The Portland daily press., 1897-08-21

the New York Exchange.
New York, August 20.-At 40 o'clock
today September wheat in the local
market reached the long talked of goal of
one dollar per bushel Naturally enough
the incident created a tremendous sensa-
ton on the floor of the exchange and was
greeted with prolonged cheers from half
thousand throats, being re-echoed from
the crowded galleries. Several times dur
| ing the early afternoon had the bulls
snapped tho price with in five-eighth of
o cent of the desired mark, but return
wave of selling orders each time, swept
it back again. The final and successful
effort was made under the impulse Of ex-
port rumors reaching enormous figures.
September was hanging around SO is
cents when the export news was first
whispered about and at once danced up
was in response to excited buying.
Higher and higher it whirled, watched by
every body on the floor until the big black
figure on the record dial pumped fairly
on the even figure, and dollar wheat
IN New York was an accomplished fact.
Now that the bulls have attained their
boast they are as far as ever from being
satisfied and claim that the wave of bull
sentiment which has spread like fire all
over the country will carry the price
here at least to $1.25 per bushel and per-
haps even higher. That dollar wheat is
already thing of the past was demon
strated on the late curb when further
clamorous demands from high strung To-
Cal shorts raised the price to $1.0o IL, or
a cent bushel advance from the official
close. About $4,000 bushels of wheat
changed hands at 81 this afteroon. From
the very outset today local dealings were
marked by great excitement. Everybody
1eit that dollar wheat was in the air and
While there were occasional let ups when
traders unloaded, jabs of wheat, on which
there was a good profit, they were invaria-
bly, followed by general tightening of
values on fresh waves of reckless buying.
The crowd being keyed up to high
pitch of excitement eagerly swallowed the
widest sort OF bull news, such as would
be ordinarily rejected. The English
market was up in the air, keeping free
pace with our own advance. Their clos
ing prices were top for the day and 3-4,
1-S cents higher than last night.
French markets on the other hand, held
back and showed practically no response
to the extraordinary strength in other
markets. Private cables credited the
English advance to rainy weather and
excited covering by shorts. First prices
In this market were made simultaneously
at from 81 1-2 to SO for September and
SO "a to 81 3-S for December. The latter
displayed the greatest strength during the
day on large buying orders from local
houses and others. Subsequently Septem.
Der dropped to 81 cents under realizing
sales but at noon was chased up to SO 3-8
cents by frantic rush of buying orders.
Throughout the day fluctuations were
very cratic at times leaping one-quarter
| and one half cents between sales. The
| trade was considerably amused over the
stories of enormous profits being made
on the boom. At one time today cash
wheat here was nominally worth 81. 06 1-2
for number / northern for afoat and
number 2 red S1.04 -. A year ago the
former sold at Ga rs and the latter SO 1-8
and 90 3-8 cents. The price of September
one year ago was 63 3-S cents and of De-
cember sc cents. Bullish spring wheat
new was an important factor in the adj
vance all day, just as it was yesterday
The full range on September today was
from 81 to 81, the closing being SO 3-a
cents. December opened at SO ga and
81 cents, sold off 96 and closed at
90 IA. Total transactions were s 1856 900
bushels. Export sales were 175 loads here
and outports, including three cargoes for
France.