The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-21
SEPTEMBER WHEAT AT 81.
HASN'T REACHED THAT POINT BE-
FORE IN SIX YE.fRS.


Cheer" on the Produce Exchange Here ana .
brnss Band Mt Minneapolis to Celebrate
the Enormous Profits BcInE Made by
III" Bulls The Market Closed strong.
For the first time since september. 1891. the
September wheat future sold yesterday after.
noon on the New York Produce Exchange at 81 n
bushel. 1t was also the first time since the spring
of 1892 that any future has sold at that price.
When the big dial that registers the course OF
quotations spun around to the dollar mark at
1899 o'clock there was II great demonstration.
The brokers checrcd and clapped their hands.
and hats we're thrown into the air.
From the opening the market presented sen.
%sational features. The initial quotations for
futures represented an advance over night of 1
cents a bushcl. This advance was in response to
an excited jump In the English grain markets,
described by private cable dispatches from
LIVERPOOL ms due to n panic OF the bears because
OF advices from America of a reduction in our
spring wheat yield. Under the stimulus from
abroad there was general buying here, with
conditions gradually shaping themselves so as
to produce another runaway bull market.
The September future opened, on simultaneous
sales made in different parts of the pit, at all
the way from 97ln to 90 cents a bushel, against
81 cents the closing price on Thursday. The
lowest price Of the day was 97ls cents. The
first transaction at 81 represented 10000
bushels SOld by Broker RODert w. GWatnnley 10
Broker Harry l.. Day OF the firm OF Mcintyre g.
Wardwcll. The purchase was made on an order
received from Duluth. and Mr.. Gwathmey made
the sale for the account Of William bingham.
There was a slight reaction in the price after
this sale, but it soon touched the dollar mark
again. Altogether about $4,000 bushels were
sold at that price. In the final dealings tho
market again reacted, with the official closing
price at 2:l5 o'clock 9Das cents.
The December future opened at 96a cents.
against 92a cents the close ON Thursday; early
sold at 81 cents and then advanced to 80 cents.
with the official closing price osL cents. After
the official close, however. the brokers contin-
ued to do business on the curb. and amid much
excitement there was another boost that carried
quotations to the highest figures OF the day.
On the curb the September future sold at 10lla
cents. or 2ls cents above the official close for the
day, and 7La cents above the closing price on
Thursday. The news that prices were booming
on the Chicago curb acted as an invigoratinG in
Up to the official closing the ,ransactions for
the day in wheat futures we're csiinateT to have
not a particularly heavy total in view OF the
total on some other days in the history OF the
Exchange on which sensational movements in
prices occurred. A feature OF the dealings was
exceedingly heavy buying of futures by English
something like loo. 900 bushels. Continental
European houses, on the other hand, were sell
selling represented the taking OF profits on the
long side, and agg scgatcd about 5O0.UnO bushels.
Trading. outside of the English and Continental
sion houses were moderate traders. but the cX-
traordinary movement of prices acted as a check
upon business rather than as an incentive to-
ward increasing ii.
In the afternoon the leading influence in fur
Their advancing quotations was the news that.
even at the sensational rise already recorded.
all offerings of cash wheat were being eagerly
snapped up by export houses. This indicated
the urgency OF the foreign demand, for our
wheat and the extent OF foreign crop SHORTAGES,
been Bought for export. here and at the
outports, anywhere from 500, 900 to l.40O.O 600
F PTsnSts' ABOUT %s 'n aso.ooo 'p bushels isFs of co 'Gn
were also taken for export here and all the divi:
sions Of the cash grain market were higher and
made at 81 .o6I4 for No. ] northern and Sl.o2l2
for No. . red. No. ! northern ruled at g cents
over the September price and on that basis the
curb quotation of Sl.olla for September made
it, late in the afternoon. nominally Sl47l..
similar stories of excitement and advancing
quotations; Chicago. St, Louis, Duluth and
neapolis C.. 4. Pillsbury marched into, the
Chamber of Commerce at the, head of a brass
The bulls in wheat in all the markets have
made enormous profits; on II" Produce TX:
Hentz s. Co, sold for Continental European ac
count @00.OOO bushels OF long wheat on which
the profit amounted to 20 cents u bushcl. This
is only a sample OF many similar cases, and
the profits have all been made within a few
weeks.
lAAN Al ~ 'EA "| n ~ "AN SO
relating to the Northwestern spring wheat crop
The advices indicated that the previous est
mates AS to the yield Of Minnesota and the twc
Dakotas would have To be decidedly reduced
Smut and blight are going TO cut down the total
A Minneapolis crop expert, who has made a trlI
through the three states. estimated their to,a
yield at ll9. 700. 900 bushels, as compared with
estimates in excess OF 100000, 900 bushels I
month ago. Last year the yield OF thest
States. which are the great spring wheat States
was lO4, 900. 900 bushels, and in lsa5, tn,
bumper crop year. 56.OOO,OOo bushels. Thu
first sheaf OF spring wheat OF the season 10 react
here was on exhibition nj The office of the Grea
Northern Railway yesterday. 1t was harvested
near Crookston, Mimi, and the berry was re
Q mRrkably fun and fine, indicating that tina
section. at any rate. had not suffered damage.
Q Further bullish news also came III regard Il
I foreign crops. A Budapest dispatch said tina
1 the official report as to the recent floods in Hun
gary showed the most widespread and seriOu
d damage TO crops, which this year are amonl
Q the poorest within a decade. The advance h
the Liverpool market for wheat cquallcd 42 Il
/, Az cents n bushcl. The export clearanccs 70
y the day from the Atlantic scaboard OF whoa
, and -four were equivalent to III 200 bushels
making a total of 900, 600 bushels for the pas
five DAYS.
7 An incident of the day was the shipment by
local bank TO Kansas City of SlOO. 600 in bills o
, small denomination to b. used in moving III
. crops of that section and in paying farm labor
I crs. The usual demand at harvest time froi
the West for small notes is now beginning an
is expected to increase steadily.