The record-union., 1897-12-14
Armour and the Letter Crowd Let
Go Large Holdings.
Causes a Decline in the Chicago Pit Of Over
Five Cents a BuSheI.
Heavy Arrivals of Contract Wheat
One of the Factors, but the I'm
loading of Bull Clique Brokers
Mainly Responsible for the
Break and Subsequent Decline.

CHICAGO, Dec 13-There was no
premonitory symptoms to-day of the
rumpus in December wheat that shook
the pt to its center for fifteen min
utes about an hour from the close of
the session. That delivery was worth
from 81 041a@1 % most of the morn
ing, and all at once it began to show
decided weakness. Before the crowd
could realize what was happening, it
was being offered at 911lac, and closed
at 99hc, or at a decline of DC bushel
since Saturday. May was compara-
lively steady, it's loss for the day be-
ing only 1sc.
Both Armour and the Letter crowd
We're said to have sold heavily, and
this selling was instrumental in the
causing of the slump. The large amount
of contract wheat which is arriving in
Chicago made the decline easy. Corn,
oats and provisions showed at the
close very little change in prices.
Up to about the noon hour wheat
was comparatively quiet and steady.
May opened a shade higher than Sat
uIday's closing price at 91A@9lasc, and
during the morning fiuctuated between
that price and 913s@91%c. December,
which broke loose during the afternoon.
opened 1ac higher at 81 %, and up to
11:45 had not sold below 81 Oh.
Traders were disposed to weigh the
announcement of the Government crop
estimate before plunging too deeply
into a sensitive market. A firm and
slightly higher opening at Liverpool
caused the price of May to advance
port, when finally posted. estimated the
yield at $50, 100000, or from 50,0OO,OO
to 70O00,000 bushels larger than sta
tisticians generally have predicted. But
the report had been pretty well dis
counted, and followed, as it was, by a
surprise in the shape of visible de-
crease Of 100000 bushels, where an in
crease of / 100000 bushels had been ex-
pected, there was little or no effect.
The feature of the early market in
formation was the large quantity of
contract wheat added since Saturday
morning to the stock in regular Chi
cago houses, the total being about 42o,-
600 bushels. Nearly every receiving
house in the trade was in receipt of in
quiries from country shippers, who had
from one carload to 10000 bushels
which they wanted sold to arrive for
December The uncertainty of its
grading, however, made commission
men ayerse to selling in advance of it's
arrival and inspection.
The Northwest receipts We're liberal.
Minneapolis and Duluth reported 1,S24
cars. The total receipts by rail at Chi
cago were 271 cars including 119 con-
tract quality.
About 11:3O the price of December
began to weaken under a selling pres
sure, which was credited to Armour.
The decline was slow at first, but as
the pressure increased, and the fact de-
veloped that December was receiving
practically no support, the market be-
gan to slide off in a way that was
sensational in its rapidity. By u
o clock December had declined to 81 OF,
where it remained for a short time
Suddenly the market began to slip Ac
and l2c at a time, and in fifteen min
utes tire price had struck 9112c. Then
it rebounded to 81 OF, but again de-
clined to 99c, and was bringing 99l1hc
at the close, or &c under Saturdays S
closing price.
May was, of course affected. but not
severely. 1t declined to 901ac during
the heaolong plunge of December, but
by closing time had reacted to 911sc, a
decline for the day of but 1Ac
Undoubtedly the heavy arrivals of
contract wheat had much to do with
the decline, especially in starting it, but
Allen and Grier, the bull clique brok-
ers, were mainly responsible for the
break tc 9fiAc, their offerings being
especially heavy. 1t was regarded by
many as a move on the part of the
clique TO prevent further heavy ship
ments 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 the close.
VISIBLE SUPPLY OF GRAIN.
NEW YORK, Dec. 1S.-The statement
Of the visible supply of grain in store
and afioat Saturday, December 11th,
as compiled by the New Produce Ex
change, is as follows: Wheat, 81 TAG, 900
bushels; decrease, $4,000. Corn, 49,
621 ,006 bushels; decrease, $4,000.
Oats, 14,351 900 bushels; decrease, l.
10000 Rye, 1861, 900 bushels: in
crease, 11S.O00. Barley, SS9, 900 BUSH
els; increase, 10000.