The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1903-08-21
DOLLAR WHEAT ONCE MORE.

"lLllSdpUllS JUuIlIdl DOlldl NDGuI
the long predicted dollar wheat, the
hope and dream of the farmer, is
here at last. 1t is five years since
such prices were known as are now
being bid for No /. northern wheat,
and it is even, longer than that
since wheat sold on the dollar level
legitimately.
Two important points Of distinc-
tion must be noted between the pres
emit rise and the advance to the dollar
mark in 1898. The advance then was
on manipulation coupled with an at
tempt to secure control of the avail
able supply. The advance 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 south
western farmers who sold their CROPS
largely on the rise. It profited some
in the northwest also. but in no such
degree as the southwest, for the
reason that the advance began while
the spring wheat crop was growing
and after the old crop of spring wheat
had been practically cleaned up. On
May 8, 1898, wheat actaully touched
SIG in Minneapolis, but only those
who still had old wheat in their
bins were in position to profit by it..
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 five years ago the COL
lapSeof the Letter corner having
carried all markets down with a rush.
cash wheat in Minneapolis was quot
ed S44, and as the reactionary trend
continued, the e spring wheat
meanwhile coming on the market,
the figure 60 Was struck on sales later
onfin August. The farmers had to
sell their crops on such a market.
What the northwest gained by the
Inflated prices earlier in the year,
she more than lost later.
This yeaf it is not the southwest
that IS getting the relatively high
prices, but the northwest. Instead
of following on behind Chicago, or
any other market, Minneapolis is to-
day leading the grain markets of the
world, and wheat has struck the
dollar mark right at the beginning
of the new crop movement. There
is no manipulation. Actual condl-
lions have forced the avdance, for
there are buyers who must have
wheat and there is nothing in the
market. 1t all goes to emphasize
n phase Of the wheat question
that few think much about, the
growth of consumption in a rela-
lively greater degree than the in
crease in production. The world IS
using much o wheat than ever
before, but it is not producing very
much more.
The great question now is whether
or not prices will hold; whether the
new crop is to sell at a dollar.
There is an impression that when
the present urgent demand has heen
satisfied and wheat begins coming
in quantity, prices will break. The
first car Of the new crop brought 99c
yesterday, but when the movement
carries 500 to 700 cars a day into
Minneapolis, prices, it is feared, will
fall off sharply.
We think not.
A set back following heavy receipts
would be a most natural thing to ex-
pect. but unless the movement in
creases greatly owe normal prices,
will hold very we'll. The millers have
no wheat, elevators here and at other
terminal points and through the
country are empty, and there is a
great -four business in sight for later
in the year. 1t looks very much as
though prosperity has struck the
1armers-for present indications point
to remunerative prices for other
grains as well as wheat.
And if money comes to the north
west farmers it means prosperity to
us all.