The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-14
A LETTER ARMOUR DUEL
ANOTHER ATTEMPT TO BREAK may
WHEAT PRICES A FAILURE.
July Suffered and Again Scored a
Loss of Nearly 2c--ProvisiOns
SIumped, Pork Losing csc.

CHICAGO, March 12.-The break in Wall
street made another bad quarter of an
hour" in wheat to-day, causing July to
break about &c. There was another strug-
gle in May between the Letter and Armour
interests, but Letter managed to maintain
the former price. Letter applied to the di-
rectors for marginal price on May wheat
which tended to relieve the tension toward
the close. The days decline in July was
11sc. Everything else on the floor showed
weakness, especially provisions, declines of
712Q25c being recorded in that market. Corn
closed shade lower and oats lost AQ3sc
Allen, Grier Seller &. Co., the chief brok-
ers for Joseph Letter, to-day made formal
application to the board of directors of the
Chicago Board of Trade for the fixing Of
marginal price on May wheat contracts.
This action it is believed arises from the
requests for margins which were yesterday
made on Letter by the bear contingent
amounting in some instances, according to
Mr. Letter, to 25c bushel. The biggest sale
of cash wheat that has yet been made by
Mr. Letter took place to-day, Counselman &
Day purchasing an even 100000 bushels.
What the price for this enormous lot was
could not be learned, Mr.. Letter merely
stating that it was made at market price"
This makes a total of 100000 bushels of
Letter contract grade wheat disposed of.
The trade had no intimation OF the sale
until after the close of the session.
Wheat started as if a rally after the weak
ness of yesterday were to take place. Hold
ers were encouraged by the steadiness
shown by foreign markets. especially Liver
pool, in the face of yesterdays tumble in
prices. 1t was also known that Letter had
nile nnd OBJ 81;
10000 bushels Offerings at first were in
comparatively small volume, while quite
good scattered demand was apparent Bids
were made for July at the opening at SS1a@
$3.50. This was Nc over yesterdays clos
ing price, and the buying demand was good
enough to add another small fraction to the
price in a short time. The market held
fairly steady for some time at around that
price, but finally the weakness in Wall
street giving rise to apprehensions Of liqui-
dation in everything else brought longs into
the market to unload. 1t also resulted in
an almost total cutting off of support, and
professional shorts, taking advantage of
that fact, hammered the price down rapidly.
For about fifteen minutes the market was
exceptionally weak, July selling down with
out stop to S6s4c, break of 2asc from the
many stop-loss orders, and consider
able selling was also done through
fear of another attack on May
by the big bears In this, however, holders
were agreeabiy disappointed. Plenty of
May was offered, but there was nothing
like the concerted attempt to break the
market which took place yesterday and
Letters brokers had comparatively little
difficulty in keeping the price at $1.O4. An
other influential factor was the New York
bank statement, The market, after getting
Quieter The steadiness of May had a
good effect on the nerves OF the July hold
ers and brought some E, Of the early sellers t,rs
break also covered freely and the price
gradually crept back to S67sc. Then for
some time almost holiday dullness pre-
vailed with fluctuations infrequent and
narrow. A good deal of excitement was
caused by the formal application by Letter
May, which was done, he said, in order to
relieve the tension. This action had
favorable effect on the market and resulted
in further advance in July, that delivery
closed. May closed at $104
more or less liqui iation of long lines all
day and with the exception OF little
strength at the start, prices were lower.
favorable effect, prices recovering to a
point only a shade under yesterdays final
figure. May ranged from 3O14Q303s to 3Oc
and closed at 3O1k@30Ac.
The market for oats reflected the action
of wheat and corn, though quite a good
business was done. Liquidation was very
heavy during. the weakness in those mar,
kets and a sharp decline resulted.
There was good buying on the break, but
only part of the loss was recovered. May
ranged from 26%c to 26c and closed AQ$sc
lower ia 2ess@261ac.
Provisions were weak from the outset,
the decline in stocks and grains being re-
sponsible for very general selling, many
stop losses orders being received. The de-
mand was only moderate and prices broke
easily the market ruling heavy to the
1895; May lard 712c lower at $5.121s and
May ribs about 10c lower at $5.0212D5.05.
Estimated receipts for Monday: Wheat,
las cars; corn, 300; cats, 313; hogs, 10000
head.
Leading futures ranged as follows: