The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-14
.RUMPUS IN DECEMBER WHEAT
SLIPPED FIVE CENTS FROM SAT
URDAY'S CLOSE.
Armour and Letter Crowd Respon-
sible For the Slump-Corn Quiet
But Firm-Provisions

monitory symptom today of the rumpus
in December wheat that shook the pit to
ats center for ID minutes about an hour
from the close of the session. That de-
livery was worth S1.041a to Sl.05 most of
the morning, and all at once it began to
show decided weakness. Before the crowd
could realize what was happening, it was
being offered at 977ae and closed at 9S12c,
or at decline of &c a pusheI since Sat
urday. May was comparat lively steady,
its loss fer the day being only 4sc. Both
Armour and the Letter crowd were said
to have sold heavily, and this selling was
instrumental in the causing of the slump.
The large amount Of contract wheat ar
irving in Chicago made the decline easy.
close very little change in prices.
Up to about the noon hour wheat was
comparatively quiet and steady. May
opened a shade higher than Saturdays
morning huctuated between that price
and 919s@91Ac. December, which broke
loose during the afternoon, opened 1ac
hi-her at sl05 and up to II AS had not
sod below $1.04.
Traders were disposed to await the an
nouncement OF the government crop estl-
mate before plunging too deeply INTO a
sensitive market. The general impression
was that the report would show a much
larger acreage harvest in the last sum-
ner than the department has heretofore
eSllIndI tea, anu InlS ndQ DedTlSl III
fluence on the scalping sentiment. al
though a firm and slightly higher opening
at Liverpool caused the price of May to
advance somewhat at first The govern
ment report, when finally posted, estimat-
ed the yield at $50, 0000 900, or from 80. 000 900
to 100000 bushels larger than the statis-
ucians generally have predicted. But the
report had been pretty well discounted and
followed as it was, by a surplus in the
shape of a visible decrease of 100000 bush
els, where an increase of 100000 bushels
had been expected, 1t had little or no eff
feet. A feature of the early market in
formation was the large quantity of con-
tract wheat added since Saturday morn
ing to the stock in regular Chicago
houses. From unlicensed elevators. or
milling and cleaning houses, as they are
sometimes called. there we're transferred
1877 carloads and $4,000 bushels of No.
northern spring; by lake 155,S00 bushels
No. northern spring. and by. rail 119
carloads No. northern and No red
winter. a total of about 425.000 bushels.
Nearly every receiving house in the trade
was in receipt of inquiries from country
ten thousand bushels which they wanted
sold to arrive for December. The uncer-
tainty of its grading, however, made COM
mission men ayerse to selling in advance
OF its arrival and inspection.
Northwest receipts We're liberal. Min
neapolis and Duluth reported 1,2S4 cars.
The total receipts by rail at Chicago were
gil cars, including 119 contract quality.
notwithstanding the heavy receipts on
contract elsewhere, the trade for time
did not appear to have any doubt of the
ability of the bull clique to take care of
all that could be brought in up to the end
OF the month. About II 80 a. M the price
of December began to weaken under a
selling pressure which was credited to
Armour. The decline was slow at first
but as the pressure increased the fact de-
veloped that December was receiving
practically no support, the market began
to slide off in way that was sensational
in it's rapdity.
BY u o'clock December had declined to
1.02. where it remained for a short time.
Suddenly the market began to slip away
&c and 12c at a time and in 10 minutes the
to 1.02 but again declined to 80 and was
bringing 99l5 at the close, or cents under
Saturdays closing price May, was, of
clined to S01s during the hsadlong plunge
of December, but by closing time had re-
acted to 911s, a decline for the day of but
1sc. Undoubtedly the heavy arrivals of
contract wheat had much to do with the
decline, especially in starting it. but Allen
& Grier, the bull clique brokers, were
mainly responsible for the break to 911a.
their offerings being especially heavy. 1t
was regarded by many as a move on the
part of the clique to prevent further
heavy shipments to this market which
have been natural in view of the much
higher prices prevailing here than in other
markets. The market was quiet, but
rather nervous at times.
Corn, though quiet, was firm. Small
country offerings and bad weather west
wera helpful factors.
Oats were slow within an extremely mar
row range.
Some, strength developed in provisions
during the morning on the small runs
of hogs and prices opened slightly higher
and improved o a limited extent. Later
III the absence of support, the market lost
its advantages.
loo 4 rr,r,