Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-08-28
PANDEM0N!UM IN PITS
WHEAT HAS JUMPED TO THE DOL
LAR A BUSHEL POINT.
Chicago Change Went Crazy, Ne"
York and minneapolis Also
DcliriOus.

Chicago, Aug. 2l.-Wheat scored a
sensational advance yesterday at every
market in the world, with the exception
of Paris. During the regular sensation
of the Chicago boald of trade, September
wheat gained 81 cents and December s.
cents. On the curb, after regular hours,
an advance of cents was made, Septem-
Der selling freely at 96 cents.
The wheat pit on change today pre-
sented scene of activity, the like OF
which has never been witnessed since
the palmy days Of B. p. Hutchinson,
familiarly known as "Old Hutch" The
exact opposite of Ed Partridge'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 forced the price from in the nineties
to so cents. Today the advance placed
wheat on the ground occupied before the
raid, and in a position for even further
appreciation. The advance today was by
no means merely Chicago bulge. Liver
pool started it, the English market show
ing gain equivalent to Al cents per
bushel. Every American market fol
lowed the example, New York gaining
So cents, St. Louis 4 cents and the north
western markets G cents. The strength
of the English markets was attributed to
the unsettled weather and covering by
shorts. The official report of the Hun
garian crop, showing it to be the smallest
in 10 years, might have had some in
fluence.
Beerbohm, the noted English sta
tistician, estimated European necessities
at 3S4, 100000 bushels, with 1S3. 100000
bushels of that amount required from
America.
Cash wheat in most of the American
markets passed the dollar mark. That
was the case in Minneapolis, New York
Buffalo, Baltimore and st. Louis. The
cash premiums here even increased to 3
cents over the September option.
The Liverpool advance being made
ahead of the American, the English trad
ers We're quick to accept sure thing,
and quietly absorbed all cable offerings
at last nights figures. New York put the
export engagements there at 100 boat
loads, but this figure was regarded as
much too low. Lack Of available wheat
here made it impossible to do much cash
business, and only one lot of 100000 bush
els was reported sold. Atlantic clearances
were extremely large and the total for
the week of 5000 900 bushels reported ust
after the close caused further advance
of cents.
A few sales of September We're made
on the curb at 9Gs, and trade was quite
free around 06.
With fluctuations wide, some spec'i-
lators necessarily limited their operations.
1t was a bid market only in the sense
that every one took part.
Mysterious "Bull Clique"
The mysterious ''bull clique, whose
operations in July options were prom
nent. continue to be the topic OF dis
cussion. Their operations day after day
have made it plain that veteran IS at
the helm but his identity has thus tai
been kept from the public.
Joseph Letter. well known local cap
italist, is said to be heavily interested
in the deal and well known car builder
is supposed to have hand in the game.
Although Partridge's operations have not
been eclipsed, the combine is now SAID
to be long over 20,000,00O bushels OF
grain nearly half Of the entire amount
being December corn. Profits, 1T Is SAID,
have already been accepted amounting to
over $2,OG0.00O.
The compaign in corn is being pushed
vigorously, and prices today advanced
about / cent, with a further gain OF half
a cent after the regular close.
Oats were aided by bull crowd, and
gained nearly ] cent.
Provisions were not affected by the
pool operations, and gained only to Z
cents.
Other Markets Excited.
St. Louis, Minneapolis and Duluth all
quoted 81 as the price of cash wheat IN
their respective markets. The reports OF
foreign buying Of cash wheat at New
York were of sensational character
Everything offered in the shape OF wheat
or -four to London, Liverpool, Bristol
Hull or other United Kingdom ports was
accepted, and before noon SSO0OO bushels
had been sold for export at New York.
Snn Francisco in the Swim.
San Francisco, Aug. 2l.-Intense ex-
citement prevailed in the local wheat mar
ket yesterday and options advanced with
great leaps. December opened at Sl.5o,
receded for a moment and closed at 81 cog.
After the call there was an advance to
Sl.6lj. An hour later it rose to 81 .63, but
at ll:l5 there were large sales to secure
profits and prices had sharp decline
This afternoon December wheat opened at
81 GA and closed at 81 .G3s.
Quotations Mt Portland.
Portland, Or. Aug 2l.-The local wheat
market, being governed yesterday entirely
by the foreign markets, responded to
the advance in the east, in SO far as
warranted by Liverpool quotations, ana
exporters quoted o44 cents for Walla
Walla and SO for valley as the top fig
ures, based on the present stiff charter
rates prevailing.
EurOne's Crop Deficiency.
Washington, Aug. 2l.-Advices to the
agricultural department from private
and indirectly official sources confirm the
predictions of considerable deficiency in
the European wheat crop.
Tacoma Market Excited.
Tacoma. Aug. 2l.-The wheat market
was much excited and higher yesterday,