The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-22
CHICAGO MARKET WILD
Excitement Caused BY Failure of
Board of Trade Firm.
PIT WAS IN AN UPROAR
BOUGHT 100000 BUSHELS IN
ABOUT TEN MINUTES.
Brokers We're Heavily Short and
Attempted to Cover BY Buying
Early In the Session, Which Sent
the Price of Wheat Skyward-
Other Grains Were Affected. !

Chicago, Sept 21.-Partly on account OF
mi understanding in regard TO the north
west receipts and partly on the advance
at Liverpool, wheat opened strong and
at q substantial advance, December 5sc
higher at 71%@7l%c. and September &c
higher at 72c. Duluth receipts were placed
at but l45 cars and the total at both
northwest points at $50 cars. which IN
duced considerable covering by shorts,
the falling off being totally unexpected.
Minneapolis figures were in error, how
ever, and the total was corrected to SSl
cars against S79 last week and 93l a year
ago ms amount was heaYy enough
TO induce some selling by the early buy
ers. and prices sagged for a time, De-
cember declining to II cents.
About an hour after the opening the
market which. in the meantime. had
been gradually rising on heavy buying
by Barrett q Farnum, who were said TO
be heavily short, was startled by the an
nouncement OF their failure. and in an
instant the pit was ia an uproar. 1t was
reported the suspended firm was short
at least 100000 bushels, although heavy
buying for their account was done early
in the session and this fact caused the
December price TO jump from about 7lasc
TO which point il had previously adj
Hanced, TO 73c, and then to 731sc, in an
exceedingly short time.
For some time the market ran wild.
The price changed with great rapldlty
lnder an enormous amount of trading
hen 20 Y and up again to 721s 1t was
estimated about 100000 bushels were
bought for the account of the distressed
firm in about ten minutes. The sl1yward
opening brought all classes of shorts into
the market. The furry over, the eX-
cifement gradually subsidized and Decern-
Der settled back to MS. During the lat
ter part of the session wheat was almost
al a standstill and prices kept within an
extremely narrow range.
During the bulge in December, Sep
TENDER had advanced to 1915 on a very
small amount of business. Offers to sell
about 25.000 bushels of September later
brought no bids. and the price was forced
down to 70la, but it later recovered to and
closed at u. December held firm at about
7l7s and closed at that price.
Corn was slightly affected by the eX-
citement incidental to the failure and
fair advances resulted during the morn
ing. The interest of the suspended firm
was small in corn, however, and later
prices settled back. December closed
shade higher, but September lost 1ec.
Oats were also somewhat affected by
the wheat furry and prices ruled higher
all day. December closing &c up.
Provisions were about steady all day.
with little doing either way. The market
started firm. It weakened little later
on sales attributed to Barrett * Farnum,
but later rallied and closed steady. The
cash demand for meats continued good.
AT the close, January pork was n shade
lower and lard and ribs 212c higher each.
The leading futures ranged as follows;