The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-15
Timely Dollar Wheat.

Dollar wheat, the long predicted dollar
wheat, the hope and dream of the farrner'
is here at last 1t is five years since
such prices were known as are now be-
Ing bid for No. northern wheat, and 1t
1t even longer than that since wheat SOLO
en- the dollar level legitimately.
Two important points of distinction
must be noted between the present rise
and the advance to the dollar mark In
1898. The advance then was on manlpula-
ton coupled with attempt to secure
control of the available supply. The ad-
vance Of the present is on the surest and
safest basis of all, the excess Of demand
over supply. The dollar mark Of 1898
meant great profits for the southwestern
farmers who sold their crops largely on
the rise. 1t profited some In the north
west also but in no such degree as the
southwest, for the reason that the ad-
vance began while the spring wheat crop
was growing and after the old crop OF
spring wheat had been practically cleaned
I'D, On May 9, 1898, wheat actually
touched $50 in Minneapolis, but only
those who still had old wheat in their bins
were in position to profit by 1t, nor could
a northwest farmer sell his growing crop
in advance at any such prices, for the
figure was for wheat for the May delivery.
Hence the northwest saw these high
prices and her farmers benefited by them
to what extent they could, but the great
crash came right in the face of the new
spring wheat movement. On this day
b,a col12DSe of the Letter
corner having carried all markets down
with a rush, cash wheat In Minneapolis
was quoted S4&c, and as the reactlonary
trend continued, the new spring wheat
meanwhile coming on the market, the
figure g. was struck on sales later on IN
August. The farmers had to sell their
crops on such a market. What the north
west gained by the inflated prices earlier
in tho wear, she more than lost later.
This year it is not the southwest that
is getting the relatively high prices but
the northwest. Instead OF following or
behind Chicago or any other market
Minneapolis is to-day leading the gralr
markets of the world, and wheat has
struck the dollar mark right at the be-
ginning Of the new crop movement. Thel
is no manipulation. Actual condition:
have forced the advance, for there arr
buyers who must have wheat and there Ii
nothing in the market. 1t all goes to EN-
phasize one phase of the wheat question
that few think much about, the growth
of consumption in a relatively greater Gle
gree than the increase in production. TIL
world is using much more wheat thai
even before, but it is not producing yer.
much more.
The great question now is whether o
not prices will hold; whether the new GRO
Is to sell at a dollar. There is an i'm
preston that when present urgent de
mand has been satisfied and wheat be
gins coming in quantity, prices will breal
The first car Of the new crop brought SO
yesterday, but when the movement car
ries 500 to 700 cars a day into Mlnnear
oils prices, it is feared, will fall O
sharply. s. 49,. *.
We think not.
A set back following heavy receipt
would be a most natural thing to expec
but unless the movement increases great
ly;oyer normal prices will hold very wei
The millers have no wheat, elevators hel
and at other terminal points and thu
the country are empty, and there is
great flour business in sight for later
the year. It looks very much as tt
prosperity has struck the farmers-f
present indications point to remunerati7
prices for other grains as we'll as wheat.
And if money comes to the northwe
farmers it means prosperity to us all.
The Jones wheat estimate is improvir