The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-27
EXCITEMENT IN WHEAT
LETTER GAVE TRADERS A SCARE,
AFTER WHICH PRICES FELL.
Active Futures OF July and September
TumbIed at the CIOse-Provi-
sions Became Weaker.

CHICAGO May 26.-Despite Mr.. Letters
efforts the wheat market broke away from
him to-day, as far as July, September and
later futures were concerned. July shows
decline of 2Ac and September Is off 2l9c.
Corn is down 1G1Sc and oats ssQ15c. Pork
and ribs are sc lower and lard PIC.
There was a good deal of excitement in
wheat, but the actual trading was some
what limited. The sentiment of the crowd
was unquestionably bearish, but the posi-
ton of Letter and the danger of bull ma
nipulation held the selling impulse in check
and, as a consequence the business was
light in volume. Letter took hold of the
buying side at the start, more especially
of May and July, bidding the former up to
$1.75 and the latter to $1.141a. This made the
shorts in September and December some
what fearful that the prices for those
months might advance in sympathy, and
there was an effort to cover, which sent
September up to sec. Later. however, the
buying operations of Letter were percepti-
bly, lessened. and with the loss of this sup
port and the unfavorable cables, the mar
ket turned weak, and the bears began to
show courage and acted on their cc.vic-
tons. The market. near the close of the
session, became very heavy from old crop
futures. Letter continued to hold May and
June. July, however, got so much too
heavy for the lifting power which he ex-
erted in it's favor, or so slippery in the end
from the melting around it of September
and December prices, that 1t went down in
the melee. Texas was said to be offering
new wheat quite freely for heavy June ship
ment. The overshadowing fact kept in
mind by the traders was the magnificent
crop prospects of the world, and more es-
pecially east Of the Rockies in the United
od ann have been all tbst the
most ardent bull could have desired. The
receipts at Minneapolis and Duluth were
as s' the e' price Of cash Wheat hose markets
to-day was from $3.50 to it is evident
that wheat in first hands i e Northwest
is about exhausted In fact, le larger part
of Minneapolis receipts are said to come
from the Southwest Chicago receipts were
2l6 cars. 141 of which were contract. The
receipts year ago were cars Exports
from the Atlantic seaports were equal in
wheat and -four, to $4,000 blu. July opened
A@4Ac higher t; at $1lSg1. 49,, sold up rapid;
to 81. 10 asked at the close. September start
ed zee lower at S77sqSSc, adysa van s. to SIC,
closing figure May ranged between $1.7O
and sits.
Bull support steadied corn for awhile, but
this was offset by lack of shipping demand
and the general disbelief in the theory that
the chances for the next crop have been
Jeopardized to any extent by backward
weather. The break in wheat also carried
corn down. Receipts were 67S cars. July
opened A@3sc lower. at 337s@33a4c, sold up
to 34Aq34ssc, then back to 331sQ3S14c at the
close
There was a good cash demand in oats
to-day, and prices ruled higher until the
break in corn Receipts were 26S cars. July
opened 1sc lower, at 24%Q24Ac, advanced
steadily, to 25q25iSc. then fell off to A1ac
at the close
Early in the session provisions were firm,
and, at times, decidedly strong. They final
ly yielded some with. grain. Lard was firm
err, comparatively, than pork or ribs. The
crowd thought that there was Armour buy
ing and Cudahy selling. Hogs are sc higher.
@n:97H advanced rapidly to $12.O5. dropped
to S11.7212,. then rose to $11.771s bid at the
close. July lard began 712Q10c better, at
$3.50, advanced to $6S211. fell back to $500
and, at the close. was quoted at $6221a.
July ribs were PFC up at the opening, at
$5.9l1k, rose to $602A. and declined to $3.50,
the final quotation.
Estimated receipts for to-morrow-Wheat
300 cars: corn, LOO cars; oats, Ais cars;
hogs, q, 600 head.
Leading futures ranged aS follows.