The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-10
CHIoAao's WHEAT SQUEEZE
The biggest Since Hutch'so Tino-De.
cember Reaches $40

The biggest Since !''Old Hutch's" Tlmo-Dcs
cembcr Reaches el.O9.
CHICAGO. Dec. 9.-December wheat shorts
are In q bad way. There Is q squeeze on such as
has not been seen since September. 1888. when
"Old Hutch ran his famous corner and ad-
vanced prices 10 81. The price to-day ad-
vanced to S1.O9. 1t touched that point twice.
and about $4,000 bushels sold at that figure.
The advance from the low point was nearly o
cents. and at the close sales were at $l.o7. or
6A cents above the close yesterday.
The price has appreciated 10 cents within q
week, and wheat sold the highest since August.
1891, when the Russian famine scare was on.
From the low point in June, December has ad-
vanced A. cents, and there 10 no telling whore
the end will be. The range for the day was
&1.o1A to $1.O9. There was a rush to buy, which
continued at intervals all day. Prices huctu-
ated wildly. going one.half to one cent between
trades.
All buying that advanced prices was by the
shorts, the Letter party. which has about
1000. 900 bushels bought for delivery this
month. doing a good part of the selling. Tho
syndicate intended to keep the price down until
about the end Of the month. The indication
that the wheat is to be shipped out as soon as do
llvered instigated buying. Arrangements
have been made to send the wheat to the sea-
board by all rail. 1t is to go on a l2-cent ratio
to New York. This Is lower than tho lake and
rail route. It is said that the Pennsylvania has
captured the bulk Of II. as the other lines arc
blocked at Buffalo and unable to handle II.
From transactions OF 100000 bushels two
OO0 bushels. The Letter party made. moro
effort to keep the price down than to advance
It, selling through brokers at $l.05 and at diff
unable to prevent the bulge. The sudden ad:
vance has Developed ria z larger short hort. interest interest,
by commission houses. which had customers
| short 5000 to rs, 900 bushels.
They cared not about the price. but wanted
There were heavy purchases made on orders
from New Workers who recently sold because
they considered prices too high. Those who
Logan, about 100000 bushels being taken by
the two houses.
The big, premiums over other markets are
| serted that between 5000 900 and 4,0OO.0 900
bushels will be shipped here from the North
a bushei on It. Small commission houses.
though; are in: a tight place. and many, 4 q
e ersu q the Ell Letter. sRer French party saw they are
mot selling any wheat TO speak off, Armour
smiles and says, Wheat should sell for a dol
lar every day In the year. and thinks Decem-
DrIrrh. MINI. dec. 9.-The bulls had full
control of the market here to-day, although
there was only q fair amount OF trading. Cash
wheat advanced rapidly after the opening and
sold At a premium OF 2l9 cents over December.
s2a to 83a. May wheat opened % i higher than
last nights close, at 80 cents. sold to 9las, and
closed firm at 81 is bid; December was inactive,
but firm, and closed 2s higher than yesterday,
Northwest receipts were considerably smaller
than last year and 1t IL thought that the farm
ers have little loft on their hands. A further
advance Is looked for tomorrow. 1t 10 expected
that the cargo to be taken out tonight by th.
this year to Chicago. The total shipments tc
Chicago so far this year are 3.7lo.OOo bushels.