The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-06-24
WHEAT


The whole country produced l,545, 000 900
but of corn, of which eleven states produced
l,22S,600,0 900, while twenty-seven states and
eight territories produced 3l6,400000. OF
wheat the whole country produced $4,000
900 bu-.34l, 100000 in eleven states, and
1900 in all the other states and territories.
The eleven states enumerated above produced
rs per cent. Of the entire wheat crop, and 10
per cent. of the corn crop.
The production of honey is becoming an
interest of some importance. 1t is estimated
that there are about 100000 bee hives in
the United States, each yielding on an aver
age about % lbs honey, and revenue of
about $4,000, 900, and in addition the indus
trious bees su. ply us with 24,OOO,OOO lbs of
wax.
The visible supply of petroleum is the
largest known in the history OF the, trade,
being estimated at betwe 100000 and
100000 bbls, and with a production largely
in excess of the consumption, it is steadily
increasing. Still there is a good deal Of the
raw article being exported, but the actual
consumption in this country has been light
since early in the winter, since which time
the greater majority Of the refneries have
been stopped, and they are not likely to be
started UP again for some time yet, or until
the export season fairly opens up.
The New York Journal of Commerce re-
marks that 1.-THE present sharp reaction in
the iron trade was inevitable. The speculation
has been carried too far, and failures are the
penalty. Nobody is in the least surprised by
the two great collspses reported lest week,
and it will be wonder if others who have
meddled with too much cold iron do not
suffer from their rashnsss. The iron specula-
tors have been killing the goose that lays the
golden egg. They have not been satisfied
with doubling their money by the rise in iron.
They have sought to treble and quadruple it
and make enormous fortunes in few months.
For this purpose they have formed rings;
they have limited production; they have
kept a powerful lobby under high pay at
Washington to prevent any relief from tariff
amendments; they have had everything their
own way, it seemed. But they reckened with
out their host on the other side of the ocean.
They forgot, or in their recklessness did not
care for. the fact that these enormous artt-
cisl prices for iron fixed by the ring
would stimulate imports until the balance
was redressed. Exactly what cool, sensl-
bic people predicted has happened. foreisa
iron has poured into the country to meet the
demand. The iron ring have made every
lrciti mate industrial enterprise in this coun'
try pay tribute to them for years, through the
agency OF protective tariff of which the
American iron interest is the cornerstone
The t riff remains. The purse of the iron men
has been too long and full for the revenue
reformers. They have beaten us Mt Wash,
ington. But, with the aid Of commerce, and
by the irresistible cource of trade, we have
now beaten them and they have themselves
been defeated in the open market Iron Is
down, That single statement is news more
welcome to milllens of Americans than the
nomination of any presidential candidate.
Business will survive the crisis OF polite! !
conventions. But tits largely dependent IN
thousand channels on the abundant ana
c heap supply Of iron.