The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-06
During the wild Rush of Shorts to
Cover Contracts July Future
Climbed to $1.O4.
LETTER HOLDS THE MARKET
WHEAT FAMINE IN EUROPE RE-
SUITS IN A BROKERS' PANIC.
Corn and Oats Score only Slight
Gains, While Provisions Are
Dull and Pork Lower.

CHICAGO, May 5.-One dollar and fifty
cents bushel was the price of May wheat
at the end of to-days session of the Board
of Trade. This represents an advance since
yesterday of zoe. July wheat gained 35sc.
To-day's advance was the most remarkable
in many years. Famine of grain abroad and
enormous sales of American wheat to fill
the empty granaries Of Europe caused the
advance here Shorts were driven to cover
and one small failure was announced. Corn
ruled dull, closing Ac higher. Oats gained
s4c. Provisions were dull, declining sc for
pork and TIE each for lard and ribs.
Liverpool set the ball rolling in the wheat
market by reporting another sensational adj
vance there at the opening, the gain in July
compared with the previous days closing
quotations, being equal to about &c BUSH
ell. The reason for the Liverpool advance
was, of course, the continental competition
for the wheat cargoes arriving off the coast
in the United Kingdom and the greater
avidity of French and Antwerp importers
to secure them. The grain duties having
now been abolished in France, Italy and
Spain, leaves those countries to dispute with
the United Kingdom for possession of the
wheat as it arrives off coast on the other
side. Confirmation of extreme scarcity
abroad, so clearly given by the removal of
the duties; justified, apparently, the full
conviction with which Letter started in last
July to buy wheat The continental nations,
by throwing off import duties, seemingly
admit that their own stocks have been prac-
tically exhausted. Active competition at
Liverpool has caused rapid advance there
for the past week. but the full force of the
famine was not felt in this market until to-
day. At the present time July option is the
active speculative month and bears have
sold freely, expecting to fill their contracts
out of the new crop, but the May option
appears to be controlled entirely by Joseph
Letter, who If to-day's market can be TAX
en- an indication, holds the few who are
still short to him in death grip. The
market opened at an advance of 1c for July
and &c for May AS usual. the pit traders
sold and July wheat started at 1850, sold
up to $l.00ss and dropped back to $3.50. May,
brokers bought July on the decline and
after accommodating couple million bushels.
withdrew; Domestic news was bearish. Chi
cago received 179 cars, against y year ago;
Minneapolis and Duluth got 1867, compared
with 1858 last year. Primary receipts
amounted to sos 600 bushels, compared with
405, 600 bushels last year. Toward II O'Clock
bull news began to take effect. Closing
cables showed advances of 712d at London,
sd at Liverpool. &c at Antwerp and &c at
Paris. Then Letter capped the climax by
announcing the sale of 100000 bushels No.
red to French syndicate at $l.47 bush
ell: In addition, Letter sold 10000 bushels in
odd lots. This remarkable transaction set
the pit wild. May wheat, which had rallied
to the opening price of $l.37. jumped to Sl.5C
with and 3 cents between sales. The trade
was not broad by any means. 1t simply
meant that somebody had been caught short
and was trying to get out regardless of the
cost. At $50 Letter brokers stopped the adj
vance by selling a few small lots. but the
market closed strong at the top figure. July
was handicapped by free liquidation for a
time From around 99@c it gradually worked
up. gathering strength slowly. but finally
minutes before the close it started again
and rose rapidly to $1.02 went off in two
minutes to $1O1la and up again to $l03
where tremendous amount was for sale,
but it broke the bonds and went to $l.04
stopped again slumped to $1.02 and closed
at Sl.O2A. net gain of 33sc.
clined to go down than up. Local receipts
were 65t cars and seaboard clearances $685.
600 bushels. Foreigners We're. inclined to re-
sell recent purchases. The closing squirt in
wheat infused some strength into the corn
pit and the early losses were wiped out. July
opened unchanged to Zee higher, at 3414d
ing NC net higher, at 34s4 GS45sc.
Oats ruled firm without special feature
Chicago received 29S cars and seaboard
clearances were COG, 900 bushels. The large
shipments affected the market. which rail-
lied sharply with wheat near the end. July
opened Nc higher. at 26A@27c, and closed
&c net higher, at 26s4c.
apparently weighted down with receipts OF
hogs at Western markets, numbering ~
600 head, compared with 5000 last year
A slight decline was the result of the days
business. The following were the days
losses in July deliveries: Pork, sc; lard. &c
and ribs. SC.
Estimated receipts for to-morrow-Wheat
200 cars; corn, 525 cars; oats, $50 cars; hogs
$4,000 head.