The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-28

Chicago; Aug. 27.-Wheat furnished
another sensation today. This time it
was the bulls who suffered, September
closing 57sc lower and December at a
decline of 37sc, after a session remark
able for small trading and extremely
violent fluctuations.
All the enthusiasm had apparently
leaked out of holders of wheat at the
opening Liverpool furnished disa-
greeable surprise to them, starting 21A
@2%d lower This was entirely I'M
looked for after yesterdays &c advance
here, and it fairly took the balls
breath away. There was practically no
demand for December wheat at the
opening. The consequence was that it
started at 90A @90c, or 31s@37sc below
yesterdays close. and dropped almost
instantly to S9%c. A perfect flood of
wheat was poured on the market for a
few minutes, including many stop-loss
orders. During that time there was an
almost total lack of buying orders, but
they made their appearance at S9Ac.
and five minutes after December had
rallied to 91c September wheat was
hardly heard of for the first few min
utes in the excitement accompanying
the unloading of December. 1t was
fully as weak at the immediate OPEN
ing, however, starting all the way from
931s@92c, or a drop of exactly 111ac
from the highest point reached yester-
day.
The excitement soon subsidized almost
altogether and fluctuations from the
extreme narroWness of trading were
frequent and violent, one or two mtle-
rate trades being sufficient to send the
price up or down 12c or more. That
some mysterious bear influence was at
work on the market before the opening
was the general opinion. It was stated
later on what was considered reliable
authority, that a combination, includ-
ing Charles Counselman and John Cud-
ahy, had been formed to break the al
lodged bull pool. and that the great &C.
centricity of today's market was due to
the manipulations of the new combine.
Chicago receipts were 262 cars, Of which
only IA were contract. The quantity
taken from store was 14T, 600 bushels.
Atlantic port clearances again con-
firmed the genuineness of the European
demand for American wheat and flour
The equivalent of 650,0O0 bushels was
exported from the principal ports in
the last "a hours. The market was
steadied somewhat by the midday
strength of corn, but became radically
weak again on reports that foreigners
were reselling at the seaboard. Decent
Der rise to 911zc. but declined on that
to 6S1ac. 1t had recovered to 90c at the
close. September sold as high as 96e
but closed at 93c.
Corn was badly demoralized at the
opening on account of the break in
wheat, more favorable weather and
weakness was followed by a period of
considerable strength with good coun-
try and foreign buying helped by
drouth damage claims. The market
yielded later, hoWevr, ON heavy liquida-
ton, started by the late decline in
wheat and was quite weak at the close
A heavy business was transacted.
A fair business was done in oats
The opening was weak with everything
else, elevator selling being conspicuous,
and quite sharp decline resulted.
Part of this was subsequently recov-
cred, but the market averaged weak.
The opening break. in prices of wheat
and corn caused provisions to start
weak, understanding small receipts of
hogs and a considerable rise in their
price at the yards. The subsequent
rise in corn sput the market climbing
again. but the decline in that cereal
later produced a selling pressure that
! lost the products all and something
more than they had gained.
If statements which were made on the
floor during the session are true. to-
days slump was not SO much due TO
| the weak cables and foreign selling as
J to manipulation. These statements
were to the effect that John Cudalhy
and Charles Counselman, two of the
| heaviest traders ON the floor have
| formed a union to break the so-called
| bull pool, and the cratic action of the
market is but the result of the struggle
between the two big com binations. II
was the general opinion that some
powerful bear was at work on the curb
before the opening, but that it was a
/ bear, pool traders, as a rule, are not
| quite ready to admit