The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-21
TOUCHED THE DOLLAR MARK.
WHEAT is HIGH AND MAY co
HIGHER YET.

Reports of a Shortage In the Crop.
Present Prices Compared with
Those of Last Year.
Chicago, Aug 9O.-Wheat scored a SEN
sational advance to-day at every mar
ket In the world with the exception of
Paris.
During the regular session of the Chi
cago Board of Trade september wheat
gained 57sc and December 52sc. On the
curb, after the regular hours, another ad-
vance of &c was made, September selling
freely at 96c. The wheat pit on change
to-day presented "a scene of activity, the
like Of which has not been witnessed since
the palmy days of Hutchinson, familiarly
known as "Old Hutch" The exact oppo-
site of Ed. Pardridge's famous raid in
1891 was in progress. That plunger began
his operations on the short side of the
market during the spring of 1891 and fore
ed the price from in the ninetes to 80
cents. To-day's advance places wheat on
the ground occupied before that raid and
in a position for even further apprecia-
tion.
The advance to-day was by no means
merely a Chicago bulge. Liverpool started
It, the English markets showing a gain
equivalent to 41aG4s4c per bushel. Every
American market followed the example,
New York gaining 52sc, st. Louis 4c, and
the northwestern markets cents. The
strength of the English markets was at
tributed to unsettled weather and covering
by shorts. The official report of the Hun
garlan crop showing 1t the smallest in
ten years, might have had some influence.
Beerbohm, the noted English statsti-
clan, estimated European necessities at
1884 200, 600 bushels, with 1S5OOO0OO of that
amount required from America. Cash
wheat in most of the American markets,
passed the dollar mark. That was the
case al Minneapolis, New York, Buffalo,
Baltimore and st. Louis, the cash pre-
miums here even increased to cents
over September options. The Liverpool
advance being made ahead of
the American, the English trad
ers were quick 70 accept
sure thing, and quietly absorbed all ca
bic offerings at last nights figures. New
York put the export engagements there
at 100 boat loads, but this figure was re-
garded much too low
Lack of available wheat here made 1t
impossible to do much cash business.
With huctuations so wild. spectators
were necessarily limited in their opera
tions 1t was a big market only IN the
sense that every one took part The mys-
terious bull clique, whose operations in
July option were very prominent, contin-
ued to be the center of discussion. Their
operations day after day have made IL
plain that a veteran is at the helm, but
his Identity has thus far been kept from
the public. Joseph Letter well-known
capitalist, Ia said to be heavily interested
in the deal and a well known car builder
Is supposed to have a hand in 1t also.
Although Pardridge's operations have not
been eclipsed, the combine Is now said to
be long of 100000 bushels of grain, near
~ half of the entire amount being Deem
Der corn.
Profits, It Is said have already been ac-
cepted amounting to over 100000 The
campaign in corn Is being pushed vigor-
ousy and prices to-day advanced about
one cent, with further gain of half
cent after the regular close
Oats also Were advanced by the bulge
and gained nearly one cent.
Provisions were not favored by pool op-
eratons and gained only 5Ql5 cents.
New York, Aug. 2O-At 1:45 o'clock to-
day September wheat in the local market
bushel. Naturally enough the incident ere
ated a tremendous sensation on the floor
OF the exchange. and was greeted with
prolonged cheers from half thousand
threats, being re-echoed from the crowed
galleries.
Several times during the early afternoon
the bulls snapped the price within * Of the
Il. ,.f
orders each time swept IL back again. The
final and successful effort was made under
the impulse OF export rumors reaching
enormous figures September was hanging
around 99lsc, when the export news was
first whispered about, and a onced danced
upward In response 10 excited local buying
Higher and higher It whlrled. watched by
everybody on the floor until the big black
clock 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 be-
ing satisfied. and claim that the wave OF
bull sentiment, which has spread like fire
all over the country, will carry the price
mere 10 AT ltaal Rls@v per buFhtlf anu per-
haps, even higher.
That dollar wheat Is already a thing OF
the past was demonstrated on the late
curb, when further clamorous demands
from hlgh-strung local shorts raised the
price TO 1904, or "A cent a bushel advance
from the official close. About 1000 bush
els OF wheat changed hands at 81 this
afternoon. From the very outset to-day
the local dealings were marked by great
excitement. Everybody felt that dollar
wheat was IN the air, and, while there
were occasional let-ups when traders un-
loaded iagH OF wheat, on which there was
a good pront they we're Invariably fOl- |
lowed by n general tightening OF values
on fresh waves Of reckless buying. The
crowd, being worked up 20 a pitch, eag-
orly swallowed the widest sort Of news
such as would be- ordinarily rejected.
The English market was up N the afr.
keeping free pace with our advance. The
closing prices were top of the day ana
ah0fhc higher than last night
French markets on the other hand held
back and showed practically no change.
throughout the day fluctuations Woro
very crrniic. nf times ie1plnR Aatsr b..
tween sales. Tho trade was conalderablv
"a.