The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-06-01
Ghe9ttelIiQercer


The accumulation Of the extraordinary
stock Of five millions Of bushels OF wheat
in Chicago is, We believe, an unexampled
phenomenon in the history OF the grain
trade OF this country. Now that "brcakp
has at length been reached in tho prices
at which wheat has been held in the inte-
rior, there ought to be brisk rivival in
the shipments from this and other ports,
and prices ought to reach what may be
called their normal equilibrium. The
grasshoppcr "scare," which has been care.
FULLY nursCd forSpeculative purposes, has
lost any further power to influence the
market, and the largely increased area OF
land under wheat in Northwestern Ne
braska, in Kansas, and elsewhere, Joined
to the most favorable reports Of tilc APP
Icarance Of the crop in these districts, has
convinced the majority Of the producers
Vi the folly Of holding any longer for
rise.
The possibilities OF our wheat exports
during the next three months can be most
correctly gagged by reference to the
English demand, aud to the extent to
which ithas already been supplied. For
the harvest year beginning September
1874, and ending August 81, 1875, il was
estimated BY the best English Judges that
the demand would be o., ZOO, 900 quarters,
The yield OF the last wheat harvest OF the
United Kingdom has been, with the near
est attainable approach to accuracy, set
down at l3,70O,0O0 quarters. The impOr-
tation required for the twelve months
ending August 81 is therefore nine mil
lions Of quarters, or seyenty-twO millions
OF bushels. During the eight months be-
tween September ], 1874, and April 30,
1875, The United Kingdom had already
received nearly forty-six millions OF bush
els Of foreign wheat, leaving twenty-six
millions Of bushels to be supplied during
the four months between May and
August 81. OF the forty-six millions
above noted, twenty-five and One.halfmil- |
lions OF bushels were received during the |
closing four months Of last year, and
twenty and ORe-half millions during the |
first four months OF this year.
The question which Immediately in
tCrests the wheat growers Of the United
States il what proportion Of the British |
demand Is likely to DO drawn from this
country. OF the twenty and one.half
millions Of bushels OF wheat imported
during tho past four months Of 1875,
nearly twelve and onc,half millions were
drawn from the United States OF the
twenty-five and hall millions imported
during the last four months Of 1874, a
somewhat larger proportion was contrib
uted by this country. But taking the
ratio maintained between January and
tho end Of April, our proportion OF the
estimated British wheat imports up to
tho end Of August ought to be about
sixteen millions Of bushels. The present
stock Of wheat in the country din sight"
Us It IL called, that Is, practically on the
market, Is not less than ten Mullins Of
bushels. In the face Of more exten-
sive demand last year, stocks were about
two millions Of bushels less.
Trustworthy estimates about the
amountOl land Under wheat this year in
the United Kingdom are not yet forth
coming, AS the acreage Of 1874 was
2,S33,000, or pretty near the maximum
area Of available wheat land in that
country, the British harvest this year can
not be perceptibly affected by the in
creased quantity planted. The average
yield per acre OF British wheat was last
year thirty.one bushels, or one and half
bushels above the standard average"
As the average yield Of the last nine
years has been one and Il half bushels
below the standard average, II may fairly
he expected that the total yield Of 1875
will fall short Of that for 1874. The in-
creased consumption consequent upon
low prices must also enter into the Qnes-
ton Of future demand. Add to these
considerations the fact that all our rivals
in the British wheat trade are, with the
exception Of RUSSIA, practically out Of
the race. Even Russia, which used to
send to England twice as much wheat rs
we did, has, even under the stimulus OF
n superabundAnl harvest, sent during the
last eight months but little over third
Of the amount Of our imports. While,
therefore, the prospects Of our export
wheat trade can not bc called brilliant,
they nre certainly reassuring. Only,
producers must make up their minds To
a retty long period Of almost stationary
prices, while they may reasonably expect
TO find some com rensatiOn in the increased
purchasing power Of their monCy.-Ncm
Il