The herald., 1897-08-28
CHICAGO MARKETS
Yesterdays Transactions on the Board
of Trade

CHICAGO, Aug. 21-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 session remarkable for small trad
ing and extremely violent fluctuations. All
the enthusiasm had apparently leaked out
of holders of wheat at the opening. Liver
pool furnished a disagreeable surprise to
them, starting 21aa27sd lower. This was
entirely unlocked for after yesterdays
&c advance here, and it fairly took the bulls
breath away. There was practically no
demand for December wheat at the open
ing. The consequence was that it started
at 9Os4@9Oc, or Sas@37sc below yesterdays
close, and dropped almost instantly to
S9a4c. A perfect flood of wheat was poured
on the market for a few minutes including
many stop loss orders. During that time
there was 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 minutes in the
excitement accompanying the unloading Of
December. 1t was fully as weak at the
immediate opening. however. starting all
the way from 93la to 92c, or a drop of eX-
actly 111ac from the highest point reached
yesterday. The excitement soon subsided
almost altogether, and fluctuations from
the extreme narrowness of trading were
frequent and violent. Rne or two moderate
trades being sufficient to put the price up
or down &c or more. That some mys-
terious bear influence was at work on the
market before the opening was the general
opinion. 1t was stated later on what was
considered reliable authority that COM
blnation including Charles Counselman and
John Cudahy had been formed to break
the alleged bull pool and that the great
eccentricity of today's market was due
to the manpulations of the new combine
Chicago receipts were 262 cars, of which
only IA were contract The quantity taken
from store was 147 900 bushels. Atlantic
port clearances again confirmed the gen.
uineness of the European demand for
American wheat and flour. The equivalent
of $4,000 bushels was exported from the
principal ports in the last twentyfour
hours. The market was steaded some
what by the midday strength of corn, but
became radically weak again on reports
that foreigners were resellng at the sea-
board. December rose to 9112c. but declined
on that to SS1hc. 1t had recovered to 90c
at the close. September sold as high as 96c,
but closed at 93c. Corn was badly de-
moralized at the opening Oh account of the
break in wheat. more favorable weather
and heavy receipts, 1912 cars. The opening
weakness was followed by period of con-
siderable strength. with good country and
lOrelSu DuNlHS htlpeu ny uiouS uSHt-uiHdSe Z
claims. The market yielded later, how
ever, on heavy liquidation started by the
decline in wheat and was quite weak at the
close. A heavy business was transacted.
A fairly good 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 recovered. but
the market averaged weak. The opening
break in prices of wheat and corn caused
provisions to start weak, notwithstand-
ing small receipts of hogs and a consider
able rise in their price at the yards. The
subsequent rise in corn put the market
climbing again, but the decline in the
cereal later produced a selling pressure
that lost the products all and something
more than they had gained
The leading futures range as follows: