The Penn's Grove record., 1897-08-20
OUR WHEAT IN DEMAND.
Price Rose Because Of Tremendous
Foreign Shipments.
DOLLAR A BUSHEL PREDICTED.

As Fast as the Grain Reaches the Sea-
board 1t is Put Into Vessels and
vanishes-statisticians Figure Out q
Crop of About Five Hundred Million
BusheIs-very Short Crops Elsewhere.
New YoRK CRY (specia).-wheat still
climbs upward, bringing untold happiness
to the farmer, the retail and wholesale mer-
chants and the Spectator as well. The en-
tire country finds in this high price for
| wheat the cornerstone upon which the ex-
pected prosperity Is to stand.
The best expert crop statistlcians figure
out a total wheat crop of about 600, 0OO, 900
bushels. At the present prices for cash
wheat prevailing in Minneapolis. st. Louis
and this city the farmers are receiving
about ninety cents n bushel for their pro-
duct. Tae wheat already sold of the pres
emit crop Is about q, 900. 900 bushels, which
brought 957 600, 900, at the average rate of
| eighty cents per bushel. The balance OF
the crop, even should cash wheat not go
higher, will bring s415. 200 900, an increase
over last year OF S12S, 400, 900.
OF the crop Of 1896 there remained IN
5Ntb ph Vthhhly 4 VI iiC HltbtHl NthA UOu
1870 ,000, 900 bushels. This was sold for an
average price Of seventy cents, IN increase
Of twelve cents over Inst year. The total
received for these sales was $133,0 COG, 900, an
increase Of s22. 500 900 over last year.
A peculiar feature of the present crop
movement is that while the new crop is be-
ing rushed to market at q rapid rate there
seem to be nc increase In the stocks held
at prominent points. As fast as the grain
reaches the seaboard it Is loaded into yes-
sells INT vanishes. The Granger roads
Burlington, st. Paul, Rock Island, North
western and 0maha-are SO glutted with
business as to find 1t difficult to find cars In
which to move the grain offered for trans
~portation. All of the trunk lines and the
roads running to Gulf ports are jammed
with business.
According to advices from portions OF
Europe where the wheat crop has been
either q partial or entire failure the de-
mand to be made upon this country to SUD-
ply the difficulty will exceed 200, 000, 900
has been the handspring in the upward
movement. Should such an enormous
amount go abroad the supply for consump-
tion here will be curtatled.
IT is a dream of the farmer n the
trader that wheat at a dollar a bushel shall
be realized again. Experts In the grain
trade predict that before the winter Is half
over the price will exceed that. A contin-
uance of the present heavyexport demand,
It is believed, will make that hope a real
ity.
The market for several days has reflected
sl these conditions. Favorable advices
from home and abroad sent the brokers
ear1yto the Produce Exchange. where an
exciting opening was looked for. 1t was
not Disappointing. At tho sound Of the
gong for the beginning Of business the
wheat pit was in an uproar.
Both the September and December OPP
lions made new high records. September
opened Ic. higher, at S8<c., and In the
first halt our advanced lie. per bushel, ut
59s<e., closing at S9sEc.
December opened with simultaneous quos
tat< ms ranging-fram S7li5zRpto size ~
extreme price being al advance ta.gs
the closing OF the day before. II tnvlfnI,
up to S94&c. and closed at 1890, a net
gain of 11c. per bushel. On Friday q
reaction was experienced in the wheat
market audtthe price dropped to 25sc.
a bushel lower than the highest point II
reached Thursday. The break was at
tributed to the report Of st. Louis selling
at Chicago, and also to easier cables.
Dispatches from Chicago said that East
ern Indiana farmers were still holding Of
In expectation OF 81 wheat.