Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-08-21
BULLS BELOVED
When They Forced Wheat
to Dollar Mark.
But They Are Not Satisfied and Now
Predict SIPS.
Curbstone Brokers Sold Later Tor hali Cent
Above the Dollar.


today, September wheat in the local
market reached the long attack of goal
of $1.00 per bushel. Naturally enough
the incident created tremendous SEN
sation on the floor of the exchange and
was greeted with prolonged cheers
from halfaa thousand throats. being re-
echoed from the crowded galleries
Several times during the early after
noon had the bulls snapped the price
within NC. of the desired mark, but a
return wave 81 selling orders each time
swept it back again. The final and
successful effort was made under the
impulse of export rumors reaching
enormous figures. September was
hanging around 99Ac. when the export
news was first whispered about and at
once danced upwards in response to ex-
cited local buying. Higher and higher
1t whirled, watched by everybody on
the floor. until 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 sat
isfied and claim that the wave OF bull
sentiment which has spread like fire all
over the country, will carry the price
here at least to $1.25 per bushel and
perhaps even higher. That dollar
wheat is already a thing of the past
was demonstrated on Inc late curb
when further clamorous demands from
high strung local shorts raised the
price to $1.0Oh. or cent bushel adj
vance from the official close. About
10000 bushels of wheat changed hands
at $1.00 this afternoon. From the very
outset, today, local dealings were
marked by great excitement. Every
body felt that dollar wheat was in the
air and while there were occasional let
ups when traders unloaded. jabs of
wheat, on which there was a good
profit. they were invariably followed
by general Tightening Of values 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 English
market was up in the air. keeping free
pace with our advance. Their closing
prices were top for the day and 3% q
4hc. higher than last night.
French markets, on the other hand.
held back and showed practically no
response to the extraordinary strength
in other markets. Private cables
credited the English advance to rainy
weather and excited covering by shorts.
First prices in this market were made
simultaneously at from 97h to Csc. for
September and 96A to 97ssc. for De-
cember. The latter displayed the
greatest strength during the day on
large buying orders from local houses
and others. Subsequently September
dropped to &c. under realizing sales.
but at noon was chased up to $3.50. by
a frantic rush of buying orders.
Throughout the day fluctuations were
very cratic at times leaping Y % hc.
between sales. The trade was consid-
erably amused over the stories of enor-
nous profits being made on the boom.
At one time today cash wheat here was
nominally worth $1.O6h for No.
Northern fob afioat and No. 2 red
$1.O4h. A year ago the former sold
at 64Bc. and the latter 69h q 69Nc.
The price of September one year ago
was G3asc and of December &C. Bull
ish spring wheat news was an import
ant factor in the advance all day. just
as it was yesterday.
The full range on September, today.
was from % to 81. the closing being
$3.50. December opened at 96A q
$3.50. sold off to sec. and closed at 98Ac.
Total transactions were S.355,000 BUSH
els. Export sales were 175 loads here
and out ports, including three cargoes
for France.