The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1892-01-22
AMERICAS GREAT WHEAT CROP.
Interesting Talk With MIR. Pillsbury OF
minneapolis.
I.Scw York Times

Charles A. Pillsbury, of Minneapolis,
the head of the Pillsbury Washburn
Milling Company, purchased by British
syndicate about two years ago, was at the
Fifth avenue hotel yesterday. He has
been in the city for several days. and has
spent most of his time during business
hours at the Produce Exchange.
"There has never been so much money
in New York as there is to-day he said
to a Times reporter. "Money has not
been 80 easy for years or the indications
of prosperity for coming year so tlatter-
ing as they arc now. | have just been
reading in the Times the financial article,
and it is precisely the truth. Operations
in stocks have been heavier for the past
weeI, or two than they have been for years,
and the business at the Exchange is a
good barometer. 1t is a pretty sure indi-
cation of the general feeling in the bust
ness world.
"The people Of the East do not fully re-
alizc what the great wheat crop OF the
country means, and they do not under
stand exactly what will he the effect OF
the unprecedented yield. have heard
complaints since | have been here that
the business activity which was predicted
when the magnitude of the crop became
| known has not come. Perhaps it has not,
but it is too early for it yet. New York
| Il I,o { l,f.r nj
the year 1892
"Wheat went down peg the other day
on the Government report that the crop
for this year would be CIT ,00O.0 GOO bushels,
but have adviccs from high authority in
| several European countries which lead
me to think that Europe will want all orr
surplus product If our crop had not been
unusually large, we could not meet the
demand for Europe. Our crop last year is
100 100000 bushels greater than It has
ever been in single year, and is 2Oo ,ooo,-
900 bushels greater than it was year before
last. Had it not been for the shortage in
Europe the great crop here would have
proved calamity to the farmers.
"Wheat would have been so cheap that
it would not have paid to market it.
France, according to the best estimates, IS
short in her wheat crop this year l0O ,O0O,-
600 bushels. Russia is short on her crop
of grain, including rye and oats, BOO ,O0O,-
600 bushels, and other European countries
are short 200 900, 900 bushels. The sur
plus of other countries has been sold, and
there is no supply to he had except from
the United States.
81 have in my pocket II letter from a
man in Russia whose business makes IT
necessary for him to keep informed on the
situation, in which he says it is likely
that Russia will buy wheat in America
before long, even if the buying has not
already begun. That is an unheard of
thing. 1T is as unusual rs it would he
for Minnesota or the other whcat-prc-
ducing States 10 import wheat from
Russia for consumption.
CHOW it requires considerable time to
get any noticeable benefits from big
crop. Money will be tighter at the start
than ii would with short yield, because
so much capital must be tied up in NOV
ing the crop 1t is gigantic business
undertaking to handle 5000, 900, coo bushels
of wheat, and ties up fortune to do it,
"Thc banks in Minneapolis, st. Paul
and Duluth had to get together S23,OOO,-
900 for this purpose alone. This natu-
rally causes stringency until results
begin to come in But they are beginning
to come now. Probably the farmers have
parted with 80 per cent. Of their crop. In
the three States Of North and South Da-
kota and Minnesota there are S30,000,0o0
to be brought in and distributed in pay
ment for the wheat, and that means Il
great deal. know of whole counties
where the present crop will bring cash
| enough to pay off all the mortgages on
the farms. This can not fail to put that
section of the country into good condi-
ton.
"New York, of course, gets the benefit
of the prosperity in any other section OF
the country 1t all pays tribute
MOBBED THE EDITOR.