The record-union., 1897-08-21

the 81 mark, and this time on a legit-
innate basis regulated by supply and
demand. So far as can be gathered
at present, there appears some cer-
tainty that the crop in Great Britain
viii be about the same as last year.
Russia is short beyond peradventure,
and enough is now known to substan-
tiate the statement that France will
be an importer. Both India and the
Argentine are still in the problematic
stage, but indications point to not only
a shortage, but a bad one in both
places. As for Australia, the resources
of California were drawn upon last
year to no light extent, and the best
authorities now admit that the demand
from that quarter will be about the
same. with a new customer in South
Africa
For the first time in many years in
California the granger of the San Joa-
quin and Sacramento will be able to
look prosperity in the face and smile
when the collector of the mortgages
ambles Up to the front porch.
If they have not coppered the ad-
vance early in the game, some of the
larger farms will be able to lift large
portion of the debt which has ham
pered the owner for years.
Not long ago the poorhouse did not
loom up very far away from the major
ity of our California ranchers. Now
they can realize with imperturbed
spirit that other fellows are scoOping
up millions with a shovel on the ice
girt Klondike.
HIGHER AT NEW YORK.
NEW YORK, Aug. 20.-At / 40 p. m.
to-day September wheat in the local
market reached the 81 mark. and there
were cheers from more than 1000
throats. Several times during the
early afternoon the bulls snapped the
price within 9sc of the desired market,
but a return wave of selling orders
each time swept it back. The final and
successful effort was made under i'm
pulse of export rumors, reaching enor-
nous figures. September was hang
ing around 991sc, when export news
was first whispered about, and at once
danced upwards in response to ex
cited local buying. Higher and higher
it whirled, watched by everybody on
the floor, until the big black finger of
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 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
81 % per bushel, and perhaps evea
higher.
That dollar wheat is already a thing
of the past was demonstrated on the
curb, when clamorous demands from
high strung local shorts raised the
price to 81 001b, or a cent bushel ad-
vance from the official close. About
$1,000 bushels of wheat changed hands
at 81 this afternoon.
From the very outset to-day the To-
cal dealings were marked by great ex-
citement. Everybody felt that dollar
wheat was in the air, and while there
We're occasional let-ups when traders
unloaded jags of wheat on which there
was good profits, they were invariably
followed by a general Tightening of
values on fresh waves of reckless buy
ing The crowd, being keyed up to
high pitch of excitement, eagerly swal-
lowed 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 advances.
Their closing prices were the top for
the day, and 334@41s pence 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 cred
tied the English advance to rainy
Woo fba, ond avoifod nOvay.incr hv cbOrsta
First prices in this market were made
simultaneously at from 9715@9Sc for
September, and 96A A@973sc for Decem-
ber The latter displayed the greatest
strength during the day on large puy-
ing orders from local houses and 9TH
ers. Subsequently September dropped
70 97c under realizing sales, out at
noon was chased to 993sc by a frantic
rush of buying orders.
Throughout the day fluctuations were
very erratic, at times leaping A@1ac
between sales. The trade was consid-
erably amused over the stories of enor-
nous profits being made on the boom.
At one time here to-day cash wheat
was nominally worth 81 061a for No.
northern f. o. b. afioat, and No. 2 red
81 0412. A year ago the former sold
at 647sc, and the latter at 691s@693sc.
The price of September a year ago was
633sc, and December 66c.
Bullish spring wheat news was an
important factor in the advance all
day. Just as it was yesterday. The
full range on September to-day was
from 97cGS1, the close being 993sc
December opened at 9634@973sc, sold
off to 96c, up to 99c, and closed at
9SAc.
The total transactions We're S355.000
bushels. Export sales were 175 loads
here and out ports, including three car
goes fer France.
A DOLLAR AT MINNEAPOLIS.
MINNEAPOLIS, Aug. 20 = Cash
wheat sold to-day at dollar, the first
time since the summer of 1890. The
predictions to-day were that futures
would follow within a few days, in
view OF the advance of six cents to-
day
On the Chamber of Commerce floor
there was a shout of expectancy from
the pit as the price approached a dol
lar The market was strong, opening
cents higher than yesterdays close,
supported by strong foreign news and
the hullish northwest reports.
The price of cash wheat had just
passed the dollar point, when from
down the hallway came the sound of
martial music. There was rush for
the door, and the crowd broke into
a cheer as up the corridor came G. A.
Pillsbury at the head of a band of
music. which was pounding out a dol
lar memorial march. Mr.. Pillsbury led
his band through the doorway and onto
the floor while hats went up and