The record-union., 1897-08-22
WHEAT is STILL
ADVANCING.
Five Gents a BusheI Added to the
Price at New York.
Now a Dollar and a Quarter is the Talk
of the Bulls.
The Chicago Market Keeps in Line,
Winding Up an Exciting Days
Session With an Advance of Six
and a Half Cents Over Fridays
Quotations.

NEW YORK, Aug. 21.-The bulls
added about 5 cents a bushel to dollar
wheat since yesterday, and are now out
hot-foot for 81 % bushel in the New
York market. To-day's opening was
one of the most exciting of the entire
week. Members and others who had not
been seen in down town circles in years
fiocked to the floor and gallery to
watch the sensational developments in
wheat. At the first stroke of the gong
September swung up to ST o. selling
also down to 81 01A at the same in
staht in other parts of the house.
The crowd of buyers fought vigorous
ly among themselves to get possession
of the few lots offering, and quietly bid
the price up to 81 0312 by rapid strides
of y cents or more at a clip. The
bears were nowhere. 1t was a feverish
clamor for wheat from all sources.
Eleventh hour bulls, those who never
come in to buy until prices have al
ready had big advance, were particu-
larly prominent in the early dealings.
December. opened from 81 to 81 00%,
and went flying after September, i'm
PEELED by mad rushes to buy and gen.
eral bull excitement. 1t soon reached
81 0212, and then in common with the
rest of the list cooled off a bit, both
in trading activity and upward move
ment.
For time the whole market rested,
like some huge monster taking breath
after a fray. But towards midday the
restless energy of the bulls started
prices climbing up once more. Just be-
fore the close September reached
ST 055s, easing off later to 81 05h,
which was the official closing figure.
During the next hour on the curb pam
demonium again broke loose, for the
wires announced dollar" wheat at Chi
cago A cheer, almost as hearty as
that which greeted the similar event
here yesterday followed up from the
pit, and bulls shook the market to its
foundation with their demands for
more wheat, forcing September still
higher-to 81 065s.
1T was feverish day, giving prom
ise of sensational markets in the fu-
ture. While there were several points
in the news to-day which under ordi-
nary circumstances might have given
the bears a foothold, they had no infiu-
ence in view of the overpowering bull
sentiment among the traders.
Cables from Liverpool came to 35sd
houses sold as much as they bought.
higher than last night, but foreign
There were no important export trans
actions, and the spring wheat outlook
was made brighter by sunshine and
warm weather. Cash wheat No. l
northern f. o. b. aloat closed nomin-
ally at 81 13. The total sales of fu-
lures were 100000 bushels. Exports
of wheat and flour, both coasts, were
100000 bushels last week, while Eu-
rope purchased about 100000 BUSH
els more during the week at New York
and outports. Closing figures on wheat
futures to-day We're about AZ cents
higher than last year, and spot wheat
about IS cents higher
AT CHICAGO.
CHICAGO, Aug. 21-Dollar wheat
was reached in Chicago to-day. The
September option reached that figure a
few minutes before the close, and
wound up an excited days session at
991ac, an advance of 61ac since yester-
day. December closed at an equal lain.
For the first time since the recent phe-
nomenal advance began, the bull
clique let go of large blocks of their
holdings, which in a measure relieved
the strain. The excitement in wheat
was shared in by all the other mar
kets, trading in corn especially being
tremendous. Corn closed at a &c ad-
vance and oats wound up 1%c higher.
September wheat, which closed Fri
day at 93c, opened to-day anywhere
from 97c to CSC, and kept plungine
a
those figures and 9615c December was
unusually erratic, opening at 971sc, an
advance of about 412c, and iuctuating
between that price and 971sc. Enor-
nous quantities were sold at those fig
ures by people who had previously
bought it, the sales OF one of the best
known SPECTATORS, w K Linn, aggre-
eating millions of bushels. It was cur
rent opinion that had he not come into
the market the long looked for dollar
market would have been reached in a
very few minutes after the opening.
1t was not difficult to account for
the remarkable opening advance. Liv-
erpool quoted spot American red win
ter at 434c advance. while California
wheat was 114c per bushel higher. Crop
reports from the Northwest were even
NOTSS lildn nave HeTeIOIOF6 D66n re-
ceived. some predictions placing the
crop there at not to exceed Z or s
bushels per acre
The weeks export oe wheat and flour
from both coasts amounted to 5,2S0,00O
bushels, compared with 4,460, 600 bush
els the week previous, and 1891 900 for
the corresponding week of the year be-
fore The clearances from Atlantic
ports alcne for the last twenty-four
were equal in wheat and flour to f.
TOO, 900 bushels.
Chicago receipts were 219 cars, only
fifteen of which were contract grade.
The shipments hence were 212,0OO
bushels. Minneapolis and Duluth re-
ceived o43 cars. against 435 a year
ago. Argentina did not ship any wheat
TO Europe this week.
BY IL o'clock the market had assimi-
lated all the earlier offerings, and hum
gere1 for more to such an extent that
it rose again with more than its orig
inal voracity and leaped like a trout
to a fly. September wheat offering at
99c, Nay at the same time bringing 81.
The continental markets were about
as excited as the English markets, and
this fact had much to do with the
SDurt from 91c The Paris advance