The herald., 1897-08-22
CHICAGO MARKETS
Yesterdays Transactions on the Board
of Trade

CHICAGO, Aug. 21.-Dollar wheat was
reached in Chicago today. The September
option reached that figure a few minutes
before the close and wound up an ex-
cited days session at 991s, an advance of 6h
cents since yesterday December closed at
an equal gain. For the first time since the
recent phenomenal advance began, the bull
clique let go of large blocks of their hold
ings, which In a measure relieved the
strain. The excitement in wheat was
shared in by all the other markets, trad
ing in corn especially being tremendous.
Corn closed at 2-cent advance and oats
wound up IL cents higher.
September wheat, which closed Friday at
SO cents, opened today anywhere from
9749S and kept plunging around wildly for
an hour between those figures and 961a.
December was equally as erratic, opening
at 97Q971s, an advance of about AZ, and
fluctuated between that price and 97R
Enormous quantities were sold at those
figures by people who had previously
bought it, the sales of one of the best
known speculators, W. X. Linn. aggre-
eating millions of bushels. 1t was current
opinion that had he not come into the
market the long-looked for dollar mark
would have been reached in very few
minutes after the opening. 1t was not
difficult to account for the remarkable
opening advance. Liverpool quoted spot
while California wheat was TIC. per bush
ell higher. Crop reports from the north
west were even worse than have heretofore
been received, some predictions placing the
crop there at not to exceed seven to eight
bushels to the acre. The weeks export
Of wheat and flour amounted to 5,21S.000
bushels, compared with 100000 bushels
the week previous and 1891 900 for the cor
responding week of the var before. The
clearances from Atlantic ports for the last
| twenty-four hours were equal in wheat and
flour to 400 900 bushels. Chicago receipts
were 2l9 cars, only Is of which were of the
contract grade. The shipments hence were
212 600 bushels. Minneapolis and Duluth
received 24S cars, against 495 a year ago
By IL o'clock the market had assimilated
all the earlier offerings and hungered for
more to such an extent that it rose again
with more than its original voracity, and
leaped like q trout to fly to secure the
September wheat offered at SO cents, May
at the same time bringing 100. The con-
tinental markets were about as excited
as the English markets, and this fact had
much to do with the squirt from 81, The
Paris advance was 4h@5c. per bushel, and
Antwerp 6Rc. per bushel. About ten min
utes before the close the dollar was bid
and accepted for block of September,
amid much excitement. This price was held
only for an instant, however, plenty of
wheat coming on the market about this
time and at the close September was bring
ing 99lh, while 99S was bid for December.
Business in the corn pit was on an i'm
mense scale, millions of bushels changing
hands during the session. The pit was
crowded all day, and price fluctuations
were rapid and violent. Shorts made
mad rush to cover at the opening, and
forced prices up 21c. over yesterdays
closing The market was influenced great
ly by wheat. The buying craze was also
manifest in the oats market, and an ex-
tremely heavy business was transacted.
Shorts covered large lines and all months
were taken freely, sympathy with wheat
and corn was. of course, the chief in
f1uence. September opened hc. higher at
19c., sold up to 20l4c. and closed at 1910.
Provisions were also In great request and
sharp advances all around wSre scored at
the opening. Armour's brokers bought
heavily on October ribs. Heavy selling by
Cudahy and others brought about re-
action later.
The leading futures closed as follows.