New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-18
WHEAT PRICES SOARING.
BULLS IN FULL CONTROL.
December Delircry Touches 81 70 a
BusheI in ChcagO.

Chicago. Aug. ls--Ine wheat trade WIS rCS'
mao to-day and fought as if famine threat
ened the country. The September delivery
touched 81 90 a bushe,. 35s TO cents the
previous close. The December option advanced
dive cents to 81 10 The close under the
TOP figures showing 4 ret advance for the
nearer months OF ss TO So cents ard of ! 10 AS
cents for the deferred option. Corn closed strong
at u cent advance for September and IL cents
for December. September oats are up Is to y
cent. Provisions varied from a SHADE 10 az
cents higher.
There was burst OF speculative wheat buy
irg Al the opening far IN excess OF any previous
day which gathered strength with each sue
cecding hour, until all previous records for the
present crop were shattered The early reports
from the spring wheat territory more
encouraging than they had been. and the North
western markets were stronger Gables showed
foreign markets to have followed late advances
on this side and there were indications that for
eigners were purchasing in this market. Buying
orders far in excess OF offerings were in the
market from the start.
Crop reports. bad NO start with. became Ia
nentable in their details Of destruction by rust
OF whole fields In many localities farmers were
reported as engaged in burning the standing
grain to clear the land. From the Dakotas.
Minnesots and Ontario the same reports came,
traders appeared to scent famine and buying
Juror set in in earnest only once in the day
soon after the opening, when a few long lines
were released. did the price go beloW the open
ing range. A mornenta-y dip carried september
down 10 81 057s, and December 10 81 90 The
lest of the trading appeared 10 be one frahllc
scramble 10 buy. Not until the hlsh points
81 "a for September and 81 10 for December
were reached was there any marked halt IN the
.d,-.pce At ton prices In the last hour of
-g-fa Of heat q
the market and in the absorption of this price
Loo. sor,a of the advance. September went off
~ 81 oss. but soon rallied the close showing
,re b,,,ing spirit again in the ascendancy
o1earauces Of wheat and -four were equal to
81. 200 bushels with primary receipts l,oIopoU
bushels. against 100000 last year Mime
,,nolis Duluth and Chicago reported receipts Of
I47 cars against 1913 cars last week and 29o
cars year ago.
That there was not more Of an advance IN
corn was due TO the fact that the Southwest
had some more showers and the crop OUTLOOK
Y-as helped thereby. This neutralized 10 some
exten; the Euoyart influence of wheat strength
ard even induced some influential selling. Sep
ten,ber opened at 541a TO % cents an advance
of . to ;. cents, but sold off TO 541s TO 54l.
cents December was up at the start Is to n
TO s. TO q cents at 53&. to "a cents dipping TO
b31z cents under the early selling. The market
apparently could not resist the strong bulllsh
atmosphere of the wheat pit. however, ana sue
cessiye waves Of buying carried values forward
20 55iz ard 10 cents. respectively. for Septem-
Der and December. the active options Inc close
was strong at 551s for September ana
64as to 547s cents for December. Local receipts
were % cars, with three o. contract grade
The grain markets, both Of this city and Chi
cago had a record day yesterday. prices o.
wheat advancing with sensational rapidity 70
r,;1l, wit
averaging five cents a bushe!, and closing not
ear from the best of the day. The market here
opened cent above Tuesdays close for The ac-
tive futures. Nearly everybody wanted 10 buy.
the sellers being few and far between. The
trading pit was filed with brokers. all having
buying orders TO execute. and from the opening
OF the market the excitement intense.
Many OF the buying orders from shorts.
who we're terrified by the recent raj id advance
and the indications OF it's continuance; but the
commissions which the brokers were struggling
with one another TO execute represented chiefly
purchasing orders from the speculative public.
both here and in the Northwest, who have been
excited 10y the great advance IN prices and the
continued rUmors OF damage 10 the crop from
rust
Liverpool came very strong and decidedly
higher the idea that Manitoba wheat
Threatened by rust and good buying
ders for execution in both The local and Chi
oago markets
TIE afternoon actions in wheat duplicated
those OF the morning. except that increased de-
Jnand TO- May by the public sent 1t I'D 10
81 l4is, or Just 1--WE GENTS higher than the close
The general >na1ket closed as to Az cents
net higher representing one Of the heaviest
single DAVIS advance since the bull movement
began: September closed at 81 12'2 against
81 0SSs Tuesday: December at 81 12Ib against
81 oei4, and MAJ at 81 1882, against 81 O9ls.