Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-08-26
Business Outlook as Reported by
Schwartz, Dupee & Co.


CHICAGO, Ill, Aug. %, 1897.
September wheat sold in this market
for dollar a bushel last Saturday One
week previous the closing price of Sep
TENDER wheat was 81 cents, SO that the
appreciation in price for the week was
Is cents.
This is indeed remarkable showing,
but it is not more than those who have
followed closely the trend Of events In
the commercial world have looked for,
although the realization came more
quickly than many had expected. And
yet there seems absolutely nothing to
prevent still further notable increase
of grain prices. The situation warrants
such action. There is no longer any
doubt about the European shortage. It
is growing larger every day, and this
morning the first Liverpool cables to
Schwartz, Dupee & c., reported rise
Of over 5 cents per bushel since the
close there Saturday, thus showing that
our tremendous gain Of cents Saturday
was not unnatural This also is the
opinion of men who are interested in
the wheat trade Il every capacity, as
millers, exporters, etc. They find that
in the purchase of cash wheat they are
in no case able to buy unless at higher
figures than for the nearest option
quoted on the Board of Trade. Cash
wheat, for example, sold at S1.02 in
Chicago Saturday when the September
option was at 995 cents.
1t is this daily evidence that the mar
ket is in no sense a manipulative one,
but that figures are based on actual
supply and demand, which makes the
largest grain dealers in the world conf
i mt hat prices have not by any means
reache their limit. There will neces-
sar;ly g reactions, but thus far in the
great ward movement they have
been few and far between. But after
eacl reaction a still greater advance is
looked tor until the present demand
from Europe shall have been satisfied.
The deficiency there, which not long
ago was estimated by Beerbohm at 224,-
100000 bushels, is now put by the same
authority at 384 100000 bushels, or
nearly twice the original figures. If
this be fully true, and if the crop dam
age already apparent is followed by still
further loss in that direction there is no
reason why American wheat may not
sell fer $1.25 per bushel.
These figures may seem improbable
to those who have been accustomed to
wheat below dollar for the last few
years, but sensible, experienced men
do not so regard them. It is not ques-
ton of sentiment but of facts, and the
same conditions which have advanced
until today the opening price for Sep
TENDER was 33 to 50 cents. The present
corn crop may yet be injured by frost,
in which event the price would become
higher than for many years. But should
there be a falling off from the present
prospects of corn, there is on hand
such large percentage Of the crops of
1856, that the farmer will have plenty
of the cereal to sell to Europe.
Just now the situation is accumulated
by the fact that receipts at primary
points are very light. This means that
the farmers are holding their wheat,
and thus far they have made money
every day by SO dong. At what point
to sell is of course a matter to be deter
mined only by individual judgment,
but no grain raiser can justly complain
if he fails to take advantage of the pres
ent market.