The herald., 1898-05-10
WHEAT BEARS BOXED
AND SOME WILL BE SQUEEZED
TO DEATH
Joe Letter Holds the Market Ii His
Hand and Won't Let Go
without Profit

|, CHICAGO, May GA record-breaking
twist distinguished today's session on the
board of trade. Veterans on change who
witnessed and played a part in the scenes
on the board during the Franco-Prussian
war claim to find marked resemblance in
today's session. There were moments when
the official reports In the wheat pit heard
traders Offering or selling wheat at va
rance of cent at the same moment. Ale
though the last week has recorded two
daily advances Of 20 cents in May wheat,
neither Of the fluctuations have caused
such frenzy in the pit as the booming
Of July wheat.
That another volcanic session was to DO
encountered today was evident as soon az
the first cable from the. Live4pool market
conveying the information that wheat had
been boosted there to the extent Of SM
cents a bushel over Sunday arrived.
July jumped from Saturdays close Of
s1.06ss to $1.OsA in one bound at the opening.
There was no break in the advance until
10 cents was added to the Saturday closing
price, and later in the day the price went
up to s1.19%.
May wheat was kept within bounds by
Jos. Letter, for reasons of his own. It Is
generally admitted that he could have lot
out the price of May wheat to 81 II he had
been so minded Instead Letter brought
pressure to bear upon May wheat which
confined the advance to cents over the
high price of last week, or to $1.75.
A rush for cover by bears was one Of tho
features of the market today. Schwartz,
Dupee & Co. took large amount Of July
wheat at the opening, and Ware & Leland
were the principal buyers. The mystery
now which appeals to the entire wheat
trade is the identity of the shorts in May
wheat. There is hardly another corner
in the history of the local board that re-
veals the bear in such tight box as he Is
at present Those who hold contracts TO
deliver May wheat to Letter are compelled
to buy of him, as he is the only holder Of
available cash wheat. 1t is unlikely the
situation which confronted Letter when
there was still large amount Of wheat in
the farmers hands, and he is today the
only factor In May wheat without an op-
ponent. The bears who have not yet
reached cover cannot be regarded as his
opponents, as Letter has them as securely
under his control as 1t is possible to have
them. During the last week Letters prof.
Its must have been enormous and from
all indications he will dispose of the wheat
WHICH Is not yet contracted Tor Sn1pmeno
at fancier price than at present quoted.
Another failure was recorded today az
the result Of fluctuations in the wheat mar
ket, and the man to go under was Robert
Lindblom, one of the best known operators
in the board Of trade and president of the
civil service commission. Immedia tely at
ter the close of business this afternoon he
made an assignment in the county court to
the Central Trust company as assienees.
the assets and liabilities being fixed at
100000 and $1250O0, respectively.
1t is said that arrangements may be
made with the creditors of Mr.. Lindblom
in a few days so he may resume business.
All the pending trades in which Mr.. Lind
blom was interested were turned over by
him shortly before the failure to others,
who will continue them. The margins
placed by Mr.. Lindblom will be returned to
his assignees for the benefit Of the estate
No investigation of the books of the In
solvent broker has yet been made. Until
the present crisis Mr.. Lindblom considered
himself worth upwards of 800. .O0O