The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-22
WHEAT ADVANCED 7C
SEPTEMBER, AT CHICAGO, FINALLY
REACHES DOLLAR MARK.
Top Price Paid Seven Minutes Before
the Close. the Last Quota
ton Being 90 1-2c.
TRADERS REAPED A HARVEST
w. II. LINN CLEANED UP A QUARTER
MILLION DOLLARS AT csc.
The Bull Pool Paid Special Attention
to Corn, Which Scored "A Gain
of &c at the Close.
NOTHING TO CHECK THE BOOM
AT NEW YORK $1.13 WAS QUOTED
CASH WHEAT FREE ON BOARD.
Corresponding Rise All over the
Country, and Bulls Have Set
New Mark at $1.25.

CHICAGO Aug. 21-The dollar wheat
prophets were all gratified to-day After an
absence of six years the much -talked-of
figure reappeared for a moment during the
regular session of the Board of Trade to-
day, and the century mark was passed on
the curb after Change closed The Sep
tember option was worth 93c at yesterdays
close. 1t was bid for at to-day's opening
at 97q98c, sold between 961ac and 81, and
closed nominally at 9912c December closed
nominally at q discount of 5sc. These prices
were merely nominal, however, as the bull
pool called line of one million bushels at
81, and September sold freely on the curb
at$LG0%. To-day's market was a bull furore,
stimulated from start to finish by heavy
advances in the foreign market and sales
of two million bushels to foreigners yester-
day. The seaboard clearances were large,
but compared with the cable news, all other
matters were insignificant In the first
hours trading there was a good deal Of
important realizing by clever local people
who have withstood the temptation to real
ize handsome profits all through a 35c ad-
vance. 1t is generally understood that Will
liam r. Linn unloaded one million bushels
around CSC, which he has been accumu-
lating from 64c up. Several other impor-
tant lines were unloaded, and gave the mar
ket a temporary setback during the first
hour. The bull pool was not credited with
any selling, it's operations being confined to
the corn market. Seven minutes before the
closing bell tapped September wheat sold
at 81 after having reacted from 997sc sew
eral times. At t>ac. even figure only two
trades We're recorded, and 9915c was the
ruling price at the close, at an advance of
612c over yesterday. So much wheat was
called" at 81 on the curb that the price
was easily forced to $100A after the close.
While the wheat pit was boiling all
through to-day's session the trade was not
extraordinarily broad. The average specu-
lator and scalper was paralyzed by the
wildness of the market and restricted his
ventures accordingly An advance Of 35c
in six weeks has practically driven small
traders from the market and not a single
failure has been announced. To-day was
one of fierce margin calling. Every house
in the grain trade was compelled to put up
money as it has not done In years. This
afternoon considerable anxiety was appar-
ent. 1t was argued that the advance had
been going too fast for safety
TREMENDOUS CORN TRADE.
There was tremendous corn market to-
day; up almost cents at one time and ad-
Vancing another cent on the curb The
tactics Of the bull pool stirred the corn
pit to a furor. They sold about four mill
lion December on the advance later ran
the market through calls and got back
their long line. Higher cables and cash
sales of 100000 bushels were the chief bull
cards. Receipts are growing heavier daily
anu extremely favorable corn weather is
reported. Outside speculation seemed to
prefer the corn pit to-day and it's diversion
from from wheat to the cheaper cereal no doubt
contributed TO the phenomenal advance
oats prices gained cents, principally
out or sympathy with the other markets.
!, nesteIuay et i spectacular operations We're
not IN evidence, but a considerable volume
OIL outside orders forced the Improvement
Provisions were slow in the extreme that
pit being practically deserted.
The scenes on the floor of Change and
In the galleries to-day were the liveIiest in
many years. City people fiocked to the
long before the opening bell tapped and
they kept coming all day. Country specu-
llators, too, were much in evidence, al
though not in such great numbers as
might be expected. Dollar wheat has been
the slogan for the bulls long and their
motto has been received with so much de-
rison by the bears that the reality seemed
TO almost Stagger everyone. Dollar wheat
the bulls now cry, will look cheap before
their campaign is closed and with an un-
diminished export demand their predictions
may prove true. Meanwhile the farmer is
reaplng the golden harvest and the flour
millerS are boosting prices for the staff of
life
September wheat, which closed Friday at
93c, opened to-day anywhere from &c to
96c, ana Kept plunglng around wildly for
an hour between these ngures and 961bc. De-
cember was equally erratic opening at ga
91lsc, an advance of about pc and tiuctu-
ated between that price and 9515c Enormous
quantities were sold at these figures by
people who had previously bought it, the
sales of spectators aggregatingr millions
not been done just then the long-looked
for dollar mark would have been reached
1t was difficult to account for the remark
able opening advance Liverpool quoted
advance, while California wheat was 714c
per bushel higher Crop reports from the
Northwest were even worse than have
heretofore been received, some predictions
placing the crop there at not to exceed
seven or eight bushels to the acre. The
weeks export of wheat and flour from both
coasts amounted 10 5,21S 900 bushels COM
pared with 4,460O 600 bushels the weak pre-
vious and 299l.00O bushels the correspond
ances from Atlantic ports alone for the last
twenty-four hours We're equal in wheat and
flour TO 4,7Q)0N bushels; Chicago received
2l9 cars. only - of which were of the con-
tract grade The shipments hence were
Zl2,000 bushels. Minneapolis and Duluth re-
ceiNed 2i3 cars, against 435 a year ago.
Argentina did not ship any wheat to Eu-
rope this week. BY II o'clock the market
had asSimiIated al the earlier offerings
G Ir1+,Hd for ,,,ora 20 e,,db - -,tISt
that ii rose again with more than its orgi-
nal veracity and leaped like a trout at
fly to secure the September wheat offered
at 99c May at the same time bringing 81.
EXCITED FOREIGN MARKETS.
Continental markets were about as ex-
cited as the English markets and this fact
had much to do with the squirt from SIC.
The Paris advance was equal to 41sQ5c per
bushel. and Antwerp 6]2c per bushel. About
ten minutes before the close a dollar was
bid and accepted for a block of September
amid much excitement. This price was held
only for instant, however, plenty of
wheat coming on the market about this
time and at the close September was bring