, 1875-12-26


buildings and erect new and high modern struct-
u1es. When they do 80 the labor needed Will
tend to make work very plenty for mechanics"
THE FUTURE OF WHEAT.
To the Editor Of Tie Chtta9o Tribune
CHICAGO, Dec 25.-As there seems to be so
many conflicting opinious upon the future price
OF wheat, end some OF them are upon good
ground, while others seem to be 30, but sre not,
Il few facts will probably enable great many
OF your readers to a better understanding OF the
intricate problem In dealing with the price OF
wheat in this market, it is we'll to bear this in
mind, under al circumstances that the price OF
wheat, when there is . surplus for export is
governed to very great extent by the pr1ce
ruling in Great Britain, and the British markets
nre governed by the prospective end i'm
mediate supplies OF the world. AS aa
Illustration the prospective supplies ara
short, while the immediate supplies are almost
overwhelming. Yes va see to!erahly firm
market over thefe and it has been 80 for the past
was reported as being at os Sd to los for No. 2
spring wheat AND since then it has not
varied much to date. This to my mind, is Eim-
pig flona the fact, to them very apparent, OF
pGospectiyely short supply
That We may be better able to understand tho
facts that follow, it will be necessary to go back
to the crop Of 1878. The wheat crop Of that
wear was considerably below IN average in al
most all the wneat-producing countries, espe-
cially so in ENGLAND; and, as . natural
greater part Of the next cereal year.
Ttis III turn, and naturally too stimulated very
large increase in the acreage OF wheat in 1874
the world oveE,-even great bfltaln increased
hers from g. 40 $50 in 1878 to s, $50, 800 in 1874,
IN increase of 139, 920 acres,-nnd from this large
nd tf,n Y,,rS n
growth OF wheat, the largest and best crop the
world ever produced was harvested As . result
of tue superabupdance of wheat, and that too OF
the very best quality, unusually low prices pre-
vailed during tho latter part OF l174 and the
early part OF 1875, until the scare OF last March
arose about the winter-killng Of the fall-aown
wheat It ia this large surplus OF the crop of
1874 that has misled and deceived great many
people. France had q surplus OF 30. .00O, ,000
hectohtres, equivalent to 81. 500. 900 bushels.
Russia had q large surplus, and the United
States the same.
It so happened, this large reserve OF wheat
here in the Northwest began to be attracted
from it's hidiog place in farmers granaries,
during the early pars OF last spring. It had 3
temporary check during the month OF May, by
the combination then manipulating this market,
1t soon was helped b. llem 10 recover its on
ward march, and by the early part OF August it
assumed such magnitude TINT they stepped
from under, expecting TO Bee it bolt upon this
ward. receiving renewed courage to keep on it's
way By the very attractive prices which came
from the United Kingdom Not alone Was this
country in sending forward its surplus stock OF
wheat Of the crop Of 1874 during last July and
August.
But Russia, Australia, France. and even India.
rushed forward all they could. and as result
tho imports into Great Britain, were for the
months OF September, October, and November,
among the largest in the history Of the trade.
It is very evident there viii be no lmpr ovement
in prices over there until some OF the yast
amount OF wheat which they have been obliged
to put in Ernnaries ia somewhat reduced. This
Of course will take some time, as their imports
are now, as they have been in the past, since
Sept /, more than their immediate require
ments. There ia almost an universal belief in
England th.t they will require at least
9G, 0OO, 600 bushels OF wheat to make good their
deficiencies. Upon this basis they will require
4 weekly importation OF 1,846,154 bushels,
and in no one week since Sept. 1-exoept that
one ending Dec. 4, in which they received
196i, $50 bushels Of wheat, and -four reduced to
wheat,-but what they have received considerably
over 100000 bushels, and some weeks orer
5000, 900 bushels. For instance, during the
week ending oet T.! Ian there we're imported into
the week ending Sept. 25 28l1 DIT bushels for
week ending Sept. 18 3,251.768 bushels. Thus
NC zee for these three consecutive weeks the i'm
ports Of whea1 averaged over 8, 600, 900 bushels
per week. And the imports OF wheat and flour
for the week ending Dec. % amounted to 8, 1885,
i.nportations are not On the wane ut present, out
il anything they are on the increase. as the fol-
lowing will show:
The Economist OF September IS states 1.-THE
kingdom, is 1895, 800 quarters against 704- 900
quarters ut this time last year" October Is it
says, Tho quantity On the way from ali ports is
estimated to be 1,l57.oo0 quarters. against
$50, ,00O quarters last year this t1me," November
Is it says, 1.-THE quantity of wheat on passage
00O quarters" Nov. 20 it says, 1.-The quantity
OF wheat on the way for Great Britain, ia set
down in the lists Of shipments at over 900 600
quarters, aud the returns do not incluee the
shipments from the Baltic Or those from Amer
lea during the past week; these will amount to
about 100000 quarters more, SO that there is An
aggregate o. BOO, 600 quarters coming forward,
Of Which the trade are advised, whilst at all
the principal ports excepting only St. Peters,
burg and Montreal, supplies are still being ship-
ped OF freely-'
The PaU NaN Gazette week later, aags ''The
quantity OF grain Oh passage TO the United King
dom contiaues on the increase. The enormous
bulk of 1.850, 900 quarters OF wheat alone ls now
at1oat with British ports as destination. The
weeks actual imports are heavy. 390, GOO quarters
Is 100, 900 bushols). The harvest prospects in
Australia are very satisfactory one and half
million quarters OF wheat are expected to remain
far export after Australian home consumption
has been fully satisfied" The same paper tn its
issue of Nov. II, says, "the last quarter OF the
year 1875 bids fair to be 1ecaoned as continu-
ance Of tha low-price epoch for wheat and -four
Which began with the rich harvest Of last year,
for from last September to now the quotations
have remained very moderate, notwithstanding
the ehortness of this years crop: and az tha
shinrnents from abroad are increasing instead of
Diminishing, there does not appear to be much
prospect Of value materially recovering from e1-
listing low currencies."
This ve:y state Of things was fo1eseen BY the
editor Of the New York Produce Exchange
Weekly, who in his publication OF September
number, says: III the exporting countries
force the wheat on Europe faster than ID needed,
values will in consequence be depressed, however
much her wants may be during the succeeding
twelve month";"
Ens only sbis cnunfrY hut Ruaeia Also il hup>