The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-16
LETTER UNLOADS WHEAT
PRICE OF MAY SENT TO $1.15 WHILE
HE SOLD HIS JULY STOCKS.
Heavy Declines Followed, May Clos
ing at $1.O9 and July at 81 5-Sc
-PrOvisiOns Higher.

CHICAGO, April 15.-The unloading of
something like 100000 blu of July wheat to-
day by Letter resulted in a break of Sc in
that option. May also declined sharply,
closing PFC lower than it did yesterday.
The activity of the market is shown by the
fact that there was &c difference between
the high and low points of May and 314c in
January. The high point of May, S115, is
the highest since 1892. Corn and oats de-
clined about 1ac each in sympathy. Pro-
visions were steady and showed slight clos
ing advances.
Trade in wheat started out with the usual
jump in May and new high prices were
made for that delivery. May closed yester-
day at $1.1115, but opened to-day all the
way from SIP to $114 and in two minutes
time it had been bid up to $1.15. Not since
1892 has wheat reached such high level.
A sharp break to $11O followed. followed by
a quick recovery to $1.1114. After that all
interest, until near the close, was centered
in the avalanche of July wheat, which was
thrown on the market by the big longs.
July opened at s75s@s77sc, compared with
yesterdays closing price of S77sc. Hun
dreds had it for sale at tho figures, and
the decline which started did not halt until
S69sc was recorded. There the market rest
ed, but only for few minutes. Liquida-
ton was redoubled and it was estimated
that at least 100000 bu was dumped on the
market in the hour and a half which fol-
lowed the opening, chiefly by one concern.
John Cudahy was credited with disposing of
a large portion of this. Others credited it
to Armour and still others to Letter. 1t
came out later however, that the liquida-
ton was on Letters account and the heavy
lines OiSnOSe6 of COIIDlp0 with
nous cash sales the last week, must have
materially reduced his line of holdings. The
this market opened, but apart from that no
real reason for the weakness could be gath
cred from the news. The heavy holders
profits on the recent large advance and their
action brought nearly all the small "tailers''
n WITH pce had eo OF 6%n g % sc the
ket again quoted down to a certain extent
and up to 1890 o'clock the decline was
gradual. But in the last half hours trad
ing liquidation was resumed again and this
time May also suffered, though more from
lack of support than from an extensive Of
fering. 1t was evident that the early bulge
In May was part of a ceVerly prearranged
plan to help Letter liquidate his July hold
ings and it undoubtedly did act as steady
ing influence during the first tremendous
flood of wheat. The ordinary news of the
day was entirely neglected. Northwest re-
ceiptS were small, POS cars, against 223 last
week Chicago receipts were forty-nine
cars. The addition to the contract stocks
to-day amounted to about $4,000 bu. Crop
reports were rather conflicting in nature,
but generally favorable. Argentine ship
ments were 1000 900 bu compared with
600 the week previous. Seaboard clear
ances were 433. 900 blu. The market became
very weak toward the close and the lowest
prices of the day for July were quoted as
the session came to an end. July closed at
S4$4IS47sc. May closed at $1.09 after selling
at $1.0S.
Corn was easier, partly due on account of
fine weather but principally in sympathy
with wheat. The cash demand showed big
falling Off another bearish factor. Profess
SIGNALS led the selling, but offerings were
not heavy. Shippers bought sparingly. May
ranged from 301sc to 1884 q297sc and closed
Zee lower at 29s46297sc.
Oats were fairly active weak and lower
There was a good deal of selling by leading
longs. The weakness of wheat and corn was
the main factor. Weather was also an in
fluence. New York was a moderate buyer.
May ranged from 26lkc to 255sc and closed
1hM5sc lower at 255sM25@c.
Provisions, considering the extreme weak
ness of grain markets, were quite steady
and business was very dull. Buying was
scattered, but was sufficient to care for all
offerings. Fluctuations were very narrow
The close was steady with May lard 2iac
higher at $3.50. May ribs 21sc higher at $515
Estimated receipts for Saturday-Wheat,
50 cars; corn, 240 cars; oats, 245 cars; hogs,
5000 head.
Leading futures ranged as follows: