The record-union., 1897-08-21
Wheat Prices Continue to Boom All
Along the Line.
Another Remarkable Advance in September
at Chicago.
A Big Jump at Liverpool, Owing to
Reports of Poor Crops-Cash
Wheat a Dollar at Minneapolis
for the First Time in Seven
Years.

ket had another remarkable advance
to-day, September closing at 93c and
December 923sc, showing gains of 511s
and 53sc, respectively. There was SEN
sational advance at Liverpool, and poor
fcrop reports We're responsible for the
Fjump, which was accompanied by
asceneS of excitement almost unpara-
1e1led. On the curb this afternoon Sep
itember wheat sold at 9534c. Corn was
sadvanced 5sc, in spite of unfavorable
conditions, and oats closed 12c higher.
provisions advanced 5@15c.
Wheat opened with a roar at 9015c for
September and Gle for December
}against yesterdays closing prices of
FS71sc and S714c. An active scramble
Ffor the limited offerings at the COM
1nencement jumped the price 9112c for
@both September and December before
i1nuch could be bought. The early tele-
hgrams on market matters were quite
sufficient to acceptance for the renewal
tof the buying frenzy, with which a num-
isber of heavy operators have been seized
at intervals during the last six weeks.
Liverpool was excited and q A6D3sd higher
at the opening, notwithstanding yester-
days 1@sc decline here, and in the
course of half an hour the Liverpool ex-
.citement had carried the days rise up to
the equivalent of 51sc per bushel, the
cablegram quoting the advance at 41sd
per Genital. Crop reports from the
Northwest were even worse than usual.
while Beerbohm added fuel to the flames
by cabling predictions of 81 wheat on
account of the European crop being esti-
mated at 3S4, 100000 bushels short of
requirements.
Wheat had declined to S97sc for Sep
tember on realizing sales, but the pub
Hcation of such radical statements
started the spectators, and made them
to a man an excuse to get some wheat.
The result was that in two hours from
the opening December had risen to 93c
and September to 929sc while st. Louis.
Minneapolis and Duluth all quoted 81
as the price of cash wheat in their re-
spective markets.
The reports of foreign buying of cash
wheat at New York were of a sensa-
iona1 character. Every thing offered in
the shape of wheat or flour to London,
Liverpool, Bristol, Hull or other United
Kingdom ports was accepted, and before
noon 110 boat loads, or $4,000 bushels,
had been sold for export at New York.
The Paris market was reported about
11ac lower per bushel for the day, but for
all that orders We're heavy, and the de-
mand from the United Kingdom was
said to be immense. Every house here
with English connections had buying
orders for December wheat, many of
them to cover previous short sales.
Chicago receipts were 393 carloads of
wheat, only fourteen Of them contract,
and fifty-six of the lot were new spring.
Minneapolis and Duluth got 163 cars,
compared with 3TS year ago. Export
clearances from Atlantic ports were
equal to 100000 bushels.
The advance here, which finally
reached 931ac for both September and
December, seemed to have paralyzed the
cash trade, as only 10000 bushels We're
sold for shipment from here. The mar
ket was very erratic toward the close,
with fluctuations very frequent. Sep
tember was bringing 93c at the close,
and December was quoted at 922sc.
In spite of large receipts, a good deal
of country selling and a prospect of
nilder weather. corn was strong, and
at one time showed over a cent ad-
vance.
ADVANCE AT SAN FRANCISCO.
SAN FRANCISCO, Aug. 20.-Wheat
tmade a sharp advance on morning call
lin the local market, December closing
at 81 631a at noon.
1t is predicted that it will go still
higher this afternoon; to 81 60 or 81 66,
perhaps, owing to the fact that in
fChicago wheat sold up to 96c on the
curb, an advance of ? or cents on
the closing quotations of the market.
In New York, at the same time. the
curb quotation was 81 Oh per bushel.
This is the highest price wheat has
commanded since 1891, when it touched
81 30 per Genital in this city and 81 16
per bushel in Chicago. The only back
ing the advance had at that time was
an alleged shortage in the French
crop.
Starting now at bedrock price of
say IS cents, with an acknowledged
shortage all over the old world, with
India and the Argentine thrown in as
more than possible importers, it has
only reached what can be termed the
up grade in point Of value.
The way figures point at present,
America cannot begin to fill up the de-
pleted granaries of Europe. The crop
In California is only fair, possibly S0O,-
900 tons out Of 1000, 600 tons, the av-
erage yield in good years. The total
American crop is estimated by leading
and safe authorities all over the coun-
try at 100000. 600 bushels. Europe alone
will not require less than $50, ,000, 900
bushels to meet the shortage. Of this
amount America can only spare some
thing like 100000 600 bushels, leaving