The Saint Paul globe., 1898-04-16
SLUMP OF SEVEN CENTS
LETTER UNLOADED FIVE MILL.
ION BUSHELS OF WHEAT
The Price Bid Up to $1.15, the High
est Point Touched Since 1892, and
Then the Option Closed at a Net
Day--An Avalanche of LOng.July
Wheat.

CHICAGO, April 15.-The unloading Of
something like 100000 bu of July wheat to-
day by Joseph Letter resulted in break Of
8 cents in that option. May also declined
sharply, closing 21ac lower than it did yester-
day. The wildness and activity of the market
is shown by the fact that there was 7c differ
ence between the high and low points of May.
and sac in July. The high point for May,
N.15, is the highest since 1892
Trade in wheat started out with the usual
jump in May, and new high prices were made
H.1114c. but opened today all the way from
SLIP to $1.14, and in two minutes time 1t had
been bid up to $1.15. Not since 1892 has wheat
reached such high level. A sharp break to
81 10 followed, followed by quick recovery
to $111ac.
After that all interest until near the close
was centered in the avalanche of long July
wheat, which was thrown on the market by
the big longs. July opened at S79s@DS7Bc COM
pared with yesterdays closing price of S77sc.
Hundreds had it for sale at those figures and
the decline which started did not halt until
$3.50 was recorded. There the market rested,
redoubled and it was estimated that at least
6,00O,000 bu was dumped on the market in
the hour and half which followed the open
ing, chiefly by one concern.
John Cudahy was credited with diSpOsing
of a large proportion of this. Others credited
it to Armour and still others to Letter. 1t
came out later however, that the liquidation
was on Letters account, and the heavy lines
cash sales, the last week, must have materi-
ally reduced his line of holdings.
The Liverpool market was 3s@5sd lower be-
fore this market opened but apart from that
no real reason for The we kness could b gath
cred from the news. The heavy holders were
evidently determined to realize their profits
on the recent large advance, and their action
brought nearly all the small ''tailors' in
with their lines of long wheat.
After the July price had got down to $3.50
the market again Cuieted down to a certain
extent, and up to 1890 the decline was very
gradual. But in the last half-hour's trading
liquidation was resumed again, and this time
May also suffered, though more from lack of
support than from extensive offerings. 1t was
evident then that the early bulge in May was
a part of a cleverly prearranged plan to help
Letter liquidate his July holdings, and 1t
undoubtedly did act as a steadying influence
during the first tremendous flood of wheat.
The ordinary news of the day was entirely
neglected. Northwest receipts were small zO6
cars, against 223 last week. Receipts at Chi
cago, 40 cars. The addition to the contract
stocks today amounted to about $4,000 bu.
Corn reports were rather conflicting in ma
ture, but generally favorable Argentine ship
ments were 100000, compared with 1,672, 900
bu the week previous. Seaboard clearances
were $4,000 bu. The market became very
weak towards the close, and the lowest prices
of the day for July were quoted as the ses-
sion came to an end July closed at S424 @S47sc; ;
May at s1.09, after selling at $1:0S.
Corn YVES easier, but pr ncpally in sympathy
with wheat May ranged from S01sc to 29&
@29Bc, and closed 1ac lower at 29A@ A@29hc.
Oats were fairly active, weak and lower. May
ranged from 241sc to 257sc, and closed 1s@5sc
ranged from 261sc to 257sc, and closed 1495sc
Provisions, considering the weakness Of the
grain markets, were steady, business was very
dull, however. The close was steady; May
pork, 21hc higher at $780, May lard 21ac h CHER
at $5.15, and May ribs 214c higher at $515.
Estimated receipts Saturday: Wheat, 80
cars; corn, 24O cars; oats, 245 cars; hogs, 49,
600 head.