The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-12
ORGANIZED RAID ON NAY,
Spectators Refused to Sell to the
Letter Brokers.
SMALL SIZED PANIC IN JULY OPTION.
At One Time Prices Went on Two
cents--Leitcr Pays All Margins.
Provisions Close Lower.

| s9s9 r,,,
Chicago. March lit iooken LOT "" mn
| utes in the wheat pit today as II such Hurry
~ :, 49,. ~. a, ...tx,,, 80, nor, rho hIe bulls
"oui" ehsuv wa. - '"s -
| on their feet what appcae" 70 W 80
| raniyed raid was made on May. brokers oHcr-
XXI, ,t., on,io, :, ,rIccs Ksr,sc under what
ins NV Vp''v'' 2. i. ~, Arofns.
Letter Drokers were piu"'"s - ~ - ...sg
ing to sell to the latter Mt less than the Letter
1 ~, ,,,f.o r,,v b,oko DC in the excitement
"" p'i>v' ~ a,a c,o,,ny nj a
| AMI continued weak 10 tne enu' $3.50, -,
| loss Of 17sc. Letter, BY heavy puy'ht' nn''''y
| 90, tbo market under control and succeeded
- ~, ~ a.. ,rtco aI vesterdny.s mr.
In hcidihs thc m"s - - ~. - :.
uie-i.0i. The market WIS weak one iof u
limo Coarse grains showed a good deal OF
.1 N, ,,. \, si,,,i,o "a hreak ana
stend,ness ~ 'Ie .'aVe VI 800 ~
lost only lac OF their previous vaiues. rro
visions started strong, became weak and
,,,so, III ~ t6c ,ouer
o'"'e' -2s"' ~
~. No., a. ,,boat yyns oui,c Arm. July
ihu ht"r. >" "h'"' ~"
openins sc higher at eohgvpfs ana May sc
higher nit l.oi5s. There was considerable
,,lI,n, an In tho vojume of Argentine ship
a.. ~ All, roa-
mchts, ana this was lppHeie's Wv o"'' ~
son for the slight advance No great amount
a, ,,hS,, n,os off,,;ro ma verv lt,,le demand
~, a.. III. ,n,,a, ana ,hc
cA'Stco ior tnu His. ~" iA'ii"t''' ~
market remained at about . standstili for
time. Then IL commenced to drop SLOWLY al
FIRST. Under statistical news. London receipts
for the last three days were slightly In excess
Of normal requirements.
The most disturbing element WAR the aig
addition 10 the stock of contract wheat here.
Chicago received 81 cars Continuance OF the
heavy receipts began to have eject on traders,
and upnsnnl dccliues resulted In an almost
total Withdrawal OF support shortly after the
opening, Prices in consequence began TO grad
uuly decline. No very great selling pressure
wac put on the market. however. until tne
price had gotten 10 about S9A. Letter broHels
worc, MS uaral, giving support to May, bid
ding i.ci, Then an apparently organized rit'd
was mudo on May. Influential houses came
Into the marfot with heavy offerings OF May,
offering to sell IT, al .05A and even ut l03I2,
buI barred Letters brokers from purchasing
at those figures This created u great dcnl OF
excitement among traders as II was believed
an attempt was being made to get the market
beyond the control of the bull leaders. and Il
email sized panic In July ensued. Offerings
fairly poured into the market. aud inside OF
ten minutes re had been Topped off the
price.
In the meantime. Letter brokers were taking
everything offered them In May. though being
forced to pay iOi for it. 1t was rumored that
Letter had promptly mot calls for margins
which had been made on him by the bear
contingent and had retulinted In kind Not
until his represenlntiycs had absorbed somr-
thing like a million bushels of May did the