Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-08-05
Business Outlook IS Reported by
Schwartz, Dupee s Co.
=. CHICAGO, Ill, Aug. 4, 1897


in this country which is coinuident with
situation in Europe demanding the
purchase in the near future of an i'm
mense quantity of cereals TO supply. an
approximate deficiency Of DE, 100000
bushels of wheat on the continent and
in England places the American grain
grower in particularly envlable situa-
ton. ...s ii: .t--.....: 49,.
4 month ago attention was called in
this correspondence to the fact that,
according to information received by
Schwartz, Dupee 4 Co... the grain crops
of Europe were we'll below the average.
The almost total failure of crops in In
dia, causing a famine there. and the
fact that Argentina would. not export q
bushel of wheat in 1897, adQed:to the
facts above mentioned, caused a CONS
plete revulsiOn. of conditions as they
have existed for the last five years. and
on constant buying by the foreign trade
in this and other markets the price of
wheat has advanced fully ten cents a
bushel In the last thirty days. On an
estimated wheat yield. of 500, 600, 900
bushels for the United States this means
an increase of $50, 900, 900, in the amount
to be received for wheat alone in this
country, and as in the opinion of those
who make economic conditions q study
the limit OF the advance has not by. any
means been reached it will be seen that
the amount to be received for farm pro-
ducts is phenomenal. Dun's CONNER
cial agency estimates the increase in
this particular over 1896 at $50, 900, 900,
but in view of what has already been
accomplished" in the enhancement Of
wheat values alone these. figures look
small and inadequate to. those who take
the optimistic side ofthe present situa-
ton. .. .-t %..'f .is-s.' .
Close observers of the market have.
not failed to notice that as in former
Years when Europe was approaching q,
period of grain scarcity the Continental
countries are ahead of England in.
prompt appreciation Of the situation,
and in acting thereon, France has thus
far been the most persistent buyer.of
our wheat, with Germany q close sec4
ond. Unless every report:from' Europe.
is almost totally incorrect England, will
be obliged to come into Our market as a.
buyer later In the year and at a time
when prices are weIl above the present
level. If such be the ease q further.
advance is inevitable, as the English
stocks are admittedly at a low ebb. In
fact for the last year all Europe has
been running close to shore on wheat
stocks, banking all the time on the i'm
mense crops and consequent low prices.
in this country to enable them to buy
only as needed for immediate con-
sumption. A long continuance of these
conditions has lulled European grain
was not dispelled, as 1t should have
been, by the crop failures in India and
Argentina When to this is added a.
decided shortage of 1897 in. Russian and
German crops, with only moderate
prospects in England and elsewhere
the gravity of the situation is seem. 1t
is claimed by the friends of wheat that
in regard to that cereal in this country
is in the same position it occupied years
ago when India and Argentina were
not our active competitors forthe wheat
trade of Europe. This is.their position
in nutshell, and if it is correct prices
Will gunquestionably go higher.
It was expected that last week after
the tariff bill became law there would
be reaction. in the stock market on
proft-taking by those who had bought
stocks on the belief that the DingIey
bill would pass.
1t was soon found, however, that all
the offerings were taken at former
prices, and in only a few Instances were
there any recessions, none in fact of
note. The :. grain-carrying railroads
held their. own and more too; such
high priced ones as, Lake Shore and
New York Central were firm as ever,
while other railroad securities that had
been dragging along the bottom for two
years were givena good advance, Atchi-
son and Chesapeake & Ohio beingsfore
most IN this category, The. industrials
havealikewise been well supported,
sugar not, getting. much below 40 for
any length OF time; while Chicago gas
touched par right at, the opening this
morning: All this shows that capital
is becoming conf dent that the worst of
our financial troubles are over and that
the future will not again see this coun
try plunged into difficulties of q most
serious nature by difference of opinion
concerning our circulating medium. In
this connection it is proper.to point out
that as stocks and wheat have advanced
in price silver has steadily declined,
until now the value Of that metal in one
of our silver dollars is only Al cents,
with a good prospect of still further
reduction. .s.- ..-'
ssg@O. T. Hougen NJ. D., Office over
DalV's Drug store. Telephone is.