The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-08-21
THE BOOM IN WHEAT.
The Leading Cereal Reaches and
Passes the dollar Mark"
EXCITING SCENES ON CHANGE.

Tho Bulls Claim That the Wave OF
Bull Sentiment, Which Has Spread
All Over the Country, VIII Carry the
Price to S1.95 or Higher.
New York. Aug. 21.-At 1:40 o'clock
yesterday September wheat in the local
market reached the long talked OF goal
Of 81 per bushel. Naturally enough. the
incident created tremendous sensa :
ton on the floor of the exchange and
was greeted with prolonged cheers from
half thousand throats. being re-
echoed from the crowded galleries.
Several times during the early after
noon the bulls snapped the price within
5sc. Of the desired mark. but return
wave of selling orders each time swept
1t back again. The final and success
full effort was made under the Impulse
Of export rumors reaching enormous
figures. September was hanging around
991sc. when the export news was first
whispered about. and at once danced
upwards in response to excited local
buying. Higher and higher It whred.
watched by everybody on the floor. un-
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 satisfied. and claim that
the wave Of bull sentiment. which has
spread like fire all over the country,
will carry the price here to at least
$1.25 per bushel. and perhaps even
higher. That dollar wheat Is already a
thing Of the past was demonstrated
on the late curb. when further camor-
Gus demands from high strung local
shorts raised the price to $10O1s. or a
cent bushel advance from the official
close. About $4,000 bushels of wheat
changed hands at 81 during the after
noon.
From the very outset local dealings
were marked by great excitement. |
Everybody felt that dollar wheat was
in the air, and while there were occa-
sional let ups when traders unloaded |
jags of wheat on which there was |
good profit, they were invariably fol-
lowed by general tightening of val
ues 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 En-
glsh market was up in the air, keep
ing free pace with our advance. Their
closing prices were top for the day
and 81 to Az pence higher than Thurs
day night. French markets, on the
other hand. held back and showed |
practically no response to the extra
ordinary 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 S7lsc. to 9sc. for September and
96%c. to 97Sc. for December. The latter
displayed the greatest strength dur
ing the day on large buying orders from
local houses and others. Subsequently
September dropped to 81 cents under
realizing sales, but at noon was chased
up to 99Sc. by frantic rush of buy
ing orders.
Throughout the day fluctuations were
very erratic, at times leaping u and
V cent between sales. The trade was
considerably amused over the stories
of enormous profits being made on the
boom. At one time yesterday cash
wheat here was nominally worth $l.06h
for No. l northern, f. o. b.. sloat, and
No. 2 red s1.041s. A year ago the for
mer sold at 6iBc., and the latter at
692sc. The price of September one year
ago was 63Bc.. and of December CSC.
Bullish spring wheat news was an i'm
portant factor in the advance all day,
just as 1t was Thursday.
The full range on September yester-
day was from 97c. to 81. the close be-
ing 99Ac. December opened at 96ac.,
sold off to CSC. up to 99c., and closed
at 98Ac. The total transactions We're
3. 355, 000 bushels. Export sales were
lis loads here and outports, including
three Cargoes for France