The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-08-21
THE BOOM in WHEAT.
The Leading Cereal Reaches and
Passes the Dollar Mark"
EXCITING SCENES ON CHANGE.

The Bulls Claim That the wave OF
Bull Sentiment, Which HAS Spread
All over the Country, VIII Carry the
Price to s1.s5 or Higher.
New York. Aug. 21.-At 1:4O o'clock
yesterday September wheat in the local
market reached the long talked of goal
of 81 per bushel Naturally enough, the
incident created a tremendous sensa-
tion on the floor of the exchange and
was greeted with prolonged cheers from
half a thousand throats, being re-
echoed from the crowded galleries.
Several times during the early after
noon the bulls snapped the price within
&c of the desired mark, but a return
wave of selling orders each time swept
It back again. The final and success
full effort was made under the impulse
of export rumors reaching enormous
figures. September was hanging around
991sc. when the export news was first
whispered about, and at once danced
upwards i'm response to excited local
buying. Higher and higher it whirled,
watched by everybody on the floor, un-
til the big black finger on the record
dial pumped fairly on the even figure,
and dollar wheat in New York was
an accomplished fact.
Now that the bulls have attained
their boast they are as far as ever
from being satisfied and claim that
the wave of bun sentiment, which has
spread like fire all oyer the country
will carry the price here to at least
S1.25 per bushel and perhaps even
higher. That dollar wheat is already a
thing of the past was demonstrated
on the late curb, when further clamor-
| Gus demands from high strung local
shorts raised the price to 81 1001b or a
cent bushel advance from the official
| close. About $4,000 bushels Of wheat
changed hands at 81 during the after
| noon
From the very outset local dealings
were marked by great excitement.
Everybody felt that dollar wheat was
in the air, and while there were occa-
sional let ups when traders unloaded
! jags of wheat on which there was a
! good profit, they were invariably fol-
! lowed by a general tightening of val
ues on fresh waves Of reckless buying
| The crowd, being keyed up to a high
| pitch of excitement, eagerly swallowed
the widest sort of bull news, such as
would be ordinarily rejected. The En-
glish market was up in the air, keep
/ ing free pace with our advance. Their
closing prices We're top for the day
and 3% to Az pence higher than Thurs
! day night French markets, on the
other hand, held back and showed
practically no response to the extra
ordinary strength in other markets
] fn pah Ia s-1,
advance to rainy weather and excited
covering by shorts. First prices in this
market were made simultaneously at
from 971Ac. to Csc. for September and
g6Ac. to 973sc. for December. The latter
displayed the greatest strength dur
ing the day on large buying orders from
local houses and others. Subsequently
September dropped to 81 cents under
realizing sales, but at noon was chased
up to 993sc. by a frantic rush of buy
ing orders.
Throughout the day fluctuations were
very erratic, at times leaping a ant
u cent between sales The trade wa.
considerably amused over the storie.
of enormous profits being made on tn,
boom. At one time yesterday casl
wheat here was nominally worth 81 O6E
for No. 1 northern, f. o. b., ahoat, ant
No. 2 red $1.O41a. A year ago the for.
mer sold at 64Hc., and the latter al
693sc The price of September one yeal
ago was cage, and of December SEC
Bullish spring wheat news was an i'm.
portant factor in the advance all day
just as it was Thursday
The full range on September yester.
day was from &c. to 81, the close be.