The San Francisco call., 1897-08-21
Exciting Scenes on the
New York Produce
Exchange.
Brokers Wildly Cheer as the
Big Dial Spins Around
to the Mark.
Similar News From All the Mark cts
of the Country-Dream of the
Farmer Realiz d.

NEW YORK, N. Y, Aug. 2o.-For the
first time since September, 1891, wheat
futures sold this afternoon on the Produce
Exchange at 81 a bushel- 1t is also the
first time since the spring of 1892 that any
future has sold at that price. When the
big dial spun around to the dollar mark
there was a great emonstratiun. Brokers
cheered, clapped their hands and threw
their hats into the air. From the open
ing the market presented sensa tional fea-
lures, the initial quotations for futures
representing an advance over night Of 4
cents a bushel.
The advance was in response to the ex-
cited jump in the English grain markets
due to panic among the bears because OF
advices from America of a reduction of
our spring wheat yield. Under the slim
uIus from abroad there was general buy
ing here, conditions gradually shaping
themselves so as to produce another run
way bull market. The first transaction
at 81 represented 10 900 bushels, purchased
on an order from Duluth. There was a
slight reaction after this sale, but the mar
ket soon touched the dollar mark again,
about $4,000 bushels being sold at that
price. The official closing figure was 9939
Up 10 the official closing the transactions
for the day in wheat futures were esLl-
mated to aggregate s, 500, 900 bushels.
A feature of the day was the exceed
ingly heavy buying of futures by English
nouses-estimated at 100000 bushels.
In the afternoon the leading influence in
further advancing quotations was the
news that even at the sensational rise
already recorded all offerings of cash
wheat were being eagerly snapped up by
export houses. This indicated the urg-
ency Of the foreign demand for our wheat
and the extent OF foreign crop shortages.
7. o. b. ahoat cash wheat Gales were
81 C6I{ for No l Northern and 81 0215 for
No red. No. l Northern ruled cents
over the S4ptem ber price and on that
basis he curb quotation of 81 0115 for Sep
tember made it late in the afternoon
nominally 81 071a.
News from all outside grain markets
told q similar story of excitement and ad-
vaDcing quotations. Chicago, st. Louis,
Duluth and Minneapolis announce big
advances. At Minneapolis c. A. PilIsbury
marched into the Chamber of Commerce
at the head OF brass banu, celebrating
the 81 cash wheat there.
Bulls in wheat in all the markets have
made enormous profits. On the Produce
Exchange here Broker William E. Cox
sold for Continental European account
200. 600 bushels of long wheat, on which
his profit amounted to 2ec bushel. This
Is only a sample.
An incident OF the day was the shipment
bv a local bank to Kansas City of 100000
in bills of small denomination to be used
in moving the crops of that section and in
paylng farm aborers. The usual demand
at harvest time from the West for small
notes Is now beginning and is ex xpected tc
increase steadily.
The World prints a dispatch from the
leading -four and wheat dealers of the
country on the wheat situation.
Charles a. Pilsbury of Minneapolis
telegraphs: The present price is not as
high as a legitimate solution warrants.
a big crowd of farmers VIII tum BILE over
each other 10 sell at these prices. This
may cause a temporary reaction. but
when the last rush is over l see nothing TO
prevent much higher prices. Nothing
but politicians can prevent big boom
=
be thankful to Divine Providence that our
lingo Congress is not in session."
w. D. Washburn telegraphs from Min
neapolis: II look for continued high
prices Tor wheat"
Ex-Secretary of the Interior Francis
wires from st. Louis: Wheat has ad-
vanced twelve cents a busheI during the
past three days-a very unusual occur
renee. Reactions will come and should
be expected"
ST. LOUIS, No, Aug. 20.-Cash wheat
sold for 81 bushel on sample to-day and
the farmers dream was realized Five
thousand bushels of May wheat sold at
hat price The first option trade made at
that price was six cars. After the sale May
was held at 81 001a. September and De-
Gem Der options again broke all records
to-day. December opened at SO cents, 3Z
cents over Thursdays close. Septem Der
showed 81 cents advance over night,
opening AT 80 . cents. Ex-Secretary oil
the Interior Francis, head OF a big ST.
Louis bull pool, led in the buying. On
receipt of bohm's sensational foreign
report showing deficit Of 384 000, 0OC
bushels, the bulls ran December up to
975E cents, an advance OF 53s cents over
Yesterdays close. September advanced
10 9134 cents.
The Government report estimates the
United States crop at 458, 000, 900 bushe Is
instead OF $50, 600 900.