The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-07-09

cereals are rising hourly. Rye has never
been so dear. Throughout the western,
central and the greater portion of south
ern Russia the outlook is dismal. Min
| isterlal reports say that the winter crop
in south and east Russia persisted by
frosts. Famine is already visable In
| Kontronla.
Germany, large wheat producing
and the greatest rye country III the
world, is agitated over the damage done
to its crops and the people are demand
ing an immediate abolition Of the duties
on imported grains.
In the United Kingdom the weather
| has been generally unfavorable and
crops there will fall largely short OF an
average.
From Italy comes this late cablegram:
"A special cable from Rome SAYS that
prices Of bread are rising all over Italy,
owing to increasing scarcity OF wheat:
| The minister of commerce has ordered
an inquiry into the cause Of the deplor-
able condition of affairs. 1t IS thought
he will propose a temporary reduction OF
the wheat duty"
From Austria-Hungary, Roumania,
Belgium come established stories of bad
crops, and indeed today only one coun-
try outside of America has any promise
Of good crop. And that Is Chlil,
country whose susplus is insignificant.
Good reports of the crop of India,
which were frequently quoted, have
given place lately to serious damages
from drouth and great danger of the
crop being lost before harvest. Cables
just received from London say: Rye
crop in Russia and Germany is so bad
that neither country can spare bushel.
In fact, Germany is said to be already
sending larger orders to the United States
for this cereal"
Now heartily believe that a year is be-
fore US in which we shall harvest a great
crop of wheat in the United States, and
that the farmer should be able to sell
every bushel of his surplus at 81 bushel
at least. delivered at his home station in
any state of the union.
lis year when the farmer commands
the situation. He has only to assert HIM
self, demand what he has right to, and
he will win. If by any possibility the
Farmers Alliance could be induced to
take action upon the matter, plans could
be devised, and if conscieptiously car
ried out by all wheat producers, millions
of dollars could be saved them III the
value of their product.
But if those to whom should come the
reward of their productions fall under
the baneful influence of the bear specu-
lator, rush their grain to the markets
without regard to prices, the result VIII
be that European buyers and present
bears (who will turn bulls) will reap the
profit in the advance after the farmer
has sold
And if there is living being who is
not entitled to these benefits, 1t Is he
whose constant aim and whose every eff
fort is to depress the value of our agri-
cultural products.
Farmers, post yourselves thoroughly
on the situation; gather all the news you
can of crops abroad. In the sixteen
years in which l have been in the grain
business this is the first year when wheat
has been purchased By European dealers
for nine consecutive months, the greater
portion many months in advance of de-
livery. And Furthermore none of it has
been resold. Much of this wheat was
bought before the late advance to SLID
and | have heard of none being resold.
They held this wheat, continuee buying
as it went down and today are still in
large quantities buying every option up
to January, 1892.
| firmly believe at this moment that
foreign grain merchants own in the
United States in spot wheat and futures
not less than 100000 bushels. OF
course this is conjectural, but estimating
by the figures given in the daily reports
of foreign purchases, my figures cannot
be above the mark. shall not be sur
prised to see 6nr exports of wheat and
flour reach the enormous figures of a.,
600, 900 weekly on the coming crop.
We command the situation. Shall we
take advantage of it, or shall we say TO
the European, 1--WE have all the wheat
YOU want, take it at your own price,
This is what we are and have been doing
for some time past. Rest assured the
wheat buyer has no desire to advance
prices on himself. five sell our product
at low prices this year we shall only
have ourselves to blame therefor.
Under the circumstances will wheat
be high at 81 a bushel at interior points
or 81. Is at Chicago? | think it among
the certainties of the future that wheat
will sell at $l.25 in Chicago, and posi-
bly, higher before the harvesting of the
crops of 1892. Shall the producer secure
the profits of such prices, or shall it go
eventually into the hands of the specu-
lator: That is the question the farmers
alone can solve. If it should happen
the United States this year produces a
crop approximating 600, 000,0 600 bushels
then we should be able to more than
supply the European deficiency. But if
our crop is to be about $40, 900, 900
bushels or less we have not enough and
high prices must prevail. And O,000,-
600 bushels is a very conservative
estimate.