The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-01
DEAL DONE
May Dropping Half a Dollar
in the Doing,
OTHER FUTURES FOLLOW
July Loses 6 to 6 10; Sep
tember 2 to 2 IL Cents.

TENDER 2 to 2 IL Cents.
Chicago, May Shelters famous wheat
deal was formally closed today. The
last moments were lively and Joseph
Letter sent May wheat down from s.. rs
TO sl.25. This move was plainly for the
purpose Of evading the big receipts and
to circumvent the 'taiiers," who wanted
TO ring in g lot of wheat on Letter at
fancy prices. Letter fooled them by put
ting the price down. Nevertheless, he had
to take on board another 5000 bushels
today in addition to the pile Of 5000, 900 or
100000 bushels which he still has on his
hands. All attempts to place Letter. so
far as his profits and losses are concern
ed. at the elimination of this gigantic
deal, are widely at variance. Some claim
that he will pocket a profit of ST. 000. 600,
| while others insist with knowing glances
that he will be fortunate if he comes cut
whole on the DEAL
Chicago, May 31.-Today's session saw
the close of perhaps the greatest wheat
deal in the annals of grain business. The
May option, which left off Saturday at
$.75, ranged today between s1.f0 and $125,
closing at the lowest figure. loss of 80
cents a bushel The slump in May, coupled
with the bearish statistics, enormous
worlds shipments and bright crop pros
poets, caused a severe decline of the de-
ferred futures in wheat. At tho close
July showed loss of 10 SIC and Sep
TENDER to PIC. Corn was sac and oats
10 hipbar POrL W. ,r1 No
and ribs TIC.
The demand in the wheat pit today was
from shorts. who took advantages Of the
break to buy in and secure profits July
! had a sensational decline during which
some longs sold out. 1t started at from
s1.W to $1.02, and was offered down from
! S1.01, half cent at each trade, until il
had dropped TO 9419c. 1t recovered a por-
ton of the decline later, with a little
help from Letter. May which closed Sat
urday at s1.75, opened at 81. 40 and quickly
dropped to $1.25 in the first few minutes.
The evident intention was to make price
! for the heavy receipts that were offered
in the sample market. The trade was
confined to Letter brokers, who were boJh
| buyers and sellers and with a price they
chose. A well known statistician estImat-
! ed the wheat crops of Texas, Oklahoma
/ anu hdISdS dl luO,UUU,OVD bushels, dBdilSI
! s., 100000 last year. The crop news at
home and abroad could hardly have been
more bearish. The worlds shipments last
week were enormous, showing that wheat
was being pressed for sale the world over.
! The Indian movement was a surprise,
that country having shipped about $780,
600 bushels, and Russia put afloat more
than America. The visible supply increas-
ed nearly 1000 bushels, where a small
decrease was expected. Chicago received
COS cars. of which 404 were contract while
Minneapolis and Duluth got $50 cars. Ex-
ports from Atlantic ports in wheat and
-four were equal to 299 900 bushels. July
opened 212c lower at $1.01d1.02 fell to 941.c
and rallied to 971ad97c at the close. Sep
TENDER started 212c off, at S15s6S2c adj
vanced to S214c, declined to S03sc and firm
ed up to S11sQS114c, the last quotation.
There was a quick dip in corn at the
start, on large receipts andl the wheat
break. 1t rallied very soon, however, on
good buying and wet weather reports.
July started 12G$4c lower. at 32l4 a33c. sold
up steadily TO $3.50 asked, the final quo
tation.
Only moderately large business was
transacted in oats. Prices followed corn.
July opened sc lower at 1884 dS37sc, sold
up to 24Iac, declined to 1884 c, then rose -
24&sG2ilac, at the close.
The firmness in provisions was largely
ascribcd to the signing of the reciproci-
ty treaty with France. The treaty cuts
the French meat tariff in .wo and reduces
the tax on lard a third. July pork opened
212d712c higher at S11.50d11.55, sold up to
81. 621a, declined to s11.42i2. then rose to
S11.50 at the close. July lard started at
$500 up to 1927, down to SS.17Ia. and
closed at s6.2212. July ribs ranged from
s. 80 to S597l2, and closed az s5.9212
Estimated receipts for tomorrow: Wheat
215 cars; corn, 500; oats, 3S5; hogs, 2S,0eO
head.
THE END IN NEW YORK.
New York, May 31.-The May wheat deal
at Chicago and New York ended rather
ANONYMOUSLY today. Excited weakness,
instead of the fireworks" expected,
marked the closing scenes of one of the
most famous corners run in years. It had
been confidently expected for weeks past
that the Chicago clique would run the
price of May to $500 per bushel and help
the local market in proportion. Too much
publicity. however, had been given the
deal and farmers in all parts OF the coun-
try scraped their bins and poured wheat
into both of the above markets TO catch
the phenomenal prices predicted. At Chi
cagO much or this wheat was taken care
of by clique operators, as It arrived,
but locally the grain became somewhat 4
drug on the market. Only one result
could follow such proceedings, and that
was a general downfall in prices, begin
ming here. Efforts were speedily filed up.
and for some days the May option has
been declining steadily. reaching today
S1I5 at New York, against sales az 1871
early in the month. July broke in proper
ton. selling of 20 $1.o42a. after early sales
today at $1l112. and closing S1.05. News OF
all sorts from weekly statistics OF crop
advices were all favorable TO the bear at
tack which accompanied this decline in
prices. The only support came from for
eign houses at the opening and little
covering by shorts near the close. The
feature in cash wheat circ.es was a sale
Of SSQ10 bushels No. red. presumably
for French account, at Sl0SGI29 sad near
lot ssales OF contract wheat amounting ;
70 1900 bushels at sl.S46IS5 mainly Sl-s5.
The latter was supposed to be for Letter (
attributed TO a desire on the cliquaS part
70 stay the decline. Future price levels |
were dependent somewhat upon c-0p
people should take