New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-21
ABOVE THE DOLLAR MARK
CASH WHEAT SELLS AT 81 O6H AND SEP.
TENDER AT 81.
GREAT EXCITEMENT At THE PRODUCE IKE
'cHANGE-THB HIGHEST PRICES FOR
THE CEREAL IN SEVEN YEARS
CAUSES or THE BOOM.

CAUSES or THE BOOM
Dollar wheat was the record on the Produce
Exchange yesterday. Almost every day for some
time substantial and gratifying advance in
the price Of wheat haG been announced Dollar
wheat has been the cry for a month and yes
terday 1t was realized and the enthusiasts were
talking about wheat at 81 30 and even higher
when the Exchange closed. Wheat touched the
dollar mark on the Produce Exchange at 139
o'clock yesterday afternoon As the dial swung
around To indicate the price q thunderOus cheer
went up. Hats were tossed into the air and
brokers danced with glee ceptember wheat at
81 has been the dream " the farmers and the
bulls for seven years, ard It's realization means
much TO them. In all about 5000 BUSH
els. II Is estimated. changed hands at this
figure. After the dollar mark was reached
the price eased of slightly and closed at 99's.
December wheat also took lift and went 10
30 cents. falling again 10 9sA the closing price.
Wheat was feverish all day. That II was 10 be
a lively day In the cereal shown by the
curb trading before the market opened. Dis
patches from England showed a strong bull ten
dency there and the price was run up 10 ~
cents for September before the market opened.
After the market closed the curb brokers kept
It up. and sales were recorded as high as ~ Ola.
Bad crop news and strong cable dispatches
were responsible FOR sending the prices skyward
early In the day. The quotations We're the high
est reached since the rise of last November. and
not since 1901 has September wheat sold az
dollar Cash wheat. {. o. b.. sold here In the
market at 81 06A for No | Northern No. rei
wheat was nominal on account OF the tenaclty
Of holders. but It quoted AT 81 o3 Z. o. b. Ex-
element In the pit all day abnormal. and
the news that the dollar mark had been reached
rapidly spread. and visitors swarmed into the
galleries. More members " the Exchange were
on the floor than at any time since the present
boom began.
The first purchase Of wheat at 81 was made
by the firm Of Mcintyre K Wardel at l.3J
o'clock Ten thousand bushels we're nrst taken
at this price. When this firm received from
Duluth an order to buy the price was 33Is. In
making the purchase the firms representative
offered ST. The widest excitement followed The
bid. Another bid at 81 quickly followed. and
then another and another. until It is estimated
that within a few minutes almost 10000 bushels
changed hands. Then the price sagged on to
9S2. but soon recovered 10 30. The price nuc-
tuated until the close al 9J2s --,.,
The sales recorded for the day were N.'r'o.VD
bushels as against 16.0OOOW for the preceding
day. The closing price for the September option.
JJs,, was an advance Of 39s cents on the closing
OF the preceding day The close of ecemDer
wheat at 9si4 cents was net gain of 1i2 from
that on the previous day Coarse grains sympa-
thized with wheat. particularly corn. whcn
moved up a cent.
The market strengthened In the course
OF the day by heavy buying from England II IS
estimated that about 15OOpOO bushels were pur-
chased upon English oiders There was neavy
selling as the result OF Continental orders. al
most 500 600 bushels changing hands as result.
For the first time In many months the iesi-e
FOR currency in the West manifested itself here
Yesterday = local bank sent S1O.O~ In small
bills TO Kansas City 10 meet the demand TOT
money 10 he used in transferring the big grain
crop OF that district.