The Hop Gold Rush of 1886
As hop prices soar in the Puyallup Valley, Washington Territory farmers find themselves in the midst of a speculative frenzy, echoing the volatility of modern commodity markets.
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.
Hops are quoted at 30 to 31 cents. Mr. L.P. Thompson, of Sumner, said this morning that the cablegram from London, received this Friday, quoted the English hop crop as in a splendid condition. Mr. Thompson says there is a 'wait off' just now in the eastern markets, as dealers wish to get definite information as to the outcome of the English crop, which will be known by early September.
One of the best sales reported yet from the valley is that of A.C. Campbell to Mr. Hayes, agent for Charles Green, of Utica, New York. Mr. Campbell sold his entire crop, estimated at about 75,000 pounds, at 16 cents per pound, with the benefit of the rise for thirty days. The value of the sale will be in the neighborhood of $14,000.
The hop crop of Washington Territory this year will amount to 35,500 bales. Mr. Ezra Meeker says the average will be 2,000 pounds to the acre in the Puyallup valley. If this is sustained throughout the Territory, the entire product at 30 cents per pound would show a valuation of $1,590,000. It must be remembered, however, that nearly one-half of the crop has been already sold at an average of 15 cents, which reduces the above figures. However, there will be enough money received from the tiny leaves to leave everybody concerned in good humor.
“There will be enough money received from the tiny leaves to leave everybody concerned in good humor.”
In 1886, Washington Territory was briefly the center of a global agricultural boom. Just as today's tech and real estate markets fluctuate on speculative global data, 19th-century farmers were entirely at the mercy of cablegrams from London and distant New York agents, proving that the 'boom and bust' cycle is a foundational rhythm of the Pacific Northwest.
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