The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-19
DOLLAR WHEAT REALITY
THE LINE CRossED yesterday BY
CASH NO. 4.

Quotations for Futures Advance from . TO 8
Cents Upon Continued Favorable News Of
tho Foreign Situntion - bears in n wild
Scramble to Cover short wheat Contracts.
There was n runaway bull market In wheat on
tho Produce Exchange yesterday, with quota
tions for futures advancing from 4 to 8 cents
and tho price of cash wheat, No. l North.
ern, free on bonrd afoat, going TO Sl.oOh a
bushol. The bcars were In n panic. and tumblod
ovor each other in their wild endcavors to get
the wheat with which to cover their short con-
tracts. News bearing upon tho foreign situation
was again the chief influence in advancing quo.
~tations. Tho foreign grain markets were very
strong, and export houses were large buyers OF
wheat TO be shipped abroad to the countries
whore crops are short this year.
The September future opened with sales made
simultaneously in different parts of the wheat
pit at prices ranging all the way from 91as cents
to Ola cents a bushel, against 80 cents at the
close on Tuesday. Early the price touched Ola
cents, which WAS tho lowest of the day. The
highest of the day was 94Hs cents, Mt which sales
were made Just before tho close. This price
compared with 924 cents, tho previous high
record for the year, made on Monday. The close
was at a slight reaction OF 50 OF n cent, at 94h
conts, representing n net advance over Tues
days close Of III cents n bushel.
For the December future the advance was
even greater. That future opened at 80 cents q
bushel, against ss7s cents. the close on Tues
day, and advanced to 81 cents. breaking tho
previous high record OF 9Oas cents. made on
Tuesday. Tho close was at 037s cents, or 5
cents above the close on Tuesday. On the cor.
responding date a year ago the closing prices for
the two futures were: September, 634 cents;
December. SO cents.
Cable advice, showed that the Liverpool mar.
ket had failed to follow tho reaction in the
American market on Tuesday and announced
that market to, be strong and higher. The Paris
market was officially closed. but n large business
was said TO have been done on the curb, with
prices showing an advance from Saturday equiv
alent to III cents a bushel.
In tho local market France reappoared as q
buyer of cargoes. The shipment of three cargoes
of No. . wheat to that country was rumorcd to
have boen arranged. Foreign houses were also
reported to. have again been liberal buyers OF
futures In the local market.
The market for cash wheat was excited, strong,
and higher. The export buying Of wheat here
and, at the o%utports amounted to about 100000
Dor shipment. reported to be on French account.
No. l Northern. free on board afoat, ruled at 8
It's closing quotation, sl.ooL. compared with
96 cents on Tuesday. e4& cents on the cor
corresponding day last year. No. . new wheat
ruled at 4 cents over the September price for
l%ts August fSp sba leading Sa4 rom the he s siy pSTin siTaTI n"r,s of
the Atlantic seaboard. this city. Boston, Phila.
d6ellphia' B%sltimore;- SsT SB9 +, \! NeTs and New
total so far this week ,92a 300 bushels, against
l.555.aOo bushels In the corresponding period
last week.
The recent and prospective heavy export
business In grain from this port has resulted in
a reduction in one OF the important so called
terminal charges, Hereafter the charge for in.
speeding grain in any OF the following positions
will be 80 cents per 900 bushels instead of so
cents: In the car; into the warehouses: from the
warehouse: into the steamship. The reduction
was ordered by tho Grain Uni of the
Produce Exchange. and was announced at the
Exchange yesterday. The expenses OF the in
spcction system of the Exchange are mot by
these charges, and because OF the largo increase
in the export business the committee felt war
rantcd In making the reduction. No change
has been made in tho rate OF Inspection for boat
loads OF grain arriving by cana.