The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-04-16
AN AVALANCHE OF WHEAT.
Over Half a Million Bushels Dropped
on the Market.
HEAVY LIQUIDATION WAS GENERAL.
May nj One Timc WAS si.i5, the
HiEhrst since iSD2-LcIter TN
Ioaded Most Of HIS July options.

Chicago. April 15.-Thc unloading of some
| thing Ike 5j0.000 bushels of July wheat today
| by Joseph Letter resulted In n break of A.
| IN that option. May also declined sharply.
| Closing 2Isc lower than tt did yesterday. The
/ wlldncss and activity of the market s shown
4 ny tho TACT that there was &c difference be
tween the high and low points OF May and
| SIC In July. The high point for May is the
| highest since 1se2 Corn aud oats decline u
about &c each In sympathy. Provisions w. re
| steady ana showed slight closing advances.
Trade In wheat started out with the usual
jump in May and new high prices were made
for that delivery, May closed yesterday at
N.il2 Dut opened touay all the way from
been blu up to fills. Not since l,s. whsat
reached such nigh Level. A sharp break
10 " az followed. and this WAS followed by Il
quick recovery to H.lIa. After TINT an lutpr-
est, near ana close. was centered In the
avalanche OF long july wheat, which Was
thrown on the market by tho big longs
jury opened at S'2sasf5s, compared with
yesterdays closing PRICE OF siMc Hundfcds
mad II Tor sale at those figures and the de-
cine which started did nos halt until S6js.
was recorded. There the market rested but
only Tor a few minutes. Liquidation was ~
doubled ana 1t was estimated that at l,es.
400 900 bushels was dumped on the inarke
IN the hour and half that followed the open
ing, chiefly by one concern jphn On, any
was credited with disposing of n large pru.
portion Of this Others credited 1t TO Ai.nur
ana still others to Letter. IL came out later
however. that the liquidation was on Letters
account aud the heavy lines he disposed Of
coupled with his enormous cash sales the las
week, must have disposed OF most OF his hold
lngs. Tho heavy holders were evidently de-
tcrmincd to realize their profits on tn, re-
cent iarae advance and their action brought
nearly all the small 'tailers" in with their
lines OF long wheat. After the July price had
got down to S6,sc tho market again qurtci
NJ
decline was gradual, But in the last half
hours trading liquidation was resumed again
and this time May alao suffered though more
from lack OF support than from an extensie.
Offering. 1t was evident that the early bulgc
IN May was part OF Il cieverly prearranE d
plan to help Letter liquidate mia July hold
lnsS and II undoubtedly did net as a steady
ING influence during tho first tremendous
Hood OF wheat. The ordinary news OF the day
was entirely neglected. Northwest receipts
@cro small. The addition to the contract
stocks today amounted to about $1,000 bush
Gle. Crop reports We're rather conflicting In
nature hut generally favorably. Argentine
shipments wer. LOO 900 buehcls compared |
with l6I2.00O tho week previous.
scaboard clesrances were 3eoN bushels.
me market became very weak toward the |
close and tho lowest prices OF the day Tor !
July were quoted as tho session came to an |
tnd July wheat closed at sia,aS45s; May |
closed at 90 after selling at LOS
Corn was easier. partly due on account ~
the fine weather, but in some cases in sym
pathy with wheat.
Oats were fairly active weaker and lower
There was good deal Of selling by longs.
Weakness of whent md corn was the main
factor
Provisions considering the extreme wcnk-
meas Of the grain markets. we're quite steady;
business WIS very dull Tho close was
steady. May pork 2hc higher. lard aud ribs
cisc each higher.
Estimated receipts tomorrow Wheat so
snrs corn 20 oats 246 ears and hogs 1900
'Ghe leading futures ranged as follows;