The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-22
ADVANCE IN CHICAGO.
Six and One-Half Cents Over the
Close on Friday.

Chicago. Aug. 21-Dollar wheat was
reached in Chicago today. The Sep.
TENDER option reached that figure few
minutes before the close. and wound
up an excited days session at 991hc
an advance of size since yesterday. De-
cember closed at an equal gain. Fol-
the first time since the recent phenome-
Bal advance began, the bull clique lei
go of large blocks of their holdings
which, in a measure. relieved the strain
The excitement in wheat was shared
sn by all the other markets, trading ia
corn especially being tremendous. Corn
closed at a &c advance. and oats wound
up lac 9ligher.
September wheat. which closed Fri
day at 93c, opened today anywhere
from &c to CSC, and kept -plunging
around wildly for an hour between
those figures and 9619c. December was
equally erratic, opening at 97@971sc
IAN advance of about 416c), and fiuctu-
ated between that price and 951ac
Enormous quantities were sold at those
figures by people who had previously
bought Il, the sales of one of the best
known spectators, w. X. Linn, ag-
gregating millions of bushels.
1t was current opinion that had he
not come into the market the long
looked for dollar mark would have been
the opening. 1t was not difficult to
account for the remarkable opening
advance.
Liverpool quoted spot American red
winter wheat at 4%c advance, while
California. wheat was nc a bushel
higher Crop reports from the north
west were even worse than have here
tofore been received, some predictions
placing the crop there at not to eX-
aad eai<- lo1,SI 1eaIc
The week exports of wheat and flour
from both coasts amounted 90 521S. 900
bushels, compared with 4 400 900 bush
els the week previous. and 1891 900 for
the corresponding week of the year be-
fore. The clearances from Atlantic
ports alone for the last "a hours were
EQUAL in wheat and flour to 400, 900
bushels. Chicago receipts were 219
cars, only 10 of which We're of the con-
tract grade. The shipments hence were
212,000 bushels Minneapolis and Du-
luth received 243 cars. against ass year
ago. Argentina did not ship any wheat
to Europe this week. BY II o'clock the
market had assimilated all the earlier
offerings and hungered for more ~
such an extent that it rose again with
more than its original YOracity and
leaped like q trout TO a fly to secure
the September wheat offered at 99c,
May at the same time bringing ST.
About ten minutes before the close
81 wa old and accepted for block OF
Septeirl er amid much excitement. This
price was held only for an instant,
however. plenty of wheat coming on
the market about this time 9nd at the
close September was bringing 9916c,
while 991sc was bid for December.
Business in the corn pit was on an
immense scale, millions of bushels
changing hands during the session. The
pit was crowded all day with excited
spectators, and price fluctuations We're
rapid and violent. Shorts made a
mad rush to cover at the opening and
forced prices up 24ac over yesterdays
closing. Holders of. long corn let go
there. their selling being prompted bv
predictions of warmer weather in the
corn belt. Elevator people also sold
heavily on the advance, and a l cent
reaction ensued. The market was in
fiuenced greatly by wheat, however
and prices again advanced.
The buying craze was also manifest
in the oats market. and an extremely
heavy business was transacted, Shorts
covered large lines and all months
were taken freely. Sympathy with
wheat and corn was. of course. the
chief influence. September opened Nc
higher at lee, and sold UP to 2eAc. and
closed at 1870.
Provisions were also in great request.
and sharp advances all around were
scored at the opening. Armour's bro
kers bought heavily of October ribs.
Heavy selling by Cudahy and others
brought about reaction later