The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1888-09-01
Dollar Wheat Again.


From Nelu York Times, august II.
After years of low prices for wheat, Chicago
is greatly exciting itself with the expectation
of again quoting it at dollar bushel. Dol
lar wheat at Chicago used to be proverbial.
later to show n profit on the purchase. But
times changed. In the Summer and Fall OF
1888 wheat piled up mountains high in Chi
cago, and the price moved down while the
grain piled up. The bull spectators who
had held on to the dollar theory tried to hold
quotations about that figure, did it for time,
and then broke The Times was the first to
point out that the wheat production of the
world and the means of getting the product to
the consumer had SO greatly changed by en-
largement that this country would have to
accept lower prices for its wheat for several
years to come.
Now the situation has changed again, and
Chicago is IN the throes of bull speculation in
wheat of the widest kind. They enjoy that
sort of thing out there with breadth and zest
not easy to understand here. Wheat is rush
ing up, and the prediction is made that next
month it will see its old-time figure of a dol
lar bushel. The experts say this Fall will
repeat the experience Of 1873,
The crop of wheat in 1879 was about $780,
600, 900 bushels. The crop of this year is
estimated at about 400,0 00,0 900. Besides this
comparative shortage, the amount of the sur.
plus has to be considered. In 1879 there was
a heavy amount of wheat remaining in farm
ers's hand-the grain men call it the "invisi-
BILE" supply, to distinguish it from the grain
which has come within the range of official
inspection and is known as the visible
supply. This year the experts calculate that
there is very little surplus left in the farmers
hands. They say there is practically no sin
visible supply"
The wheat crop in the United Kingdom
and France was exceedingly poor in 1879.
This year it is almost a total failure. The
London Times has declared that the English
wheat crop will be the smallest of the century.
Excessive wet weather has ruined the grain
When the wheat supply is short the poorer
classes of consumers fall back upon rye and
potatoes; but the rain has been so excessive
that the rye crop in Germany and the
potato crop in England and Ireland are
both largely deficient. A leading banking
house in London wrote to its correspondents
here under date of July 81 as follows:
'We see from your cables that the condi-
ton of the crops is still critical, referring to
crops Of the United States No description
of the weather you have received can picture
its reality here. The hay crop ia ruined, lying
out rotting all over the country. The wheat
is badly beaten down in many places. Where
it is standing the ears are very heavy, and
should August be a warm month the yield
per acre would be large, but the plant is sat-
urated with moisture and perfectly green. 1t
is the general belief that the season is hope
lessly bad and that the harvest will be COM
plete failure
Since this letter was written the weather
has gone from bad to worse, SO that it may
now be assumed to be certain that tho har-
vest will indeed be "a complete failure.
1t was not so bad as this in 1879, but it was
bad enough to have this effect on the price
of wheat here:
August, 1879, cash wheat at Chicago ranged
from 832 to S8s cents per bushel.
September it ranged from So cents to 81 ,06.
October it rose to Sl.21.
November TO Sl.2ls.
December it went to its highest at $1.33s.
The price of cash wheat in Chicago yester-
day was about SO cents. Next month the
bulls ON it assert it will do rs it did in 1879,
and touch dollar "a bushel.