The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1890-08-30
Wheat: its Condition and Prospects.

Wheat: its Condition and Prospects
There is no market in which tn,
fluctuations are universally Of 81
vital Importance as the speculative
options in wheat. IL Is the chic
export staple of Russia, India ant
British colonies, and although it Il
not at the top of American export.
in aggregate value, its Importance
is great in determining the prices
which must be paid for other foot
products and in this country its
yield, price and condition are rul.
ing factors in the years prosperity
AS general thing the speculative
traders have exerted a dominant
influence on its price. This year
however, the crop damages, silver
initiation and other causes have
taken its movement out of theil
hands ahditsNprice has had an ex.
traordinary rise. A representative
of the Globe interviewed Mr..
Charles d. Freeman, of the firm of
Charles D. Freeman & Co.. one OF
the best posted wheat brokers in
this city and obtained the follow
ing statement in regard to the
present position of this cereal:
"The price wheat in New York
has advanced from IS cents q year
ago to $1.10 per ,bushel, and in
Chicago it has moved up from n
centsto $l.07. The harvest returns
from the winter wheat section in
-dicate-that the yield will probably
be 250,000,00O bushels, and the
government crop report, on August
1st, indicate the yield of spring
Wheat IT absut 46O, 100000 bushels,
making total yield of 41O,OO0,0OO
with a possible surplus for export
of not more than 40,O0O,O0O bushels
against total yield for the year
of 495,OOO,0O0 bushels and a sur
plus of 12O,0OO,O00 bushels.
"The position of wheat in Amer
lea is undergoing a revolution and
values are now standing upon a
higher basis. Formerly 80 cents
per bushel was regarded as a fair
value for wheat at the seaboard.
Preceding 1880 about $1.O0 per
bushel was regarded as standard.
Then we had to contend with the
Russian and Indian crops in the
English and continental markets
and the effect of that competition
was to reduce the basis of value to
about 80 as above stated, and SO
long as America had surplus to
sell she was forced to enter the
field on the same basis as Russia
and India. Now the situation is
changed where America is specially
mainly by the increase
of l4,000,000 in population since
1880 without prOpOrtionate in
crease in the yield of wheat.
"This is clearly illustrated by the
fact that in 1880 the production was
400, 100000 bushels, while this year
the production will be only 100000
600 bushels. This increased do
mestic demand makes an expor-
table surplus less, and at the points
of accumulation the pressure is not
so great because of the increased
due to the increase in
in the territory of pro-
duction. Another factor which has
to-, the advance in
America has been the silver legis-
lation which not only is tending to
initiate prices here, but the advance
in silver in London to 54d. against
AID. a year ago actually adds about
zoe. per bushel to the cost of Indian
and Russian imports into Great
Britain. During the recent ad-
vance had here the foreign mark
cts continued depressed, on ac-
count of large offerings from the
Danube and liberal movement
from India-but these offerings
were solely on account of contracts
made many months ago prior to
the advance in silver, and are be-
hig pressed for sale by the receivers
who are Indifferent to the course of
Am erican wheat, and who claim
that they will not want anthing
from America this year.
"The crop reports from Europe
are now exerting a powerful influ-
ence in prices. l shall be very
much surprised if the estimates for
France do not gradually creep up
to a nice round figure before long,
as the reports from various points
agree that the weather has done
good to the plant. The
reports published regard
ing the English crop were unanim-
ously and Immediately voted
''highly exaggerated" The fact is,
that the spell Of rainy weather did
u good deal of harm, but the sue
cession of fine sunny weather has
much of the effect Of
the bad weather, and the natural
of the wheat plant will
help 1t through wonderfully.
"From Germany all the reports
are favorable, the crop promises to
be abundant, but the quality is as
yet somewhat doubtful, The pro-
,pects of the Hungarian crops are
and Italy and Roumania
both expect good crops. Russia is
rs usual incomprehansible, the
.eports are various and far apart.
~ see. however, that the Stand
srd publishes Berlin telegram es-
imating the Russian crop at about
'qual to that of last year, or the
a r4u uuf k<.l