Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1898-05-12
Whe at Still Soaring.

!
the price of wheat that has occurred
in recent years has been recorded dur
ing the past week. Last Thursday
May wheat reached $3.50 in Chicago,
and July wheat $lO3I. Saturday
in the Chicago market there was
another big jump, and $40 bushel
was touched, while July options ad-
vanced to $1.O6i. Monday prices
went soaring again. Chicago sent the
price up to $1.75 tushel, while July
wheat sold up to $l2l, an advance
of over Is cents in that option. In
New York on Monday the market
went wild. There was intense excite
ment as the price went higher, and
finally the top notch was reached at
$3.50, later falling back to $50.
July wheat sold up to 9l.28!. In
Baltimore on Monday spot wheat sold
at $l.46 bushel and July at 1922.
It is generally agreed that the war
has little to do with the price Lei
ter's operations in Chicago have un-
doubtedly been an important factor
but the rapid advance in the price Of
grain in Europe shows that the de-
mand is genuine. In round numbers
the worlds shortage from the reduced
Weld of France, Austria, Australia,
India and Argentina and other Eu-
ropean countries last year, was equiv
alsnt to 2OO,OOO,OOO bushels, which
has not been made fully good, not
withstanding our increased exports.
The European crops this year are said
to be promising, but the demand has
been so great that there has been sharp
competition for the comparatively
light stocks to tide over requirements
until the new crop supplies are avail
able. The war situation has eXer-
cised only sentimental influence, as
the bread riots breaking out in Spain,
Austria and Italy, one after the other,
and each country removing the I'M
port duty to attract supplies more
promptly, are ample evidence Of the
manner in which stocks abroad have
been depleted.
Bradstreet figures out the total stock
of wheat in the United States on May
l this year at only 100000 bushels,
the smallest held at that date for ten
years past, 100000 bushels below
the total held year ago; 100000
below that held in 1896, and 65,OOO,-
900 bushels below that on May l, 1898.
The available supply in this country
and Canada fell off 100000 bushels
during April, the heaviest decrease
shown in any single month for long
time past. The European situation,
though less acute, is still an interest
ing one. The total held on May l
this year was 66,6SO,OOO bushels, H.
100000 larger than a year ago and
100000 bushels larger than two
years ago, but 100000 smaller than
May l, 1895. The total stock in this
country, Canada, Europe and ahoat
therefore on May l was l0O,S90,0OO
bushels, 100000 bushels smaller than
last year at this time, 100000
bushels smaller than on May /, 1896,
and nearly 100000 bushels smaller
than at this time in 1895.
Very little wheat has been sold in
our local markets, although number
of our farmers have a quantity on
hand The highest price reached here
this week was $l.38. Mr.. G. T. Hodges
bought some wheat for July delivery
at Sl.O5, though at one time he would
have given SIP for July wheat The
farmers have been greatly interested
in the price of grain, and some Of them
are talking Of selling their next crop
at the prices now offered. The out
look is for an enormous crop in Jefer-
son county. The acreage is large and
the growing wheat is simply in splen-
did condition.
Tuesday there was a considerable
break in the market. In Chicago July
wheat dropped from 1925 to $1O6,
but later recovered partially and closed
at $l.14. In New York the market
was greatly excited and fuctuated
wildly. May wheat was up to $3.50,
then dropped 10 cents, finally closing
at $1.9l. July options that had been
$l31 fell to $I19, closing weak at
1922.
The market on Wednesday closed
weak and lower everywhere-New
York was ii cents lower for May, and
II cents for July, Chicago was 8 cents
lower for May and 2! cents for July.
Shepherdstown dealers are Offering
$I.29 for wheat today, and several
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