The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-13
GRAIN MARKETS ERRATlC.
Wheat Started Out Brayely, but
Mound Up at Decline.
LETTER AND ARMOUR STRUGGLING.
The Former unioads a Couple Of MIL
lions and Asks Tor u MARGINAL
Option ON May.

Chicago. March i2.--Whaat today dropped
considerable, aud there was a struggle OF the
Letter and Armour factions In the pits hcariy
all day, Letter applied 10 the directors for a
marginal price on May wheat, which tended
| to relieve tho tension A sss,
i The days decline in July was iisc. Every
\ thing on the door showed wcakness, espe-
pially provisions. declines Of 1t.a25 being
recorded in that market Corn closed a
| shade lower and oats lost ASlsso.
| Wheat started as II rally after the weak
+, ness OF yesterday WAS to take place. Holders
we're encouraged by the steadness shown by
foreign markets, especially in the face OF
yesterdays big stumble in price. 1t was also
known that Letter had placed additional ship
ping orders OF nearly 100000 bushels. ofcr-
ings at first were In comparatively small vol
ume, while quite good scattered demand
was apparent. Bids were made FOR July at
the opening at Ss,.n>s5s. 1 ms was Ac over
yesterdays closing price ana the buying de-
niand was good enough to add another small
fraction to the price in short time. The
market held fairly steady Soi SOME time a.
arc una that price, but nnall% the furry in
Wall street caused liQuidations. Ii also re-
suited In ali almost total cutting OH OF sup
FORT end professional Shores took advantage
OF that Tact by cutting the price down rap
IDLY. The market VAS item exceptionally
weak, July selling dawn without stop to
stGc, break OF rs from the high point,
The decline brought good many step loss
orders and onsidereble selling was also done
through fear OF another attack OF. May rs the
big bears. In this. however, holders We're
agreeebly disappointed. Plenty OF May was
oHersu but there was nothing like tue con-
ccred attempts to break the market which
took place yesterday. and Letters brokers
had comparatively little difficulty IN keeping
the Price AZ l.0i. Another influential factor
was the New York bank statement.
The market, after getting down to S6ss Tor
July, gradually grew quieter. The steadness
of May had good effect on the nerves of
the July holders, and brought some OF the
early sellers back. Shorts who had big prot
its on the break also covered freely and the
price gradually crept back to ST rs, Then
for some time almost holiday dullness pre-
vailed, with fluctuations infrequent and mar
row.
A good deal of excitement was caused by
formal application by Letter to the directors
for marginal price on May wheat, which was
done, he said, in order to relieve the tension.
This action had favorable effect on the
market and resulted in an advance to S7h.
where it closed May closed at 1.oi.
After the session closed 1t became known
that Letter had sold 100000 bushels of con
tract wheat to Coupselman and Day. The
price was not stated, Letter merely saying
IT was disposed of at market prices. !"
Corn was weak with wheat There was
more or less liquidation OF long lines all day
and with the exception OF little strength at
the start, prices were lower. The late rally
in the major market had favorable effect,
prices rising to a point, only shade under
yesterdays final figure.
The market for oats reflected the tone of
wheat and corn, and good business was
done. Liquidation was heavy during the
weakness in those markets and sharp de-
cline resulted. There was good buying on the
break, but only part of the loss was recov-
cred,
Provisions were weak from the outset May
pork closed 25c lower; May lard 7lac and
ribs about Toe lower.
Estimated receipts Monday--Wheat, 1876
cars; corn. 300 cars; oats, slS cars, and hogs,
&C, 600 head,
The leading futures were as follows: