The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-15
WHEAT FAIRLY FIRM
Held By Armour'S Action and
Texas Weather.
LETTER DEAL Is DEAD
But its Funeral Cortege Has
Not Yet Passed.

Chicago. June 1.-THE reported buying
| by Armour Of Letters northwest holdings.
! together with the complaint Of DANA &c
! by rain in Texas and Kansas, held wheat
/ fairly firm today. July closed with a loss
of nc and September &c. Corn and oats
left off unchanged. Pork lost l71zc and
ribs 21zo. Lard closed unchanged
! The furry yesterday seemed 20 have
| cleared the atmosphere on the board OF
! trade and today there was little 10 re-
! mind one OF the disturbance except lower
! prices. The Letter deal was generally
! considered 20 be dead and buried so far
as the trading in deferred futures was
! concerned, but the obsequies Of the cash
! end of that remarkable speculation were
! s;iii 20 be performed. Wheat started not
far from the closing prices of Ihe day
before. for the bulk OF The transactions,
! although a few sales were made al 12c
! Improvement in September and December
/ deliveries. Weakness very soon develop
ed, however. and July sold down &c and
! September and December about li2c each
! during the first hours trading.
! 1t became rumored during The forenoon
| that besides buying from Letter all the
/ Junes wheat the latter had coming to him,
! Armour has bought also the cash wheat
held by the young Spectator IN Min
neapolis and Duluth. That gave a little
| firmer tone TO the proceedings in the pit.
! The gathering strength was increased
/ when the rumor referred TO received the
! substantial confirmation of the president
| of the Illinois Trust and Savings bank.
/ To complete the bullish combination, the
! weather was still wet in Texas, where
| much of the wheat is in shock, and It
rained heavily in Kansas and other west
ern states. where wheat cutting had com
menced.
Liverpool contributed a further item of
! bullishness by cabling that the wheat
| throughout east central Russia was
! threatened with failure from drought,
and that the worst was probable unless
rain relieved the situation within a week
The Liverpool quotations. however, were
anything but bullsh giving clear indi-
castions of the abandonment of a threat
! ened July corner in that market. July
| wheat there was Is 7l2d per GENITAL, or the
! equivalent Of 18c a bushel lower this
morning than it closed yesterday, but
! September was only lower by the equiv
alent of 134c a bushel and December sc.
] The July at Liverpool had recovered
about &C a bushel of its early loss before
! the close. Atlantic port clearances OF
wheat with -FOUR was $1,000 bushels. Chi
! cago receipts were "A cars, against Il a
year ago. Minneapolis and Duluth re-
! ceived 131 car loads, compared with 305
last year July opened unchanged to 1c
! lower, at 7Sd79c; declined TO 76c, then rail-
! lied to TIC, the closing figure. September
started unchanged to PC higher a. 707sd
! 7115c sold down to 6S7s, then firmed up to
! 705sd70}4c at the close.
The continued showerey weather and
| the more settled feeling in the wheat pit
created grim tone in corn. July opened
&c lower at 321sQ32l4c, sold up TO 3212c,
down to &c, then up to 322sc asked at the
| close.
After weak start, oats firmed up on
reports Of wet weather and talk Of rank
ness. Prices at one time showed a slight
! advance, as compared with the close last
night July started sc lower at 23Ssc, sold
/ down TO 232s aisle. rose to 237sQ24c. then
/ settled back to 237sd24c. Reports of an i'm
/ provement in the yellow fever situation in
/ Mississippi together with light receipts
/ of hogs and higher prices at the yards,
/ had a strong influence IN provisions at
! the start. The market reacted later on
! selling by English packing concerns.
/ Swift was also a seller July pork opened
unchanged al $3.50. sold up 10 1910, de-
] ClDeO 10 ~, Az, lHcu IOSG ~ |3-f-F2 o. 1'-S
| close. July lard started 8 to 7i2c higher
! at s.. s21ad5.S5. declined to S57oG5.72l2, then
| frmed up TO s5.7212d5.77, the closing fig
ures. July ribs began 7l2c better at S5.4l2
/ and declined to S5.3Il2
Estimated receipts for tomorrow are:
/ Wheat, 20 cars; corn, coo; oats 100; hogs,
| 1900 head.
NEW YORK'S MARKET.
New York. June 14-COntrary TO expec-
| tation. the Liverpool market opened to-
! dav fairly steady in late positions and
/ with less decline on July than the collapse
/ of the bull deal would seem to Justify.
/ The result here was a strong opening,
! with foreign houses good buyers and local
/ traders covering shorts. There was some
/ reaction from these prices. but the mar
! Ike. on the whole ruled very steady. clos
/ ing from &c lower 70 ssc highc~. Deem
/ her was the feature leading everything
! else in point of strength and for the nrst
/ ,,me this year passing tia September. A
/ more healthy condition OF speculation was
/ thus Indicated. and buyers would doubt
! less have been more prOui1ent in the
days transactions had Il not been for the
/ fear OF further liquidation In th2 ADJUST
ment Of Letters accounts Foreign houses
/ renewed their export buying. Many unfa-
vorabIe crop reports came IN from the
I u 7
visible showed a weeks decrease Of 2.S97.-
! GOO bushels. AL Of these served 10 offset
in part the disturbing Chicago news and
! restrained further aggressive work by
| bear operators. The range Of September
/ today was from 752t to 1870, closing At
/ 754c December opened sc under Sep
/ TENDER. passed L on several occasions and
closed firm at only &c discount. July sold
/ from SIC down 70 Sos.c closing AZ S5l.c.
WHEAT AT LIVERPOOL.
/ Liverpool June fs-OQc-ators in July
red wheat ar the opening today were very
/ nervous The first business done was u
/ ~ down. outside holders unloading and
/ shorts selling more confidently. / rap
( idly lost 81 more. blt rallied penny be-
/ fore the call finished. During 5he morn
+ ing numerous fluctuations e1S'I-d. accord
/ ina; 10 the strength II the buyers and sali-
/ ers. but the 7auicky feeling was confined
/ % the immediate opening. TIE .-.ai day :
/ trading was not abnormal. 600 quar-
( ters Opinions here regarding th@ imme-
date future are altogether Urfav0Taaie.
F as the stocks OF tendera5le wheat are s-ill
I limited. Letter is rep-ted - have con-
. tracts in Liverpool which are still open
f and traders are awaiting vejopne2;s
( before closing engagements
RUSSTA'S CROP REPORT.
s.. Petersburg. June 1.-THE winter
wheat crops are satisfactory. except IN
I'VE provinces and the spring crops are
satisfactory except il Two provinces.