New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-06
WILD WHEAT MARKET.
MAY REACHES $3.50 A BUsHEL. AND
JULY CLOSED OVER 81.
LETTER SOLD TWO MILLION SEVEN HUNDRED
AND FIFTY THOUSAND BUsHELs-FoREIoN
MARKETS IN SYMPATHY WITH AMERI-
cA-DuTIEs REMOVED BY EURO
PEAN NATIONS.

rnY TELEGRAPH TO TIE TRrBuNE1
rhicapo Nav 5-No one can recall any wilder
wheat market than to-days: the May went up
20 cents a bushe and the July at one time went
I'D cents a bushel. There were the came ex-
perlences the world over. London was up ~
cents; Liverpool up about cents; fare up -
cents; Antwerp up about as much. Inc III -
conduct was really the most surprising OF all
Since the removal o. the 81 cents duty rafiS
has made a net loss Of only 3 cents oushe
u was off 10 cents a bushel yesterday and hal.
Of 1t recovered to-day.
sonsational incidents were numerous to-day
Letter sold 100000 bushels red winter "hea'
a. IN. block 10 a Paris syndicate at price
equal 10 Ia on the Continent Before 'he
day was over his additional sales aggregated
75O 600 bushels His prediction as to the May
nr,cs was realIzed-S1 80. His brokers had II
for sale Mt that figure, but It closed there sea
hoard exporters wired they had never IN all their
experIerce such ca bles they were now settihg
from abroad
MINNEAPOLIS reported 10000 barrels Sold one
third Of II for export. Rye here went up Genus
a bushel In sympathy with wheat Before inc
opening the trade knew that the ltailan uu'y VI
81 cents a bushel had been removed. anu t""'
Spain had not only removed It's a. Genus uu's'
hut had prohibited exports OF grain. linen VI
emma cabled that an agitation was uhoer way
for the removal Of the Austrian duty.
There was nothing bull!sh about the western
news: but the Western news attracted no atten
.,o, .srbe Price Current said the winter wheat
prospect continued favorable. Inc "ea'"e.
mans showed favorable conditions generally ana
abundance of rain The Missouri state crop re-
mort did. however report the winter wheat area
IN that State as 100000 acres less than last
year The routine announcements were isnoieu
Clearances were 522 900 bushels The North
west had 361 cars. against Dos cars last Se'
Chicago had 10 cars with 12l CONTRACT aho
NTH oOO estimated for Friday Letter was the
largest buyer OF July, presumably taking IN
hedges as he sold his cash. Professionals gen
orally were still fighting the July advance Inc
Nav was marked up 70 81 20 by Letter oroKerS
and was on tap at that figure. St Louis was
nutt,ne out December shorts. having tired or
fighting the July. oo,l
On the curb puts on July wheat closed at 8oi4
cents: calls, 81 Oo14' July ""e' VA ~
81 01E.
To-day's advance was the most remarkable IN
many years Famine Of grain abroad ana enor
NOUS sales Of American wheat TO NIL the er'p'!
eranaries Of Europe caused the advance he'e'
Shorts were driven 10 cover. and one smaii ia''-
ure announced.
Idverpool set the ball rolling IN the wheat
market by reporting another sensational ao-
vance there at the opening. the gain IN July
compared with the previous days CLOSING quo'"
zion being equal to about seven cents ousAei.
The reason for the Liverpool advance was. OF
course the Continental competition TOT me
wheat cargoes arriving off coast IN the cnite9
Kingdom and the greater avlditv or FRENCH anu
Antwerp importers TO secure them ,,. .
The grain duties having been anonsneo IL,
France Italy and Spain. those countries are
left 10 dispute with the United Kingdom 10.
possession Of the wheat as II arrives on coas.
On the other side. The confirmation or extre,le
scarcity abroad. clearly given by the REM -. a
Of the duties justified apparently 70 ,he luz
the conviction with which Letter started IN iast
JuIv TO buy wheat. The Continental natiohs py
throwing of the import duties seemingly auHli'
that their own stocks have been practcaiiy eA-
hausted. 49, ..,s.d q
Active competition at Liverpool has caused
rapid advance there for the last week; nut the
fuil force Of the famine was not feit IN this
market until to-day. At the present time tns
July option is the active speculative month anu
bears have sold freely expecting 10 MI thelr con-
tracts out Of the crops. But the May op
tion appears 70 be controlled entirely by joseph
Letter who. II to-day's market can De ,She,l as
an indication. holds the few who are SUI snor'
20 him in q death grip"