The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-06
LETTER OWNS THE WHEAT PIT
HOLDS THE CHICAGO SHORTS IN
A DEATH GRIP.
Recent Events In Europe Demon
strate His Shrewdness In Last
Winters Deals.

Chicago, May 5.-Liyerpool set the
ball rolling in the wheat market by re-
porting another sensational advance
there at the opening, the gain in July
compared with the previous days CLOS
ing quotation, being equal to about
cents bushel.
The reason for the Liverpool advance
was, of course, the continental com
petition 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 abol-
ished 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 The confirmation of the
scarcity abroad so clearly given by the
removal of the duties justified appar-
emily to the full the conviction With
which Letter started in last July to buy
wheat. The continental nations, by
throwing off the import duties, seem
ingly admit their own stocks have been
practically exhausted.
Active competition at Liverpool has
caused a rapid advance there for the
past week. but the full force of the
famine was not felt in this market
until today. 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. Bus the May option appears to
be controlled entirely by Joseph Letter,
who, if today's market can be taken
as an indication, holds the few who are
still short to him in a death grip.
The market opened at an advance of
cent for July and 6 cents for May.
AS usual the pit traders sold and July
wheat started at 1895, sold up to 1.003s,
and dropped back to $685.. May, which
began at 1.37. reacted to L31. Letter
brokers bought July on the decline, and
after accommodating a couple of million
bushels, withdrew. Closing cables from
abroad showed advances of ~ at Lon
don, cents at Liverpool, 4 cents at
Antwerp and cents at Paris. Then
Letter capped the climax by announc-
ing the sale of 1000, 0G0 bushels of No.
red to a French syndicate at $1.47 per
bushel. In addition, Letter sold $50, 900
bushels in odd lots. This remarkable
transaction set the pit wild. May
wheat, which had rallied to the open
ing price, 1.37, jumped to 1.50, with ,
and 8 cents between sales. The trade
was not broad by any means. 1t SIM
ply meant that somebody had been
caught short and was trying to get out
regardless of the cost. At $3.50 Letter
a few small lots, but the market closed
strong at the figures. July was handi-
capped by free liquidation for a time.
From around 9919 it gradually worked
up, gathering strength slowly, finally
touching 1.01. Then it dropped back to
LOO. Ten minutes before the close it
started again and rose rapidly to 1.02,
slid off in two minutes to L011a and up
again to 1.02, where a tremendous
amount was for sale, but it broke the
bonds and rose irresistible to 1.031s
slumped again to 1.02, and closed at
1O2A bid, a net gain of 2 So cents.
Corn ruled dull and neglected. July
cloesd 4 cent net higher
Oats ruled firm, but without especial
feature. July rallied near the close,
winding up q cent net higher.
Provisions were dull and heavy,
owing to the large receipts of hogs at
western markets. July pork closed 5
cents lower, lard cents lower and
ribs cents lower
-ne leading futures ranged as follows: