Morris tribune., 1897-08-18
MARKET REVIEW.
late Reports Direct from the Chi
cago Board of Trade.

Wheat went up 10 cents bushel
last week. The September option
stood at 1880 during the fore part Of
the week, and last Saturday, after the
close of the regular session of the
board of trade, 85ac was bid for it.
When it is remembered that this
tremendous gain was made from a
point 1850 that only three weeks
ago would have been considered a
high figure for the cereal the nature
of the advance will be better under
stood 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 conservative
estimate of the present crop, 100000
600 bushels, this means direct addi-
ton of $100,OOO,00O to the wealth of
the American farmer on wheat pro-
duction alone.
The beneficial effects of such a
tremendous enhancement of values
in wheat can hardly be estimated.
It not only places the wheat grower
in position such as he has not oc-
cupied at any time during the last
five years, but at the same time sends
a current of prosperity thru every
branch of business that is in any way
dependent upon or affected by the
fortunes of the farmer.
For instance, corn gained full &c in
price last week. The corn crop of
the United States this year is not less
than 2,0O0,0OO,OOO bushels. The in
crease in value, therefore, last week
of this grain alone was 100000.
But this is not all. From the crops
of 1896 and 1896, as every farmer
knows, there is still in sight about
1,0OO,O0O,0OO bushels, which has
grown in value 100000 during the
last week.
This makes total increase in corn
of $6,O0O,OOO, add to which the $780,
100000 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 pros
porous year he has known in decade.
These figures are compiled by
Schwartz, Dupee & Co., the largest
firm on the Chicago board Of trade,
not alone in point of domestic bust
ness, but also in the volume of it's
transactions for foreign account, and
they may be relied upon as correct.
It was in this correspondence, several
weeks ago when wheat was selling at
70 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 re-
ceived a great portion of its wheat
supply-Argentina and India It
was then predicted that a sensational
advance in the price of wheat must
inevitably ensue, and this prediction
has been fulfilled to the letter.
Will the advance continue?
On this point there is not much
difference of opinion among those
who make a study of market condi
tons, and their view is that the pos
sibilities of the situation have not by
any means been exhausted. It 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 markets re-
spond to our advance every day, and
this morning the cables reported that
Liverpool was firm at an advance of
3 cents per bushel over Saturdays
close. OF course there will be reac-
lions, and in the nature of the case
they will be sharp, and come at unex-