Democratic Sentinel, Volume 21, Number 35, Rensselaer, Jasper County, 27 August 1897 — DOLLAR FOR WHEAT. [ARTICLE]

DOLLAR FOR WHEAT.

PRICE GOES TO THAT FIGURE IN MANY CITIES. Reaches to Top Notch Amid Wild Ex-citement-Some Reaction—Big Advance Abroad—Price as Compared with That of Last Tear. Prices of Grain Jump. Wheat has gone to the dollar line in Chicago and in other cities has passed beyond that. For a short time Beelzebub seemed to have possession of the wheat pit. The instant the dollar sign went up every man in the big Chicago Board of Trade building appeared to lose his senses. The news came outside and went up and down the business streets —“dollar wheat.” Bulls with rampant horns tossed the cereal to the zenith of the financial sky. Bears rooted in the pit, trying to find a hole into which the price might fall. Fortunes accumulated in the twinkling of an eye. The prophets and the sons of prophets to the seventh father and mother were right. Dollar wheat was a reality. Continued heavy foreign exports, a healthy demand from countries short of a crop, a distant rumor that the demand is still greater than the supply, took September wheat Saturday morning at 97%, made it a dollar, then shoved it back to 99%. December wheat closed for the day at 99%. The lowest cash selling prices of the principal cereals last year were: Wheat, 53 cents; corn, 19%; oats, 14%; flaxseed, 63%; rye, 28. Compared with the September prices of Saturday the increase in the value of the crop in sight and the small surpluses of last year’s crop on hand is over $600,000,000. The rapid and steady nature of the advance for the preceding ten days had an inspiring effect in the thought that the era of low and unremunerative prices had come to an end.

When men grab each other as if they were demented, when they talk a jargon at the top of their voices that is like Choctaw to the uninitiated, when they lose their hats, nearly drop their eyes, clutch at the air, scream and stammer all at the same time, then wheat is at $1 in the pit of the Board of Trade and the men who do that are in the pit. When the sunlight streaming through big windows into that pit is made gray by a flying cloud of dust; when in the hallways of the stone building a distant roar is heard like that of lions sometimes or jackals at other times, coming down the glen; when men limp into out-of-the-way places, drop into a chair, wildly clasp their hands to their foreheads and gasp, “My God, I’m ruined,” or when they come out with red, flushed faces, clothes all awry, eyes sparkling, lips dry and hands clenched, saying, “What’ll you have?” that’s also dollar wheat on the Board of Trade. Such things took plaee Saturday in that gray building, the trading center for the grain market of this country. 'They cheered when the dollar was reached, and the building trembled. Messenger boys were flying in every direction. Telegraph wires were carrying the news to every part of the world. Four years have passed since that price was last reached. Some men have grown gray haired waiting for it. Men who have not laughed for years past came and went with broad grins. Ev»n hardened bears had to chuckle—perhaps thinking of a future in which they may have their day.

The advance brought a crush of offerings from those who were willing to capture the magnificent profits possible on their holdings. Short sales at the price were also regarded as a promising venture, and the result was that thousands and thousands of bushels which were seeking a market at 99% or even 99% could not be placed. In the corn and oats markets there was wild excitement, but mon rushed from it to take part in the wheat whirl. Hats went into the air, old men yelled and young men screamed. Pandemonium had the pit until the close. The week’s wheat market gave an illustration of what foreign demand well sustained can do in the way of advancing prices. The net gain in the Chicago price of September wheat was 15%c. This at any time would be a remarkable enhancement of values, but was the more noteworthy inasmuch as it came on top of a series of advances of equal significance and rounded out a 50 per cent gain in less than two months. There seems to be little doubt that a situation has been developed in which a high range of values can be maintained with perhaps little reference to the yield in this country. The conditions of demand and supply elsewhere promise to make the price, and from the outlook the farmers of this country are not only to realize good prices, but are to realize such prices in at least a fairly good yield. Aug. 15, 1891, September wheat sold at $1 and $1.05%. The next day it advanced to sl.ll, and cash sold at $1.13, and the third day was back to sl. It did not get above $1.05% the balance of the month, and on Sept. 30 sold at 98% cents to $1.02. Present prices are the highest since that time. Wheat closed in Chicago Saturday 42c higher than a year ago, and Liverpool was 41%c higher. The following gives the closing prices of September wheat Saturday at the points named, the closing Friday and for the corresponding day last year: One year Saturday. Friday. ago. Chicago 99% 93 57% Minneapolis 97% 91% 54% St. Louis 102% 96% 61% Duluth 100% 94% 58% New York 105% 99% 64% Toledo 102% 96% 64% Liverpool 113% 108% 72 Wheat at $1.05 in St. Louis. In St. Louis Saturday, history was made on Merchants’ Exchange. For the first time in six years the prevailing option on wheat sold at $1 .a bushel. For the first time in the history of the exchange two active options were held above $1 simultaneously. For the first time in the history of any exchange sales at more than $1 a bushel were made in three options during the same session. Cash wheat sold at $1.05. Precedents were established so quickly that daring traders caught their breath and hesitated before entering the pit. Before ten minutes of the session had passed all but the heaviest traders were seared off the wheat market. In Minneapolis, eight cars of actual wheat sold for cash Saturday morning at the Chamber of Commerce at $1.07%. There was a sale of 5,000 bushels old wheat to arrive at $1.06, and four cars on track at $1.07%.

Don’t be too hard on the Dingley bill. It increases the tax on cigarettes.—St. Louis Republic. It is distinctly masculine. When a man has no other way of showing his love he kills the woman—New York Sun. It is inaccurate to say that lives are lost in attempts to reach the north pole, They are .deliberately thrown away.—Washings ton Star. Gen. Weyler will take to the field again. As heretofore, shortly after taking to the field he win take to the woods.—Atlanta Constitution.