Seattle's Sugar Panic of 1888
A rapid-fire series of local price hikes turned sugar buying in Seattle into a high-stakes, volatile gamble that rivaled the dangers of the stock market.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
According to the San Francisco Post, the sugar market has been in a fever since Saturday. The California refinery started it by raising the price of tubes, and later in the day, the American refinery also hiked its rates. On Monday, three separate advances were made by the California refinery, making tubes 7.5 cents. On Tuesday, the American refinery advanced its rates to 8 cents for cubes, and since then, the matter rested until yesterday, when another 0.5 cents was added to the California price. A change one way or the other is liable to take place at any moment, making the purchase of sugar as exciting and profits as uncertain as dealing in stocks or speculating in grain options.
“A change one way or the other is liable to take place at any moment, making the purchase of sugar as exciting and profits as uncertain as dealing in stocks.”
This report from 1888 captures the volatility of the grocery trade when Seattle was still a developing port town. The anxiety surrounding sudden price spikes on household staples mirrors the persistent, modern-day dread that Seattle residents feel over the rising costs of living and housing in an increasingly expensive city.
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