Omaha daily bee., 1897-08-19
DOLLAR WHEAT IS IN SIGHT
Conservative Traders Now Admit That it
is Possibility.
ADVANCE OF FIVE CENTS ON 'CHANeE
wild scenes Among the Dealers I'm
New York and ChicnEo-priccs
Go Upward in Zig
Jumps.

NEW YORK Aug 1s.-High water mark
for the season was reached in the wheat
market today. not only In values, but as to
the volume OF transactions as well. Prices
advanced 4A cents to cents for the day
and sales reached the big total Of 1i,3i5OOo
bushels.
Excitement prevailed in the market from
start to finish but particularly in the last
hour, when the advances became so rapid
that frequently the fluctuations were marked
by a cent fractlone instead OF II and lie
cent. changes that are ordinarily seen.
lot OF operators who had been fighting the
advance all day were among the foremost
buyers in the afternoon. The phenomena!
character OF the upward movement and
scarcity OF wheat for sale fairly staggered
them. The demand wds particularly active
in the December option, which, from dis
count OF las cents under September at the
start narrowed the difference TO ss cent al
the close. The total range on September
was from 91L cents to 94% cents against
S9M cents the lowest price of yesterday, ana
s2A cents, the previous top notch for the
season.
The advance today began with a sensa-
tional rise in Liverpool quotations this
morning instead OF the weakness generally
expected This was followed up by rumors
of big jump in curb prices at Paris, the
market being closed on account OF a holiday.
On top of these factors was big demand
from foreign houses, and reports that al OF
last nights offers to the other side had been
accepted including three cargoes for France.
Spring wheat news also brought in lots OF
buying orders. it being considered very bull
lish by the trade here, as the weather is
too cold and wet in many sections for har-
vesting operations.
OLD TRADERS AMAZED.
hos haan
traordinary movement in wheat values as
took place today. Even the old traders
were amazed at the stubborn advances,
while those who have heretofore secuted
the dollar wheat theory were obliged to
admit that there was every prospect of Sep
| tember reaching that price on the mere
| theory of supply and demand. The official
market closed at a net advance OF from
! Az to cents in wheat On curb September
sold from 94% cents down to 95& cents.
| Corn advanced from Is to q cent and oats
| advanced q cent for the day.
CHICAGO. Aug. 1s.-September wheat
| closed at Ss15 cents today, the highest
| point it has reached since 1891, and an
advance of full Az cents since yesterday.
| The closing was a scene long to be remem-
| bered. the pit in the last few minutes of
! trading becoming a struggling mass of ex-
| cited spectators trying frantically to buy.
| But there was literally no wheat for sale
| and the efforts OF the shorts took the market
| OF Its ieet, september Jumping HedliN a
| cent in the last minute. December showed
| a stlll more radical advance, and for a
| time sold on even terms with the nearer
| future At the close SS2s cents was bid,
| or SO. cents above the closing figures yes
| terday.
| Trouble was predicted for the unfortunate
| shorts from the start by the action OF the
! Liverpool market, which opened strong and
rapidly grew stronger. But 1t was the
| Paris market which caused the trouble. Ad-
vices from there late in the day showed
! an advance in August wheat equivalent tc
| ga cents since Saturday. This started 2
scramble to cover, which did not stop till
the closing bell sounded.
| KANSAS CITY, Aug. 1s.-No. hard
| wheat which sold here yesterday at 1914
cents, today sold above 81 cents toward tn
end OF the trading, though most of the
| days business done at 81 cents before
the big advance occurred Cash wheat was
| selling here 212 cents above yesterday
| prices before there was that much advance
| elsewhere and almost all the No. har5
| wheat was sold at 81 cents before buyer.
began to bid above that. There were a few
late sales as high as S4h cents, showing ar
| extreme advance of cents over yesterdays
| last DriCes