Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-08-19
Business Outlook S Reported by
Schwartz, Dupee & Co.
CHICAGO. Ill. Aug. IS. 1897

CHICAGO, ILL, aug. Is, 1871.
Wheat went up 10 cents bushel last
week. The September option stood at
75$ during the fore part of the week,
and last Saturday, after the close of the
regular session of the Board of Trade,
So was bid for it.
When it is remembered that this tre-
mendous gain was made from a point
755-that only three weeks ago would
have been considered high figure for
the cereal the nature of the advance
will be better understood and its vast
importance to the commercial interests
of the country, and especially to the
farmer, will be fully appreciated. In
the last six weeks wheat has advanced
20 cents bushel, and even on a con-
sentative estimate Of the present crop,
500, 900, 900 bushels, this means a direct
addition of 100000 900 to the wealth of
the American farmer on wheat produc-
ton alone.
The beneficial effects of such tire
mendOus enhancement of values in
wheat can hardly lie estimated. 1t not
only places the wheat grower in Il posi-
ton such as he has not occupied at any
time during the last five Years, but 1T
the same time sends Il current of pros
perity through every branch Of business
that Is In any way dependent upon or
affected by the fortunes of the farmer.
For instance, corn gained full two
Of the United States this year is not
less than 100000 600 bushels. The IN
crease IN value, therefore, last week of
this grain alone was $4,000, 900. But
this is not all. From the crops of 1895
and 1896, as every farmer knows, Their
is still in sight about 900, 000,0 900 bushels,
which has grown in value 100000
during the last week.
This makes total increase in corn of
5000, 900, and to which the 100000, 900
gained by wheat in the same time, and
the fact is plain that with realization at
the present market taken advantage of
the American farmer is assured of the
most prosperous year he has known in
a decade. These figures are compiled
by Schwartz, Dupee & Co., the largest
firm on the Chicago Board of Trade,
not alone in point Of domestic business
but also in the volume of it's transac-
tons for foreign account, and they may
zoe relied upon as correct. 1t was in
this correspondence several weeks ago
when wheat was selling at 20 cents
bushel, that attention was called to the
great deficiency of the European wheat
crop and the total failure of the crop in
two countries from which Europe had
formerly received great portion of its
wheat supDly-Argentina and India.
1t was then predicted that a sensational
advance in the price Of wheat must in
eVitably ensue, and this prediction has
been fulfilled to the letter.
Will the advance continue?
On this point there is not much differ
ence of opinion among those who make
a study of market conditions, and their
view is that the possibilities of the stu
alton have not by any means been eX-
hausted. 1t may seem to some that
predictions of "dollar wheat" are too
optimistic, but they are freely made in
Chicago, the great wheat mart Of the
world. The facts are unquestionably
largely on the bull side. Foreign mar
kets respond to our advance every day,
and this morning the cables reported
that Liverpool was firm at an advance
of three cents per bushel over Satur-
days close. OF course there will be
reactions, and in the nature of the
case they will be sharp and come at
unexpected moments, but the feeling is
almost unanimous that the general
trend Of the market will be upward I'M
til higher plane than the present one
has been reached. The receipts at Eprl-
mary points are nothing like what they
should be to effect any substantial and
continued fall in prices, and buyers Of
wheat for immediate use report that as
prices now stand they are unable to
secure the grain in large quantities from
the farmers. These facts mean much,
and they give weight to the assertions
Of those who say that wheat will 60 to
dollar bushel.