Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-21
WHEAT AT A DOLLAR
THE LONG-TALKED-OF GOAL
FINALLY REACHED.
TREMENDOUS SENSATION.
The New Price Greeted With Pro-
IoDged Cheers on the Floor of the
Mt Minneapolis.

NEW YORK, August 2O.-At 1:lo o'clock
to-day September wheat, in the local
market, reached the long-talked-of goal
Of 81 per bushel. Naturally enough, the
incident created a tremendous sensation
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 afternoon the bulls
snapped the price within 5-S OF the de-
sired mark, but a return wave OF selling
orders each time swept it back again.
The final and successful effort was made
under the impulse Of export rumors re-
porting enormous figures. September
was around 80 3-S when the export news
was whispered about. and at once danced
ing. Higher and higher it whirled,
watched by everybody on the floor, until
the big black finger on 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 ali
over the country will carry the price here
TO at least Sl.25 per bushel, and perhaps
even higher. That dollar wheat is al
ready a thing of the past was demon
strated on the late curb. when further
clamorous demands from high-strung To-
cal shorts raised the price to S1.OO 1-2. or
a cent above the official close. About
$1,000 bushels of wheat changed hands at
81, this afternoon.
From the very outset to-day the local
dealings were marked by great excite
ment. Everybody felt that dollar wheat
was in the air, and while there were
occasional let-ups, when traders unload
ed tabs of wheat, on which there was q
good profit, they were invariably fol-
lowed by a general tightening of values,
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 English mar
ket was up in the air. keeping free pace
with our advance The closing prices
were top for the day, and 33-4lii Ii
higher than last night. French mar
kets. on the other hand, held back, and
extraordinary strength in other markets.
Private cables credited the English ad-
vance to rainy weather ana excited
covering by shorts.
Throughout the day fluctuations were
very erratic at times, leaving 1-2c. be-
tween sales. The talent was consdera-
bly, amused over the stories OF the enor-
nous profits being made. Cash wheat
was normally worth $l06 IL for No. l
northern afoat, and Sl.Oi IL for No.
red. Sixty-four and seyen-eighths was
the price for the former year ago, and
| IS 3-4 for the latter at the same date;
| G3 3-S for September and 81 5-S December.
Rullish spring-wheat news was an I'M
portant factor in the advance all day,
| Just as it was yesterday. The full range
on September to-day was from 81 10 ST.
the close being at y93-S. December
| opened at 9s 3-4Q97 3-S. sold Off to 96, and
| ,i.,s.,l 90 oo1 --s-i .----..---tio-'
were $4,000 bushels
Export sales were l75 loads here and al
outports, including three cargoes fol
| France.