The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-14

comparatively quiet aud steady. May
opened shade higher than Saturdays
closing price at si4m9lase. and during The
morning tlnctuated between that price
and 919smalAc. December. which broke
loose during the afternoon opened &c
higher II sl.e5 and mp to liz clock had
not sold below Si04
Traders were disposed 10 await the an
nouncement Of the government crop esti-
mate before plunging 100 deeply into
sensitive market The general Impression
that the report would show much
larger acreage harvested last summer
than the department has heretofore esti-
mated and this had bearish influence
on Tire scalping sentiment although a
firm and slightly higher opening ut Liv-
erpool caused the price Of May Ia adj
vance somewhat at first. The govern
ment report when finally posted. esti-
mated the yield at 80. 900. 100 or from So
900 900 10 20 600. o00 larger than statisticianS
generally have predicted. But the report
had pretty well been discounted and. fol-
lowed as IL was by surprise In the shape
of visible decrease of 100000 bushels
where an Increase of 1.UDoo0o bushels had
been expected. II had little or no effect.
A feature Of the early market informal
ton was the large quantity Of contract
wheat added since Saturday morning To
the stock in regular Chicago houses.
From unlicensed elevators, or mixing and
cleaning houses, as they sometimes
called. there were transferred III ear
loads and $4,000 bushels No. ! Northern
spring. by lake III 900 bushels No |
Northern spring and by rail f19 carloads
No. | Northern and No. : red winter
total Of about 425. 900 bushels. Nearly ey-
cry receiving house in the trade was IN
receipt of inquiries from country shippers
who had from one carload Ia ~ eu1 bush
els which they wanted sold to arrive for
December The uncertainty Of its grad
ing, however made commission mtn
ayerse To selling in advance of its arrival
and inspection.
Northwestern receipts Mere liberaI
Minneapolis and Duluth reported 11al
cars. The total receipts by rail- at chi
cago Mere I'll cars including liz contract
quality. wlthstanding the heavy RI
cefpts on contract elsewhere the trade for
time did not appear 10 have any doubt
Of the ability of the bull clique 10 take
care nf all that could be- brought in np 10
the end Of the month. About % a. m
the price of December began to weaken
under a selling pressure which was cred-
tied II Armour. the decline was slow
at first. but the pressure increased
and The fact developed that December
was receiving practically no support, The
market began TO slide off In Il way that
was sensational in lis rapidity.
By u o'clock December lad declined 10
81 a. where il remained for a short time
i4c and 1se II time and in u minute
the price had struck a71ze. Then IL re-
bounded To $l.e2. but again declined To $50
and WAS bringing a9t2c at the close, or &C
under Saturdays closing price. May Was
If course affected. but not severely. Ii
declined 10 sJi4e during the headlong
plunge Of December, but BY closing time
had reacted 10 sissr. decline for the DAY
Of bur iac. Undoubtedly the heavy arri-
walls of contract wheat had much 10 do
with the decline, especially In starting II.
but Allen and Gier. the bull clique brok-
ers, were mainly responsible for tho
break 10 s7t4c, their offerings being espe-
eially heavy. II was regarded By many
as a move on the part Of the clique In
prevent further heavy shipments 70 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 Vest
were helpful factors.
oats were slow within IN extremely
narrow range
Some strength developed in provisions
during the morning On the small rna Or
hogs. and prices opened stfEHfy higher
and improved ~ liraited extent. Later.