The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1891-04-25
WHEAT AT 4 DOLLAR AND A
QUARTER
High Prices RGIin. in the Speculative
Harkefs-k Large European Shortage
and a Big Demand in This Country
AHIe=ed-HEII We Have 90 Import
wheat Before the View Crop Begins =
a soriezE hat Alarming Prediction


Y. y Cor-ezpoazzncs Of z5e Philadelphia LsizzE-I
NEw YozE- april 49--Wkezt sold this
afternoon IN rhe produce Exchange for cash
and Nay oy;ioas ~ SLz5 2 busheL With
ths exception Of the Abnormal prices which
-aled during The famous Hutchinson corner
il 1883. this i the highest prIce 3. which
Ehsz- has sold II years Charles D. Tree
alsn enjoys the distinction Of having beea
he irsI 10 ray dollar and quarter for
Etezt- The excitement IN the gram markets
-oizy zas intsusz- Tie sales we're - 500
90 sasheis. or more than the entire visible
supply q the coanIry, which : 22-53s. 60
bushels. against y. AZ al bushels IN 1880
IAsze EsTe the transactions a. the Produce
Exchange alone. and do mol represent the
dealings II the still greater market Of Chicago.
Wheat IS nov the word which Is acting Is
charm II Wall street SsOcZs are booming
on the theory that the domestic crops vii Be
large. aid the grain markets are booming on
The theory that. owing 70 the scarcity Of the
European croDs- there Ti.l be an euOruO7s
foreign demand FOR our Eheat- Bat 30 far a.
Wheat foF immediate and Nag deliveries L
concerned there Is another powerful agency
a. york producing higher prices It Is the
common belief that there Is a big short inter
est IN Nay zheaf. and . this l. the 5Jth o
Ami. aad a. the stocks IN New York are
EE.F zEEsLl a-sttHA IAEEzEl-- lAE =lA4aA-BA
becomes very interesting. 4r. Freeman
estimates the Nay shortage as high a 10
and-a-half million bushels The Ere Canal
ALL not BE- opened until May -. Ice Is still
blocking transportation IN the water ways,
and the question % getting enough wheat
here 10 cover the shorts interest becomes
difficult Of solution. This accounts for the
fact that cash Ehea-i Is higher, proportion
zte!v. than wheat for future delivery The
highest price OF June wheat was Sl.22; Of
JAY @heat- Sl.lSl, and o. December wheat,
SLl44- The prices Of today are y 70 -
ceHfs higher than chose Of one year ago
The bail movement Is based upon the argu-
raeut that, despite the anticipated excellent
cropz 0: this country. she demand for foreign
and domestic consumption vii be equal to.
IF not greater than. the supply. There are
no oficizl reports a. 10 the condition Of the
French and German crops AT Information
concerning them comes from private and
perhaps speculative. sources. To what extent
these can b. relied upon | cannot say, bat
there IS a general cOEceUsus Of opinion that
there i . large foreign shortage. --DeplOr-
able Eas the Eord used 70 describe them in
a cable despatch your correspondent saw to
day. The bulls estimate the shortage in
thoze two countIie@ as high as 21o,0yJ,O0J
bushels OF course, supplies can be drawn
from India and Russia az well as from this
country. but !; Is held that the Indian surplus
could. a. the best supply onlg q small part Of
the deficiency. and that the reports from
the Southern grain fields Of Russia are not
favorable Meanshile orr own supplies are
running low and the new crop year viii not
begin much before JuIy lsj- BTHdstrsst
estimates that We will carry Q surplus from
the old crop Of only 100000 to 20,OOo.O1O
bushels. and Henry Clews & Co, 10 their
last grain circular. say IF the United States
Governments figures are 10 be relied upon.
We ere not going TO have enough wheat 10 go
around this crop season, if exports keep up
Il their present rate. The agricultural Blu
reau states that on March Isl there remained
in farmers. bands II, 100000 bushels. At
that time the visible supply was 23,2j0,000
bushels. making total supplies 80 10000
bushels Between that time and April 18th
We have exported IN wheat and -four about
1900. go bushels and have consumed 3D.
10000 bushels IN the one and half months.
a. consumption in ihis country Is estimated
a. being 25,CJO.COO bushels per month.
There must be allowed at least 20.OO0,O00
bushels for spring seeding. and this would
leave the total stock on hand April Is g.
10000 bushels. Now We sometimes get
some new wheat in during June. but as the
season Is about two weeks late this year, It Is
very fair to assume that the new crop viii
not begin 10 come IN until july l. There Is
still. therefore, two and a half months con-
sumption to be allowed for, which will amount
to about g. J0O, 900 bushels, and this would
reduce our total supplies 10 the ridiculOusly
small SUN Of 100000 bushels on June 90,
not to say anything about exports which
amount to over 100000 bushels in wheat
aud -four per week. 1t Eill be seen, there
fore that if the official Ggures concerning
stock are correct, this must be stopped soon,
or before .Irly We will either be obliged
20 import wheat or iind some other substitute
for it. That Is certainly an alarming pre-
dic,iou that this great wheat raising country
mag be forced for time 10 import the cereal,
or find some substitute for it, In their circu
lar Of Feb IS the same house estimated that
a crop of =. lG5, 600. 600 bushels would be re
quired this year In 1889 the worlds crop
was ,96j. l Is, 900. Even If this should be
made, said the circular. sit would leave
nothing to be carried over to the next year,
with which TO reestablish reserves. If the
crop Of 1891 should be as small as that Of
1889 the situation would be somewhat SINH
lar 10 that Of 1867, when wheat was selling at
about 49, bushel, though Of course, gold
was then commanding a premium.