Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1897-08-26
DOLLAR FOR WHEAT.
pRlcE GOES TO THAT FIGURE
IN MANY CITIES.
Reaches to Top Notch Amid Wild Ex-
citement-Some ReactiOn-Big Ad-
vance Abroad-Price as Compared
with That of Last Year.
Prices of Grain jun p

Prices of Grain jump.
Wheat has gone to the dollar line IN
Chicago and in other cities has passed pc
yond that. For a short time BeelzepuD
seemed to have possession Of the wheat
nit. 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 anu
| down the business streets-"dollaf
wheat" Bulls with rampant horns TOSS
ed the cereal to the zenith OF the hnanclal
sky. Bears rooted in the pit, trying 10
| find a hole into which the price might fali.
| Fortunes accumulated in the tWlnkllng OF
an eye. The prophets and the sons OF
| prophets to the seventh father and mother
| were right Dollar wheat was reality.
Continued heavy foreign exports,
| healthy demand from countries short OF a
crop, a distant rumor that the demand is
| still greater than the supply, took Sep
| TENDER wheat Saturday morning at 9|12,
| made it dollar, then showed it back to
| 991h December wheat closed for the day
at 99k The lowest cash selling prices
| Of the principal cereals last year We're:
Wheat, SO cents; corn, 1917; oats, l4A;
| faxseed, 63A; rye, %. Compared with
/
| increase in the value of the crop in sight
and the small SURPRISES of last years
| crop on hand is over 5000, 100000. The
rapid and steady nature of the advance
for the preceding ten days had an inspir-
| ing 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
l xx,bar, fhnv ok q
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 81 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 hall
ways 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'H you have"
| that's also dollar wheat on the Board of
| Trade. Such things took place 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. Even hardened
| bears had to chuckle-perhaps thinking of
! a future in which they may have their
| day.
The advance brought crush of offer
| ings from those who were willing to cap
ture the magnificent profits possible on
| their holdings. Short sales at the price
were also regarded as a promising ven
| ture, and the result was that thousands
| and thousands of bushels which were
seeking a market at 997s or even 99A
| could not be placed. In the corn and oats
markets there was wild excitement, but
| men 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 weeks wheat market gave an illus
| tration of what foreign demand we'll sus-
| tanned can do in the way of advancing
| prices. The net gain in the Chicago price
| of September wheat was 1512c. This at
any time would be a remarkable enhance
ment of values, but was the more note
| worthy inasmuch as it came on top of
series Of advances of equal significance
and rounded out so per cent gain in less
| than two months. There seems to be lit
| tie doubt that a situation has been devel
oped in which high range of values can
| be maintained with perhaps little refer
| ence to the yield in this country. The
| conditions of demand and supply else
where promise to make the price, and
| from the outlook the farmers of this coun-
| try are not only to realize good prices, but
| are to realize such prices in at least
| fairly good yield.
Aag. 10, 1891, September wheat sold
| at 81 and $1.O5b. The next day it adj
| vanced to Sill, and cash sold at 81. ID,
| and the third day was back to 81. 1t did
not get above $1.O5A the balance of the
month"; and on Sept. 30 sold at 9S1a cents
| to $1.O2. Present prices are the highest
| since that time.
Wheat closed in Chicago Saturday 42c
| higher than a year ago, and Liverpool
was Hike 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:
L