Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1893-09-01
NEW VOL. 2S---NO. AZ.
The Price or Wheat.

The low price OF wheat now pre-
vailing, the lowest Of which we have
any record, is one Of the paradoAes OF
the time which no one has as yet sue
cesSfully explained. The favorite
theory is the financial stringency.
But there are doubtless other causes
at work. The wheat market gave
way 10 a considerable extent before
the financial Strinsency had become
pronounced Prices remained practi-
callv unaffected, although it is appar-
ent that the crop of 1898 is less 10y
1900 coo bushels than the crop OF
1892, aud that il i going out Of the
country at the rate Of over 5000, 600
bushels week. reaching during the
week ended August Is the sum Of
6.l29. 600 bushels the greatest export
in one week since September, 1891.
The total amount exported since the
lst OF January, 1898. down 10 the
present time is over l2l, 900, 600 bush
els. And thus Europe is taking our
entire surplus At her own price, al
though il is more than probable that
our own people will have TO pay
much larger price for their bread dur
ing the coming winter.
The Mark Lane Express, leading
authority on this subject, makes the
bold assertion that the price OF wheat
is no way affected 10y question OF
supply and demand, but that il is
regulated 10y gambling and dealing in
futures and meddinS with the mar
ket for the purpose OF speculation.
How this j. done is not quite appar-
ent to the public. but an illustration
will make il clear In May there
was an attempt made in Chicago to
corner the market. The price was
forced mp 10y spectators in that mar
ket above parity with other markets,
aud at once every granary within
the reach OF Chicago emptied its con
tents into the elevators OF that city TO
the extent Of 23,OOO,0OO bushels This
increased the available supply that
much. BY the available supply is
meant that which the farmers nave
sold and which is stored in the clcva
tors and has 40 reference TO the actu.
AL amount ia existence Nevertheless,
the size OF this available supply large
ly influences the market When IL was
found that the corner was failure
the price OF wheat suddenly dropped
ia Chicago lower than Il should have
been in comparison with other uar-
kets. An effort was made TO hold the
great supply in Chicago in store, and
this was done until the financial de-
preston forced this wheat upon the
market, and doubtless the necessities
OF farmers have brought II great deai
more ON the market The available
supply in the United States August
/, 1893, is given at 1900, 900, against
81 OO0 600 on the same date last year,
aud the available supply OF the world
- giyen bv BradStreet sat lJl.UUO.OVV
on August ], 1893, against % 100000
on August /, 1892. As has already
been explained. the available supply
is not the real supply and does not in
clude that held by millers and farm
ers. The acreage Ia wheat in the Uni
ted States has gone on increasing in
proportion TO the population for
many years Each year government
land was taken up and brought un-
der the plOw. Then came improve
ments in agricultural machinery for
preparing land, sowing, harvesting
and thrashng grain, 50 that each far
mcr could cultivate IA larger number
Of acres with the same labor. In lsI0
the acreage in wheat per capita OF the
population was little over one-third.
BY 1889 it had increased 10 n little
over half an acre. But the amount
OF land suitible for profitable wheat
growing had it's limit, and during the
next three years down 10 the pres
eut time there has been decline ow-
ing TO the full occupation OF the gov
ernment lands and the decreasing
profit Of wheat growing. Ia 1893 the
acreage per capita was small fraction
less than in 1889 and still less than in
1879.
The surplus whent IN existence Ia
the world at the beginning Of harvest
In 1893 has been estimated at over
100. 900. 900 bushels, and careful esti-
mate OF the present crop shows that
it will take all this surplus in addition
to the crop OF 1893 to supply seed
wheat and food for the people. III
these calculations and estimates are
correct we may confidently look for
better prices a. soon as the financial
condition II improved and the necessi
tics Of people stop forcing wheat on
the market. In the meantime, as al
ready shown, wheat il going TO Eur.
ope from the United State at the rate
Of over five million bushels "A week,
and Europe il taking advantage OF
the situation ia this country 10 get it,
supply Of bread below the cost OF pro
duction.
4 young man aud young woman
| lean over the front gate. They are