The herald., 1897-08-27
Approaching Equality in
Value
CHICAGO BULLS ON 'CHANGE
TOSS WHEAT PRICES ABOVE THE
DOLLAR
The Increase Partly Due to Attempts
to Cinch the Sellers Of Short
Wheats
Associated Press Special Wire.


CHICAGO, Aug. 26.-Today. for the
first time since the present bull cam
paign in wheat was started, the price
of September wheat sold above the dol
lar mark in Chicago. Ten minutes after
the opening s1.0S1s was offered, an ad-
vance over yesterdays closing price OF
6% cents Even at that tempting figure
the bull clique refused to let go of their
holdings. Enough wheat came on the
market to break the price to 98H cents
by the time the closing bell sounded, but
the brokers who are engineering the
deal stoutly denied that it came from
them. There was, perhaps, shade Of
maliciousness in the way they forced
shorts to bid up. 1t was currently re-
ported on Monday, when prices broke SO
sharply, that the pool was forced to put
up 100000 in margins. They certainly
had their revenge today. The rise was
plainly due to the clique, which Is now
swelled, by rumor, to include Joseph
Letter, George R. French, Allen, Grier
& Co. and James Keene of Wall street.
The only leader, George R. French, who
appeared distinctly above the surface,
makes no secret that he has line OF
5000, 900 bushels of September wheat
There Is not much more than 100000
bushels of contract wheat in Chicago,
with hardly anything coming, and an
immense short line of cash wheat sold
for export. This is the situation as 1t
now plays into the hands of the bull
combine
The sudden rise of September was not
reflected in any other large market In
the country with the exception of Min
neapolis, where September bounded
from go cents to 81. st. Louis advanced
2 cents at one time, but relapsed to
opening prices for December. Although
statistics were n ot given much attention,
one item of foreign news had a distinct
influence. The foreign potato crop short
age is estimated at the enormous total
of 1000, 900 900 bushels, which is expected
| to increase the demand for American
wheat. Its influence was especially felt
in December wheat, which is not sup
posed to be under the thumb of any
clique. Corn and provisions were both
affected by the excitement in wheat. In
corn the trading was enormous, and
although An advance of but IN to ~
cents was recorded the feeling was very
strong at the close Closing prices for
provisions were from 15 to 20 cents high
er than yesterday
GRAIN SHIPMENTS
CHICAGO, August 26.-Shipments of
grain from the port of Chicago are the
heaviest in the history of the lake trade.
The elevator companies have been in
the market for several days and are
taking about all the boats in sight.
Many craft that up to this time have
been engaged almost entirely in the iron
ore trade are being diverted to the grain
trade. Clearances at the custom house
for the "a hours ending last night
amounted to 1,112,592 bushels Of corn,
and in addition there are nearly half
million bushels of other grains. The
enormous crop that is coming in has
forced elevator managers to make room
for the new grain and the big call for
boats is the result. The rise in freight
has forced the rates on iron ore to take
an upward turn, and were it not for the
coal miners strike, which makes 1t i'm
possible for boats to get a return cargo.
the rates on all coarse freight would be
moved up still higher.
FRENCH IMPORT DUTIES
PARIS, August 26-The Cabinet de-
cide'd this morning that there is no
ground at present for modifying the
duties on cereals