The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-08

Hon. with One Exception, Namely
when Plunxer Hutchinson Saw
the Price Go Up to &2-15 Per Bush
emit situation and the Future.
II weather conditions during the present
grain season are favorable. fortune will
smile from the skies upon the wheat grow
ers Of Washington. The great elevators
OF the inland empire win be p.ethoric with
the golden harvest Of the sheaves- Bags
Of the yellow grain will be turned iEto
smaller but heavier bags Of yellow gold.
and the farmer Of the state. after having
paid of his mortgage with the phenom-
email harvest Of last year, will likely be
looking about. preparing. to take trip
through the capitals Of continental Eu-
rope.
Chicago wheat recorded another won
derful rise in the short period OF action
upon the board OF trade yesterday. The
opening quotations were at the point OF
, great excitement the price rose rapidly
until 1t stopped at Sl.67 Then. after a
pause. the price rose three points until
it finally lodged firm and stable at 81. 20.
This is the highest price paid for wheat
since the war OF the rebellion, with one
exception. The exception was in August,
1855, during the celebrated corner engin-
eered by Piunger Hutchinson, known in
his day as "Old Hutch" During that ex-
rtft rs.l
manipuiations of Hutchinson. Then, pro-
PEELED by the momentum it had gathered,
and not because Hutchinson was pushing
1t. wheat touched $2.15 per bushel. Great
was the fall thereafter.
Local market conditions have not been
affected by the interesting fortune making
and fortune breaking occurrences on the
Chicago board Of trade. Dollar wheat is
the rule in Seattle, although trades have
been made at an advance OF from to
cents over the price for No. 1 bIuestem.
A grain buyer explained the difference be-
tween the Seattle and the Chicago price
yesterday by comparing the figures for
September wheat in Chicago with cash
wheat in Seattle. These rule about equa.
the reason being that the difference In
time is about equal to the period necessary
TO transport grain from this coast to
Liverpool.
California Crop Badly Damaged.
According to all information received
by Seattle grain buyers and exporters, the
California crop has been damaged beyond
redemption by the severe drouth that has
prevailed there during the past six weeks
or more. shriveling the grain except In
favored localities. until 1t will be unmar-
ketabie. Usually. 1t Is stated by author
tiles. the California crop runs from e.
100000 to 100000 bushels of grain a year.
~ Is peneVed that not much more than a
third OF crop will be harvested.
1T will not be as IL they had no crop
at all In California" said prominent Sc
attic exporter yesterday. '.The California.
harvest VIII produce more than enough
gram to supply their mills, but the ex-
porters will be obliged to come here to do
their buying. This viii greatly increase
the business for next season that viii be
done on Puget sound, provided, of course
that the Washington crop turns out as all
the present indications prophesy."
Il do not believe that the war with
Spain will control the price of wheat on
the coast. regardless of every other con-
dition, said another grain man yesterday
Local conditions. In my opinion. will
cause the price OF wheat at tide water 10
reach u next season, and perhaps 20
above that point. 1t Is not likely. how
ever, that We viii have s1.5e wheat on the
coast, unless the war should involve other
nations or Europe besides Spain ms "a
possible. But leaving the war Influence
Gear out OF our calculations, there are
abundant reasons for believing that WASH
ingtonS next wheat crop viii be r,arkat.
cd at prices much higher than those n,;a
last year. IF these predictions are fnI-
MED. the Eastern Washington wheat
growers VIII receive at least IS cents ner
oushei ior their crops, and perhaps even
more than this high figure
While close observers of the ubaat 49,,
ne, are not inclined to minimize or t,nder
estimate the effect of the Hisnano. Ave.,
can war upon the price Of wheat ho.h
present anu prospective, yet the war buI
letiTls do not constitute all of the hu,lish
factors in the situation The visible spn-
ply OF wheat in this country TODAY is bu.
-ov1'ooo bushels. This Is at seaboard and
other terminals. such az New York CIT
cage, Minneapolis and Duluth.
Last year the visible supply at this time
or the year was not far from 50 90 coo
bushels. The disparity In the figures forms
some indication OF the immense inf1nanca
which will bring the price of wheat IN 4,
and lar above a velvety point during the
season.
Washington Supply.
While the visible supply today IS 20
ooeco bushels. It is steadily diminishing
at the rate 6f at least 2.0oe GO bushels per
week At the same time. estimates of the
grain held In the Eastern states by farm
ers and located In the warehouses ia not
much over 5000 900 bushels. wear ara
il was estimated that as much as 100 oSp oyo
bushels were held by the farmers of tba
country Tor better prices. This wheat has
gone from the great elevators of the COM
panies. drawn 10 the markets of the world
by the irresistible magnet, 81 per bnshel.
According TO the information of one erafr.
man in Seattle. the high price OF wheat
prevailing in the past six months has
cleaned out many an elevator In the eoun-
try that was stacked fun OF the yellow
grain a year ago at this time
1T IL estimated that last years Wash
fngton wheat crop aggregated between
100000 and 22,0ooo0o bushels" said a
third grain man yesterday. 1.-THE I'm
mense profit realized by the wheat grow
ers led them to put in every available