later in the day the price
went up to $l.19A. May wheat was kept
within bounds by Joseph Letter Tor reasons
of his own. 1t is generally admitted that
he could have let out the price of May
wheat to 81 to-day If he had been so minded.
Instead, Letter brought pressure to bear
on May wheat which confined the advance
to cents over the high point last week,
or to $1.75.
DEATH GRIP ON BEARS.
A rush for cover by bears was one of the
features of the market to-day. Schwartz,
! Dupee & co. took a large amount of July
wheat at the opening and Ware & Leland
were the principal buyers The mystery
which entire wheat
trade is the identity of the shorts in May
wheat. There is hardly another corner in
the history of the local board that reveals
the bear in such tight box as he is at
present. Those who have contracts to de-
liver May wheat to Letter are compelled to
buy it of him, as he is the only holder of
alton which confronted Letter when there
was still a. large amount of wheat in farm
ers' hands. He is to-day the only factor in
May wheat without an opponent. The bears
who have not yet reached cover cannot be
| regarded as his opponents as Letter has
them as securely under his control as 1T
is possible to have them. During the last
week Letters profits must have been enor-
nous and from all indications he will dis
pose of the wheat which is not yet con-
tracted for shipment at a fancier price than
at present quoted.
ceiled all previous efforts at startling add
vances by opening I'd higher for May, and
from I'd to Sd up for July, compared with
Saturdays closing figures. That set the
Chicago wheat pit into a roar OF nervous eX-
| element at the opening. All sorts of prices
were paid for July spontaneously in differ
few minutes to get an idea of what price
was predomnating, but after while the
opening range, as near as could be found
out, was given at from $1.09a4 to $1.1034 Trad
ing between those limits was enormous for
two or three minutes, but buying orders
without limit to price poured in from out
side and the price leaped upward in great
bounds, touching $1.14 for an instant. The
market rebounded to $1.11%. Shorts saw that
their OnlV chance 70 nv Doubling
and the price was no object. Up shot quota
ton again, touching $1.16 ten minutes after
lowed but offerings were greedily absorbed
and the market gradually settled down
around Sis: Trading in May began at SC
advance. Letter sold a little at $1.75, causing
a reaction to $1.70, which, however, was
quickly recovered The usual statistical fig
ures were utterly disregarded. Local re-
ceiptS were 343 cars, against 3 year ago.
RECEIPTS HEAVY.
Minneapolis and Duluth received 42S cars,
against 419 year ago. The worlds ship
ents were 9,77S000 bushels, last week, India
contributing 900 bushels and Russia g.
492, goo bushels of the total. The domestic Wis
ible decreased only 1000 bushels, against
2,550,0OO bushels last year. Primary Western
markets received CPS 600 bushels, compared
with $4,000 bushels the corresponding day Of
1897 The English visible supply increased
$1,000 bushels. The quantity on ocean pas
sage was 100000 bushels smaller than a week
ago. After brief rest at $115 the buying
furore was renewed. The wild scramble of
European nations for American breadstuffs
appeared to be conclusively shown by the
announcement of fresh bids TO Letter for
two million bushels of red wheat. Up to the
close he had not accepted the offer, but re-
ported other sales of $4,000 bushels to go
abroad Liverpool market at the close
showed gains of Cd for spot and 27sM9d for
futures. Paris and Antwerp accumulated the
Near the end of the session offerings be-
came dearer than ever and July rushed up
to $121A, easing off at the close to $1.2GA
September, which sold early at S9c was
rushed up TO 95c, and closed &c net higher
at SAC. No failures were reported on
Change, but margin-calling was sharp.
Corn was active ard shorts covered freely
with the strength of wheat as an incentive
May gained csc and July &c. Receipts were
heavy. 67S cars, at Chicago and weather was
favorable. Seaboard clearances were S79. 600
bushels. The visible supply decreased 2131-
900 bushels. July started 1561c higher at
S5ssc TO S57sd36c. advanced to 372s@S71Ac
closing easy at 36sW3Ic.
Oats were neglected but on moderate COW
ering advanced about 1c. The visible supply
decreased 1854 600 bushels. To-days clear
ances We're 227 900 bushels; local receipts 422
cars. July opened 4GI4ssc higher at 27I6D
27ssc, advanced to Csc, closing 7sG1c higher,
at 277sG2Sc.
Provisions did not share to any extent in
the grain activity. Liverpool was quoted
dull at unchanged prices for meats and lard
Western hog receipts were $1,000 against