The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-10
WHEAT MADE A GREAT RECORD
HIGHEST POINT BID IN CHICA.-
GO FOR SIX YEARS.
Operations of the Bull Clique-Other
Grains Influenced By Wheat
Provisions Higher.

Chicago, Dec. s.-Not since August, 1881
has any months delivery Of wheat sold
as high as December did today. 1t rose
from 1.0119 at the opening 10 l09, but in
some irregular fashion. 1t had many a
sudden backward slide but IL the end it
rested at LOT, or tie rot iHconsiderable
improvement of 62i capts Tor the day.
January was good secoGd, winding up
with a, gain OF 8 csnts. May was less
demonstrative IL It's GpilishnesS. It's adj
vance was Ia cents bushel. Other grain
influenced by the advance in wheat. Corn
and oats closed Sc higher each and pro-
visions 5U71a cents higher.
Wheat was very nervous at the start.
Shorts were evidently alarmed by the
announcement that the bull CLIQUE had
made arrangements to ship by rail all
the wheat delivered them on December
contracts and had also made advantage
eous storage contracts in the east The
consequence was there was host OF buy
ing orders for December at the opening,
mostly of moderate lots, it is true, but
they had the same effect on the already
strained market as if they were for mil
lions. There was no wheat for sale.
December closed yesterday at 1.O0A but
opening bids today ranged all the way
from 1011a TO 1.04 and at the top there was
scarcely 2 bushel to be had. This pre-
cipitateG q perfect scramble among the
shorts, not in DECEMBER alone but in jan
uary and May also. Before wheat came
out los was offered for December. Then
came lull which lasted for an hour. The
brokers operating Tor the bull clique at
tempted to stem the tide, bUt probable
from 200 coo 10 253. eco bushels were taken
before a reaction occurred. December de-
clined to 1.03!., but by Has had again
risen to Les.
Then came the Storm Within five
minutes and amid 9 whirl of excitement,
Decs mber was bid to Los. 1t reacted with
q jerk to 106la. then up again without
stop to LOS. the highest point bid for
wheat in this market in SIX years. Prob
ably as much wheat was sold on this aG-
vance as on the other one. After that the
market was quieter.
January shorts. in the msantime, had
not been idle. That month opened strong
At from 90 TO a. and it sold as high as 81
during the excitement. an advance of 5la
since yesterday. 1t was figured that the
influences controlling December also ap-
piled TO January and shorts got under
cover as quickly az they could. May was
also very strong, though it did not have
the same panicky appearance as the other
positions. 1t opened at 91Q91A as COM
pared with Yesterdays closing price of
90i2da0Ss, and had advanced by noon to
s25sG922.. If the market at the opening
had been left, as usual, to take its i'm
print from those things that usually af-
feet it, a decline would in all probability
have occurred Liverpool opened at an
advance of sd and closed only a shade
higher, although they must have known
before the end of this session of the early
considerable strength of the market here.
Reports Of rains interfering with the
harvesting in Argentine and that the eX-
portable surplus would be reduced in con-
sequence, was one of the items of the
days news that like a good many more,
received very little attention. December,
during the final hours trading, moved ir-
regularly between LOS and 10Y. closing
nervous at that price. May had reacted to
929s at the close, while January wound
up at 941a.
Corn was dull. but firm, the range being
1a9ss. The tone was due largely to the
advance in wheat, closing sc higher.
Oats were quite active and strong in
sympathy with wheat. May closed &c
higher.
Not much interest was manifested in
provisions. The closing prices were
higher January pork cents higher, jan
uary lard ~ cents higher and January
ribs cents higher at the close.
The leading futures ranged as follows: