The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-12-14

amount of contract grain they are to get
Practically no delivery has been made by
the big shorts, Armour and Weare. Car
rington-Hanna delivered out loo, 900 bushels
today.
Up to about noon wheat was compare
lively quiet and steady. May opened a
shade higher than Saturdays closing
price at 91AQ91Mc and during the morn
Ing fuctuated between that price and $3.50
91%c. December, which broke loose dur
ing the afternoon. opened NC higher at
Los and up to 11:45 had not sold below 14O4.
Traders were disposed to await the an
nouncement Of the government crop esti-
mate before plunging too deeply into a
sensitive market A firm and slightly
higher opening at Liverpool caused the
price Of May to advance somewhat at
first. The government then finally posted
estimates Of the yield at 53O, 0u0lO, or from
60W0OW to 70p000W larger than statisti-
clans generally have predicted But the
report had been pretty we'll discounted
and. followed as 1t was by surprise in
the shape Of visible decrease of 100, 0GO
bushels where an increase Of 100000 BUSH
els had been expected, 1t had little or no
effect. A feature Of the early market in
formation was the large quantity of con-
tract wheat added since Saturday morn
ing to the stock in regular Chicago houses,
the total being 425M0 bushels. Nearly ev-
cry receiving house in the trade was in
receipt of inquiries from country shippers
who had from one carload to 10000 BUSH
els which they wanted sold to arrive for
December. The uncertainty of its grad
ing, however, made commission men
averse to selling in advance of it's arrival
and inspection.
The northwest receipts were liberal
Minneapolis and Duluth reported 1924 cars.
The total receipts by rail at Chicago were
I'll cars, including JIG contract quality.
About 1850 the price of December began
to weaken under a selling pressure which
was credited to Armour.
The decline was slow at first, but as the
pressure increased and the fact devel-
oped that December was receiving prac-
tically no support, the market began to
slide off in q way that was sensat ional in
its rapidly.
By IL o'clock December had declined to
Lee where it remained for a short time
Suddenly the market began to slip nc and
NC at q time, and in fifteen minutes the
price had struck 97hc. Then it rebounded
to noe, but again declined to 800 and was
bringing 99kc at the close, or Sc under
Saturdays closing prices. May. of course
was affected, but not severely. 1t declined
to 9O1ac during the headlong plunge of De-
cember, but by closing time had reacted
Undoubtedly the heavy arrivals of con-
tract wheat had much to do with the de-
cline. especially in starting it. but Allen &
Grier. the bull clique brokers were mainly
responsible for the break to size. their
offerings being especially heavy. 1t was
regarded by many as q move on the part
of the clique to prevent further heavy
shipments 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 arther nervous
at the close.
Corn though quiet, was firm. Small
country offerings and bad weather west
were the important factors.
Oats were strong with narrow range.
Some strength developed in provisions
during the morning on the small runs OF
hogs and prices opened slightly higher and
improved to limited extent. Later, in the
absence of support, the market lost it's ad-
vantage.