The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-10
july TOUCHES S.2|
Closes at S1.20 IL, an Ad-
vance of Is 7-8 Cents.
MAY AT THE S1.75 MARK
LiverpooFs Advance Credited
With the Excitement.

Chicago, May s-wheat today on the
board OF trade touched ;1-21 bushel for
July. the active option, and closed with
In &c of the top. at an advance Of 1890.
| The market opened amid wild excitement
at an advance Of 3Q4 cents, with sales of
July ali the way from .10s1z to sL1O3..
| The price advanced to ;l16. EeIl back TO
sL1Z and rallied again to s116 in the nrst
Ave minutes OF trading. From that time
on July advanced steadily TIL 1t touched
slN, just two minutes before the close,
which was at 1904. The May option,
which was neglected. closed at thu high
est point OF the session. s175, a net gain
of cent? The pit was in turmoil
throughout the day, fluctuations between
trades frequently being a full cent The
sensational advance at Liverpool, equal
TO z cents in July wheat was apparently
the sole cause of the excitement.
A record breaking feature distinguished
today's session on the board Of trade.
Veterans On change who witnessed and
played part in the scenes on the board
during the Franco-Prussian war claim
to find marked resemblance in today's
| session There were moments when the
official reporter in the wheat * heard
traders offering or selling wheat 81
variance of one cent at the same mo-
ment- Although the last week has record
ed two daily advances Of 20 cents in May
wheat, neither of these fluctuations has
caused such a frenzy in the pit as the
boom in July wheat.
That another volcano session was to be
encountered today was evident as soon as
the first cable from Liverpool conveying
the information that wheat had been
boosted there to the extent of SIC per
bushel over Sunday, arrived July wheat
jumped from Saturdays close OF s106zI
to s1-09A in one bound at the opening
There was no break in the advance IN
til 10 cents was added TO the Saturday
closing price and later in the day the
price went up to s1-194. May wheat was
kept within bounds by Joseph Letter, fCN
reasons of his own. 1t is generally ad-
mitted that he could have let out the
price of May wheat to $500 today if he
had been so minded. Instead, Letter
brought pressure to bear upon May wheat
which confined the advance TO &C over
the high point last week, or to S1.75.
A rush for cover by bears was one Of
the features OF the market today.
Schwartz. Dupee & Co. took a large
amount of July wheat at the opening,
and Ware & Leland were the principal
buyers
The mystery now which appeals TO the
entire wheat trade is the identity of the
shorts in May wheat. There is hardly
another corner IN the history OF the local
board that reveals the bear IN such a
tight box as he is at present. Those who
have contracts to deliver May wheat to
Letter are compelled to buy It Of him, as
he is the only holder OF available cash
wheat. 1t is unlike the situation which
confronted Letter when there was a
large amount Of wheat in farmers hands,
and he is today the only factor in May
wheat without an opponent. The bears
who have not yet reached cover cannot
be regarded as his opponents. as Letter
has them as securely under his control
as it is possible to have them. During
the past week Letters profits must have
been enormous. and from all indications
he will dispose Of the wheat which is not
yet contracted for shipment at a fancier
price than at present quoted