The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-14
SICK BULL BADLY GORED
WHEAT FALLS WITH A CRASH
WHEN LETTER is DISABLED.
Some of the Daring Traders Deals
Transferred and July Loses lie at
Chicago-Other Markets Weak.

CHICAGO June 13-EnormouS liquidation
for Joseph Letter caused a general rout of
the bulls in the wheat pit to-day. Prices
at the start showed a loss of &c in July
and Ease in September. Corn left off SsqAc
lower. Oats declined ss61sc. Pork lost TIC
Lard and ribs were each &c higher.
Weak markets abroad and some indica-
lions of gradually clearing weather in the
West more especially in the Dakotas,
Kansas and Nebraska, started wheat very
weak For an hour it continued to decline,
every drop of 16c a bushel bringing out
shoals of stop-loss orders. In that time Sep
TENDER wheat had lost sac of its value, as
1t stood at the close of the session Satur-
day. December the next most active deliv-
cry, declined 31bc in the same time. The
nearby deliveries, however, in which the
trading was very much smaller, suffered
more severely June dropped SC bushel and
July nc. During that time it was mere
hunt for buyers in the pit and for a time
it was a question as to how to get rid
of wheat rather than a question as to how
much could be got for it. 1t became current
gossip about IL o'clock that Joseph Letter
had transferred his open trades in wheat
to others than the brokers that have hith-
erto been doing his trading on the floor
His trades in June it soon became definitely
known, had been transferred to Armour &
Co., and his September trades to Lamson
Brothers & Co. AS that was interpreted as
a sign of financial weakness the effect on
the market was very depressing The prev
ious decline had been so severe and the
market had been relieved of such great
quantity of long wheat, however, that the
panic that might otherwise have been
looked for at such a suggestion as the mere
possibility of Letter being in financial diff
fculty was averted, although further de-
cline was, of course, inevitable. July de-
cined to 75c drop of lie compared with
the close Saturday. September fell to 69Ac
and December to 69c. One of the weak fac
tors of the day was the utter demoraliza-
ton in the Northwest, where combination,
of which Letter was at the head, had been
holding July too stif1y. The break there was
more than double what it was here. Mime
apolis and Duluth gave indications of
panic. the former getting 211ac below Satur-
days close and Duluth PIC lower. Near the
close the panicky feeling here gradually
wore off and there was some recovery from
bottom prices
Liverpool at the close was from 2Ac to
2Ad lower and Paris the equivalent of 2Ac
bushel lower. The worlds shipments last
week were 1881, 900 bushels against 900
bushels the similar week Of last year. The
domestic visible decreased more than ex-
pected, the reduction for the week being p
9o5.OOO bushels The total is now 19,6S2.C6O
bushels, against 22,6S6,0C0 bushels at this
time last year. The clearances from Atlantic
ports since Saturday were equal in wheat
and flour to 604,000 bushels. Primary West
ern market receipts for the day were 303 900
bushels, against $4,000 bushels year ago
July opened lace lower at S06S5c, sold down
to 79c, up to Sic, then slumped to 75c rail-
lied to roc. the closing figure. September
began 1asQ25sc, down at 71A0721Sc, declined
to 7OAc rose to 7012c, fell off to 69Ac, then
firmed up to 707s@71c bid at the close.
There was very little independence in
corn. prices sympathizing with the wheat
collapse. July opened 1s@l3sc lower at 325s6
327sc, sold down to 321sc; up to 32l632asc;
declined to 31Ac, then rose to 4@323sc
asked at the close.
1t was a case of follow the leader in oats
July opened CSC lower at 23%623%c, sold
down to 233sc, up to 24c, then fell off to
23%c at the close.
With every one seller and no buyers in
sight, provisions started weak. 1t was met
until pork had been offered down to 371ac
below Saturdays closing price, lard 10c and
ribs nc lower than any one came to the
rescue. At those declines packing houses
bought in large quantities and lard and ribs
closed better than Saturday. Pork recovered
most of! the preliminary break. july pork
opened 1212d221sc lower at 80 4209 So sold
down to 1925, then rose to $3.50. the closing
figure. July lard started 71a@121kc down. at
$557q5.65, advanced to s. 80 then eased off
to $5.7212 at the close July ribs began 21b
g71sc off, at $527Q5.S 212c, sold up to IS. 40.
the final quotation
Estimated receipts for to-morrow-Wheat
lV1 cars; corn, $780, oats. 300; hogs, $1,000
Leading futures ranged as follows.