The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-09-01
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
Observation-Disclosures Figure Out
Crop of About Five Hundred Million
Bushels-yery Short Crops Elsewhere.
New YoEK CRY (SpeciaD.-Wheat still
climbs upward, bringing untold happiness
to the farmer, the retail and Wholesale mer-
chants and the speeulator 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 statisticians figure
out a total wheat crop Of about 500 600, 900
bushels. At the present prices for cash
wheat prevailing in Minneapolis, st. Louis
and this city the farmers are receiving
about ninety cents bushel for their pro-
duct. The whest already sold Of the pres
ent crop is about $4,000, 600 bushels, which
brought S57 ,600,0 900, at the average rate OF
eighty cents per bushel. The balance Of
the crop, even should cash wheat not 60
higher, will bring S415 200, 900, an increase
over last year of 1928 400 900.
OF the crop Of 1895 there remained un-
100, 1000 900 bushels. This was sold for an
average price OF seventy cents, an increase
Of twelve cents over last year. The total
received for these sales was S193, 900 900, an
increase of $22, 300, 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 rapid rate there
seems to be no increase In the stocks held
at prominent points: As fast as the grain
reaches the seaboard it Is loaded into ves-
sells and vanishes. The Granger roads
Burlington, st. Paul, Rock Island, North
western and Omaha-are 80 glutted with
business as to find it 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 sdvices from portions Of
Europe where the wheat crop has been
either partial or entire failure the de-
mand to be made upon this country to'sup-
ply the difficulty will exceed 200, 900 900
bushels. The heavy buying by foreigners
has been the handspring in the upward
movement. Should such An enormous
amount go abroad the supply for consump-
tion here will be curtaied.
1t Is a dream Of the farmer and the
trader that wheat at dollar 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-
uanee Of the present heavy export demand,
1t Is believed, will make that hope real
ity.
The market for several days has reflected
all these conditions. Favorable advices
from home and abroad sent the brokers
earlyto the Produce Exchange, where an
exciting opening was looked for. It was
not disappointing. At the sound Of the
gong for the beginning Of business the
wheat pit was in an uproar.
Both tho September and December op-
lions made new high records. September
opened Nc. higher, at SS%c., and in the
first half hour advanced 1c. per bushel, at
S9%c., closing at S9Mc.
December opened with simultaneous quo
sations ranging from 87Ac. to 57Hc., the
extreme price being an advance Of asc. from
the closing OF the day before. It then sold
up to S9%c. and closed at $780,, a net
gain Of 11sc. per bushel. On Friday
reaction was experienced in the wheat
market ands the price dropped to 2%c.
bushel lower than the highest point 1t
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
srn Indiana farmers were still holding of
Interpretation OF 81 wheat.