The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-12
A COUP TO BEAT LETTER
ATTEMPT TO IMPAIR HIS CREDIT
AND BREAK WHEAT MARKET.
The Bull Leader Forced to Pay Lee
More than Others for n Million
BusheIs-AImOsta Panic.

CHICAGO, March lit looked for few
minutes in the wheat pit to-day as if such
a furry would ensue that it might sweep
the big bulls off their feet. What appeared
to be an organized raid was made on May,
brokers offering that option at prices AQ15c
under what Letter brokers were bidding for
it, but refusing to sell to the latter at less
than the Letter bid price. July broke &c in
the excitement and continued weak to the
end, closing at loss of 17sc. Letter by
heavy buying finally got the market under
control and succeeded in holding the May
price at $1.04, yesterdays figure. The mar
ket was a vicious one for time Coarse
grains showed good deal of steadiness in
the face of the wheat break and lost only
1sc from it's previous values. Provisions,
starting strong, became weak and closed
21z@714c lower.
Joseph Letter regards the turn of affairs
on Change to-day as malicious but futile
attempt to impair his credit and break the
wheat market. Brokers with May wheat
for sale entered the pit with instructions to
sell a half cent or more below the price
offered by Letters brokers and bar the lat
ter from buying their offerings. With May
wheat being offered and sold to other brok-
ers for $10314 and $1.OSA a bushel Letter
DOuSuI 1,UOUiVVU UuSL0lS VI MAY wheat at
$1.O4, or more than 12c above the price at
which the same wheat was offered to other
traders. The start in wheat was quite firm,
July opening 1sc higher at 904Q90ssc and
May 1sc higher at $1.041s. There was con-
siderable falling off in the volume of Ar
gentine shipments, and this was apparently
the only reason for the slight advance. No
great amount of wheat was offered and
very little demand existed for the first few
minutes and the market remained about at
a standstill for that time. Then it COM
menced to drop, slowly at first, under
statistical news. Liverpool receipts for the
last three days were slightly in excess of
normal requirements. The most disturbing
element was the big addition to the stock
of contract wheat here. Chicago receipts
were 81 cars, 10 of which were of contract
quality. Besides this ga cars and 5000
bushels of Northern were transferred from
unlicensed houses. Continuance of the
heavy contract receipts from regular re-
ceiptS began to have effect on traders, and
the unusual heavinesS of to-day'S receipts
resulted in an almost total withdrawal of
support shortly after the opening. Prices
in consequence began gradually to decline.
No very great selling pressure was put on
the market, however until the price had got
to about S914c. Letter brokers were as usual
giving to the support of May, bidding $1.O4.
Then apparently an organized raid was
made on May. Influential houses came into
Lu0 udTh6L WIFI u6dNy OlSIluSS I'll AdyS
offering to sell it at $1.03A and even at
$1.0316, but barred Letters brokers from pur-
chasing at those figures. This created
great deal of excitement among traders, as
1t was believed an attempt was being made
to get the market beyond the control of the
bull leaders, and small sized panic in July
ensued almost Immediately. Offerings fair
ly poured into the market and inside Of ten
minutes another cent had been Topped off
Were taxing eVerythng oeTed tem in
May though being forced to pay $1.04 for 1t.
1t was also known that Letter had prompt
ly met calls for margins which had been
made on him by the bear contingent and
had retaliated in kind, Not until his repre-
sentatives had absorbed something like
down. Then sharp reaction took place
in July, the price rallying from SSAc, to
which point it had slumped, to S9Sc: There
shorts on this decline About noon Letter
apparently changed his brokers and sue
below below s164, The Readiness s with which
everything was taken resulted in a falling
off in the offerings, and the price after that
was Apparently ''pegged" at $1.N July
showed a great deal of nervousness for the
rest of the session, but did not move very
far either way from S9c until near the close,
when renewed selling was started by tail
ers'' who were afraid of margin calls, and
the prise declined rapidly aga ain AT the
wound up at s.. W.
There was rather light trade in corn. The
market, considering the eAIT6IH0 WGdhLcSS
of wheat acted surprisingly firm. A fair
advance was scored early on the buying on
the bullish government report and on the
wet weather This was ultimately lost, but
not without struggle. The market was
steady to the end. May ranged from 5000
9O5sc to 3O1sQSO4c, and closed 1sc lower at
30Ac
The market for oats was very dull, though
fluctuations were a trifle wider than of late.
1t was chiefly scalper's market. A bullish
government report and the firmness of corn
were features in the early advance. This
was lost later. Oats traders were sellers
later in the session: May ranged from 271sc
to 26%4c and closed &c lower at 26$4c.
Provisions Notwithstanding small hog re-
ceipts, were easy, rejecting the break in
wheat. The market was firm to begin with,
but the advances brought out liberal offer
ings from packers and scalpers, and the de-
cline thus started was helped along by the
wheat weakness, The close was easy at
about bottom figures May pork was TIC
lower, at 5000; May lard PIC lower, at
$5.271aQ5.SO, and May ribs 214c lower. at
$5.121a
Estimated receipts for Saturday-Wheat,
116 cars; corn, $50 cars; oats, 2S5 cars; hogs,
1900 head.
Leading futures ranged as follows: