The record-union., 1897-08-19
WHEAT BOOMING.
HTGH-WATER MARK REACHED
AT NEW YORK.
Sales of Over Fourteen Million
Bushels, With an Advance of
Five Cents in Price.

| NEW YORK, Aug. 1S.-The high
water mark for the season was reached
in the wheat market to-day not only
on values, but as TO the volume of
transactions as we'll. Prices advanced
414c to &c for the day, and sales reached
the big total of Il, 100000 bushels Ex-
citement prevailed in the market from
start to finish, but particularly in the
Hast hour, when wheat advances became
so rapid that frequently the fluctuations
were marked by 14c fractions instead of
1sc and Lice changes that are or
dinarily seen A lot of operators who
had been fighting the advance all day
were again the foremost buyers in the
afternoon. The phenomenal upward
movement and the scarcity Of wheat for
lsale fairly staggered them. The demand
was particularly active in the December
option, which from a discount of 11sc
under September at the start, narrowed
/ to-day to 4c to 1sc at the close. The
total range of September was from
I91Ac to 95Ac, against S6ssc, the lowest
price of yesterday. and 92he the pre-
Vious high notch for the season.
The advance to-day began with
sensational 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, that market being
closed on account of a holiday. On top
of these factors was big demand from
foreign houses, reports that all of last
nights offers to the other side had been
accepted, including three cargoes of
American, Spring wheat news also
brought in lots of buying orders, it be-
ing considered very bullish report by
the trade, as the weather is too cold ana
wet for harvesting preparations Not
in years has there been such an extra
ordinary movement in wheat values as
took place to-day. Even the old traders
were amazed at the stubborn advances,
while those who have heretofore secuted
the dollar wheat theory We're obliged
to admit there was every prospect of
September reaching that price on the
mere theory of supply and demand The
official market closed at a net advance
iof 4A@5c on wheat. On the curb Sep
ltember sold from 943sc down to 93Ac.
Corn advanced 9s@Ac, and oats ad-
vanced 34e for the day.
CHICAGO MARKET
CHICAGO, Aug. 1S.--In wheat trad
ers We're treated to surprise at the
outset by the action of the Liverpool
market which was totally unaffected by
yesterdays sharp advance here, and be-
fore the local opening even showed an
advance This was due, it was said, to
lbuying in England by the continent of
lcargoes of California wheat. New York
lalso reported numerous acceptances of
Hast nights cable offers. September,
which closed yesterday at S32s@So'4c,
was wanted at the opening from So1sc to
S514c, and sold sparingly at S3asc at
about the same time. There was nat
urally great deal of wheat for sale in
SO radical an advance, and before sell
ers fell again into a minority the price
had reacted to S4Tsc. From that point
it began another climb, and went higher
than before ere it reached another halt
ing place.
Principally to poor crop reports from
THE Northwest was due the second ad-
Iyance. Not only We're the spring re-
turns of wheat which was harvested
idisappointingly light, according to these
reports, but that part of it still stand
ling has deteriorated considerably in the
last three weeks. Fields in North Da-
ikota about three weeks ago looked like
producing from twenty to twenty-five
bushels cannot from present appear
ances yield over twelve TO fifteen BUSH
els. and the average for the best part
of the State is now put conseryatlVely
at not over twelve bushels.
! Sentember advanced to Soasc before
realizing was sufficient to send the
price down again. Then for some time
the market fingered around S5ls@S514c.
Chicago receipts We're lS3 cars ana
2O3. 600 bushels We're inspected out of
store. Minneapolis and Duluth got Ia
carloads compared with 230 week
ago. and 346 the corresponding day OF
last year. Exports from Atlantic sea-
board was equal in wheat and flour 10
6e5 900 bushels. The sensation of the
day was the great advance in the Paris
quotations. The August delivery is
equal to SIC per bushel higher than 1t
closed aSturday.