Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-05-31
The London ss1riner's" View on wheat.

The London Ss0iller's" View on Wheat.
1.-THE country whence advices remain to be
considered is America, and it has been the IN
toward character OF American crop reports
which has more than anything else tended since
easter to make the market strong. The govern
ment report, published eraIy in April, stated
that the condition OF the winter wheat showed .
lower percentage than had been anticipated
being seven points below the average of six
previous years. The reasons given were that
frosts had cut down the plants, sometimes de-
stroying them to the root. The average state OF
the winter wheat tor the whole Union was given
at 81, or ~ per cent. below that American Official
average which is in realty the practical maxi
cent years the figures are: 1890, 81; 1889, "a;
1888, 81: 1887, IS. Now the yields Of the three
years with which comparison is made were: 1889,
Az coo 900 bushels lsSS, 416, 600, 900 bushels;
1887, 455, 90. 600 bushels. These conversions
into English bushels of 20 pounds to the bushel.
The conclusion which is inspired by glance at
the two tables is that the American wheat yield
for 1870 is not, on its present promise, worth
more than 400, 900, 600 to 40 600 0o0 bushels,
deficiency of from 60, 600 600 to r. 900 O0O bushels
compared with LAST year. The reserve in the
Pacific states is s. 600 600 bushels larger than it
was year ago, but east of the Rocky mountains
the visible supply is 0OO, 200 smaller than last
year. Farmers, however, are reckoned to hold
20 600, 600 bushels more than thev did in April,
1889. Assuming these figures to be fair approxi-
nations m to the truta. we get mean reserve OF
Is, 00O 600 bushels above that of year ago, and
mean crop prospect OF 66, OO0, 900 bushels below
that of year ago. SubtracJing the first from
the second, we have the prospect of American
shioments for 1s9O-9l being 40, 200. 900 bushels,
or 900 600 quarters less than for lSS9-90. And
herein is plain and sufficient explanation Of the
recent American advance"
BRADsTREET's VIEW.
Available stocks OF wheat do not decline with
the rapidity expected, or even at the recent
rate. owing, doubtless, to the unusual move
ment from farmers hands on account of the
ing the week ending May II, the Official report
of what is termed the visible supply Of wheat
showed decrease of ouly 81, 900 bushels, about
one-ffth or one-sixth OF the recent average
weekly decrease, according to the same author
ity. But it should be recalled that the official
visible supply report includes less than two
dozen points of accumulation, and omitS Bll
reference to wheat in transit for the seaboard by
the trunk lines, although it does account for
wheat afoat on the Mississippi river, on the
great lakes and on the Erie canal and on the
Hudson river. Reports to Rradstreet's
OF stocks OF available wheat on May
II aggregated S1,542,oOo bushels az
% 694 00c bushels reported officially, the former
total showing decrease for the week of 596, 900
bushels as compared with previous weekly
average decline OF about POO, 900 bushels. We
find that the increased shipments by canal last
week, Sos, 900 bushels, nearly Offset decreased
stocks on the lake, 6lS, 900 bushels while de-
creases rail and ahoat at New York of 643, 900
bushels little more than account for the net
decrease shown at all points. The significance
OF THIS Is found IN the omission OF onicial re-
ports to take any note of wheat rail, thus, as
shown, giving out misleading results at times of
sudden increase or decrease Of shipments. The
increase of B9l 900 bushels Of wheat in stock at
New York nearly offsets the decrease of 412, 900
bushels in store az Duluth, while the decrease
of $50, 900 bushels in store at Northwestern rail-
way elevators very nearly equals the total gain
of wheat stocks at Chicago and Kansas City,
1874, 900 bushels, and Buffslo's enhanced stocks,
to Us, 900 bushels, but slightly ex-
ceeded the total decrease in wheat stocks at New
Orleans and ST. Louis.