The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-01-21
SPECIAL MARKET LETTER,

W. @. Press & Co., Bankers & Commie-
sion Merchants, Nos and Sherman
Street, Chicago, in their last special mar
ket letter say: The depression in the
wheat markets OF the world since the issu-
ing Of our Department Of Agriculture report
showing the crop of 1891 to be OH, $50, 900
bushels, is in a measure due to the prevail
ing belief that the report indicates an eI-
portable surplus much larger than we
believe a candid and just Interpretation OF
its Significance warrants As the yield is
given in measured bushels and our exports
and receipts are reported in commercial
bushels the report is of value only as fur
nishing basis upon which to predicate
estimates Of the total yield in bushels con-
forming to the commercial standard. A
glance at the inspection returns of the lead
ing primary markets is sufficient to convince
any grain dealer that the average weight of
a measured bushel is considerably under
the standard of 90 pounds, and that a
general average of 81 pounds is as much as
the returns indicate Applying this ratio
OF deficiency to the reported yield would
reduce the estimate of OH, $50, COO bushels
to 5SI, 1911 900 sixty pound bushels. From
this should be deducted wheat harvested
but rendered unfit for use, in order to de-
NClHlinS approximately lnS aNdildDlS yltill
As there is large amount of grain in the
northwest still in shock, and in imperfectly
constructed stacks, the loss there will doubt
less be large and may be conservatively
estimated at 5000, 600 bushels, leaving the
total available supply from last years crop
SO, GoI, 900 commercial bushels from which
to supply bread, 3D. export requirements
and increase in reserves above the amount
on hand az the beginning of the present
crop year. That reserves, July Ist, were
small is generally conceded, for farmers
had the incentives of monetary strinEenCy
and the prospects of an unprecedented crop
FOR disposing of their wheat, while this year
t,ny are confronted with a poor prospect
Tor aA abundant yield, and have seldom
been in ali easier financial condition
Should the PROS ct for this years crop
show no marked Improvement in the spring
producers being in independent circum
stances, will be disposed to hoard their
grain and carry into another crop year,
much larger reserves than they did into
this, and which may be, without exaggGra-
lion, estimated at an increase of 5000, 600
bushels. The bread, seed and mauuiact-
ing requirements for the year may be safely
estimated at 900, OoO,Oyo bushels, 3O5,ooo,
900 bushels being the amount figured by
| no special reasons for any marked curtail-
| ment in consumption, the laboriug classes
| being quite generally employed at remuu
| erative wages and able to supply themselvea
| literally with bread Dcducting from the
available production of 576r0r,o 900 bu, 375.
| 900 as probable requirements for bread,
| seed manufacturing purposes, and increase
| in reserves and we have for export for the
| entire crop year 2oI, 1911, COO bushels, o
| which we have thus far forwarded abou
| 1870, 600 900 bushels, leaving the eXportabl,
| surplus for the remainder of the yea,
| u, ToI 900 bushels OF this the amour
| available for consumption in Europe befor,
| another harvest will be confined to the pro
| portion of the total, east of the Rock,
| Mountains and what will be shipped from
| the Pacific Coast before April Ist, for ship
| nents from the e later than that date will
| not reach their destination before the Allan
| tic seaboard markets are receiving and ship
| ping wheat from the crop of IS92. Whilt
| these estimates and deductions are of valu
only as they are approximately correct
they are submitted for consideration a
being warranted by existing conditions ant
a reasonable Interpretation of the dat
available. With the probability that w
have but about 10, oOo 600 bushels NOR
wheat for export, while Europe must de
| pend upon us for nearly all her require
| ments until the first of August, France alon
needing over 90, 100000 bushels there
| apparently but little need of continued de
| preston on our markets, and any furthe
decline. should be followed by substanta
| and permanent advance. ~