Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-08-28

being tremendous.
September wheat, which closed Friday
at SO cents, opened Saturday anywhere
from 81 to SO cents, and kept plungin9
around wildly for an hour between thcse
figures and SO l-2 cents. Enormous quan
titles were sold at those figures by peo
pie who had previously bought it, The
sales of one of the best known spectators
W. X. Linn, aggregating millions O
bushels. It was the current opinion thai
had he not come into the market tho
long looked for dollar market would have
been reached in a few minutes after tn,
opening 1t was not difficult to account
for the remarkable opening advance. Liv,
erpool quoted spot American red wintc,
wheat at 3-4 cents advance while Cali
fornia wheat was I IA cents higher. CroI
reports from the northwest were even
worse than have heretofore been received
some predictions placing the crop ther
at not to exceed seven or eight bushel
per acre.
Pleased the Prophets.
The dollar-wheat prophets were all
gratitied Saturday, After an absence u
six years the much talked-of figure re
appears for moment during the regular
session of the board of trade and the
century mark passed on the curb aftel
change closed. The days market was
bull furor stimulated by heavy advances
in the foreign market and sales Of 2,OOO,-
900 bushels to foreigners Friday. An ad-
vance of 80 cents in six weeks has practi-
cally driven small traders from the mar
ket, and not single failure has been an
nounced. Saturday was one of fierce mar
gin calling Every house in the grain
trade was compelled to put up money as
it has not done in years. In the after
noon considerable anxiety was apparent
The weeks export of wheat and flour
from both coasts amounted to 5,2lS,O0O
bushels, compared with 100000 bushels
in the week previous, and 299l 900 for
the corresponding week of the year
before.
Huge Corn Sales.
Bushes in the corn pit was on al
immense scale, millions of bushels chang
ing hands during the session. The pit
was crowded all day with excited spccu
lators, and price fluctuations were rapid
and violent. The shorts made mad
rush to cover at the opening, and forced
prices up l-2 cents over yesterday 5
closing. Holders of long corn let g
there, their selling being prompted by
predictions of warmer weather in the corn
belt Elevator people also sold heavily on
the advance and | cent reaction ensued
The market was influenced greatly by
wheat, however, and prices again ad
vanced.
The buying craze was also manifested
in the oats market and extremely heavy
business was transacted.
Provisions were also in great request
and sharp advances all around were
scored at the opening.
He Checked the Market.
Lynn sold about 100000 bushels Of
September wheat in the mornings trad
ing around 81 cents. 1t was Lynn's sell
ing that stopped the advance after the
opening. just before ii o'clock wheat
began to suddenly advance again and the
price jumped up to new high point, over
topping anything ever seen on the regll-
lar board, 9S IL cents for September. A
little later the record was 50 Sd cents for
was up to $l.O5. Meanwhile Schwartz
Dupee's selling of corn was keeping up at
33 cents for December. This firm had up
to ll:l5 o'clock d. m. sold between two
and three million bushels of corn. Be
fore 80 September wheat touched 90;
New York started the latter advance by
showing no break when Chicago yield
ed.
Excitement on New York Change.
New y Iork, Aug. 23.-Wheat bulls add
ed 5 cents a bushel to the dollar mark
attained Friday, and are now out for 81 p
a bushel in the New York market. Sat
urday's opening was one of the most eN
citing OF the entire week. Members and
others who had not been seen in down
town circles for years tlocked to the floor
and gallery to watch the sensational de-
yelopments in wheat. Closing figures on
wheat futures Saturday We're about g.
cents higher than last year, and spot
wheat about 5S cents higher.
With rush and deafening uproal
wheat started out Saturday morning or
it's climb toward the new level set by the
bulls for September or December, Sl.25 q
bushel Every eye on the floor was fixed
on the big dial Round and round went
the whirl until $l.O23 was marked fol
wheat Fresh high levels were reached
the swarm of writhing brokers in the pit
became simply frantic and the bewilder-
ing roar which ascended like bedlam tc
the living fringed gallery reminded the
spectators more of wildly excited politi
cal meeting than OF regular business IN
which thousands and thousands of dollars
were changing hands on a nod Of the head
or wave of a card.
Just before closing wheat again
branched out into excited trading, with
the attendant rise to the highest point
Sl.O5s for September.
ST. Louis Breaks Its Record.
st. Louis, Aug. 23.-The wheat mar
ket here made new records Saturday, all
options as we'll as cash selling and clos
ing at good advance over the dollar
mark 1t was the first time in six years
that the prevailing option on wheat sold
above 81, and the first time in the history
of the exchange that sales at more tha1
81 per bushel were made in three options
during the same session. In addition tC
this, cash wheat sold at $l.05.
San Franci.cO's Advances.
San Francisco, Aug. 23.-The local
wheat market opened this morning with
an advance of cents over last nights
figures, and the scene in the pit was one
of wild excitement. December option