The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1897-08-27
DOLLAR FOR WHEAT.
PRICE 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 Jumn.

with That of Last Year.
Prices of Grain Jump.
Wheat has gone to the dollar line in
Chicago and in other cities has passed be-
yond that For short time Beelzebub
seemed to have possession of the wheat
pit. 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 and
down the business streets-"dollar
wheat" Bulls with rampant horns toss
| ed the cereal to the zenith of the financial
sky. Bears rooted in the pit, trying to
find hole into which the price might fall.
Fortunes accumulated in the twinkling of
| an eye. The prophets and the sons of
prophets to the seventh father and mother
We're right. Dollar wheat was a reality.
Continued heavy foreign exports, a
| healthy demand from countries short of
crop, distant rumor that the demands
still greater than the supply, took Sep
tenber wheat Saturday morning at 9712,
| made it dollar, then showed it back to
| s9H3. December wheat closed for the day
| at 991s. The lowest cash selling prices
Of the principal cereals last year were:
Wheat, 53 cents; corn, 1917; oats, 14A;
| faxseed, 63A; rye, %. Compared with
.A> A'SPISAAOSi pl lScS VI EodluIudy lue
increase in the value of the crop in sight
and the small surpluses of last years
crop on hand is over $500, 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
were demented, when they talk jargon
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 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'n 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 i'll which they may have their
day.
The advance brought a 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 promising ven
ture and the result was. that thousands
and thousands of bushels which were
seeking a market at 99T 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 well sus-
| talneu can 90 III the way OF advancing
prices. The net gain in the Chicago price
Of September wheat was 151hc. 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 8
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 situation has been devel
oped in which high range of values car
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, anC
from the outlook the farmers of this coun
try are not only to realize good prices, bu
are to realize such prices in at least
fairly good yield.
Aug. 15, 1891, September wheat sole
at 81 and $1.051a. The next day it ad
vanced to Sill, and cash sold at $1.13
and the third day was back to 81. 1t dix
not get above $1.O5A the balance of tn,
month, and on Sept. 80 sold at 9S1b cent?
to $1.02. Present prices are the highes
since that time.
higher than Il year ago, and Liverpoo
was 411sc higher. The following give
the closing prices of September whea
Saturday at the points named, the closins
Friday and for the corresponding day las
gear:
Saturday. Friday. ago.
Minneapolis ......... 97X 9lhs 54i
st. Louis .......... .102A 96A GIL
|