The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-21
A NINE CENTS BULGE
DOLLAR WHEAT Is WELCoME BID
WITH A BAND OF MUSIC.
PROFITS TAKEN UP TO s2,00O,o0o
The Bull Clique Long 20, 900, 900 Grain--Sen-
sational Advance in Every Market of
the World Except Paris--frsco
in the Whirl

in the WhirI,
Chicago. ILL.,. Aug. 20.-Wheat scored
I. sensational advance to-day at every
market in the world with the exception
of Paris. During the regular session of
the Chicago board of trade September
wheat gained 57S cents and December
5ss cents. On the curb, after regular
hours, another advance of ) cents was
made. September selling freely at 30
cents.
The wheat pit on change to-day pre-
sented a scene of activity the like of
which has not been witnessed since the
palmy days of b. p Hutchinson. fam
;larly known as "Old Hutch" The ex
act opposite of Ed Pardridge's famous
raid in 1891 was in progress. That plung-
er began his operations on the short
side of the market during the spring of
1891, and forced4the price in from in the
ninties to 50 cents. To-day's advance
places wheat on the ground occupied be-
fore that raid and in a position for even
further appreciation.
The advance to-day was by no means
merely Chicago bulge. lAverpooi
started it. the English markets showing
a gain equivalent to 419l14A cents per
busSei.: Every American market follow
ed the example, New York gaining o9s,
ST. Louis cents and the northwestern,
markets six cents. The strength of the
Ehgiish markets was attributed to- unset
tied weather and covering by shorts. The
official report of the Hungarian crop,
showing IL the smallest in ten wears.
might have had some influence. Beer
boa,m. the noted English statistician esn-
mated European necessities at 3S4.0oo.-
900 bushels with 1S5, ,O00, ,oo0scf that a.
Mount required from America.
Cash wheat in most of the American
markets passed the dollar mark. That
was the case at Minneapolis, New York.
Buffalo. Baltimore and st. Louis. The
caSh premiums here even increased to
three cents over September option.
The Liverpool advance being made a.
head Of the American, the English trad
ers were quick to accept sure tnlng
.sa ouietly absorbed all cable offerings
nit last nights figures. New York put
the export engagements there at 100
boat loads, but this figure was regarded
nnch too low. Lack of available wheat
here made it impossible to do much cash
husiness and only one lot of 14O,0OU
bushels was reported sold. Atlantic clear
..c~s were extremely large and the to-
tai for the week of 100000 bushels
reaorted lust after the close caused
further advance of three cents A few
ssies of September were made ON fhe
curb at 961k and trade was quite free
around 90.
With fluctuations so wild spectators
necessarily limited their operations. 1t
was q big market only in the sense that
every one took part.
TNe mysterious ''bull clique" whose
sperations in July option were very prom-
anent. continue to be the center of dis
cussion. Their operations day after day
have made it plain that veteran is at
the helm. but his identity has thus far
been kept from the public. Joseph Lett
>r A we'll known local capitalist. is said
ts be heavily interested in the deal and
well known car builder is supposed to
have a hand in it also. Although Par
IssSess onerations have not been eclipsed,
thr esabine is now said ito be long Of
% 600 600 bushels of grain, nearly half
sf the entire amount being December
cor~ Profits, it is said, have alreaay
beea accepted. amounting to over $2,oOo,-
soe.
gbe campaign IN corn is being pushed
vigorously and prices to-day advanced
about one cent with further gain OF
half A. cent after the regular close.
Oats also were aided by the bull crowd,
and gained nearly orr cent.
Provisions were not Afavored by poor
.nerations and gained only 5@15 cents.
DOLLAR WHEAT AND MUSIC.
Minneapolis Mimi, Aug. 2O.-Cash
wheat today sold at dollar in Mime
apoIis, the first time since the summer
of 1890. Predictions today were that
futures would follow within few days,
in view Of the advance Of 6 cents today.
On the chamber of commerce floor there
was a shout of expectancy from the pit
as the price approached dollar The
market was strong, opening cents
higher than yesterdays close, supported
by strong foreign news and bullish north
west reports. The price of cash wheat
had just passed the dollar point when
from down the hallway came the sound
of martial music. There was a rush for
the door and the crowd broke into cheer
as iup the corridor came c. A. Pillsbruy
at the head of a band of music which was
pounding out n dollar memorial march.
Mr.. Pillsbury led his band through the
doorway and onto the floor while hats
went up and cheers proclaimed the entire
satisfaction with which a majority re-
ceived the news Of dollar wheat.
The market whirled away and very
few attempted to keep up with it, The