The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-04-17

The Production in 1891 and 1892 Caused n

1FPcre1-e III fbtEftcf-
From The New York Daily Stakeholder
Nature, for three years uEremitting in its
aid to the bears in wheat, has at last rang
ed herself on the side OF the bull5. In ~
the country raised G5O,00QO00 bushels; IN
1892 the country produced 5o0,UU00U0; last
year, 100000 COO; total, 1906, OUUOU bushels
result attained on the basis of exports
and crop movements, and after making due
allowance for the government undefeSu-
mates. The great harVests OF la9l ana 1917
caused production to overtake and pass
consumption. They resulted in a vast &C
cumulation; first on the farms. theh at me
principal elevator and grain centers. ms
precipitated a long, trying and disastrous
decline. lasting about three years, ana
amounting to over 80 cents a DuSheL from
1891 liquidation was almost continuous. Both
seem 10 be over now-the downward move
ment and the apparently interminable out
pour of long wheat AS stated here early
in March, when everything pointed to an
other big harvest, some change IN condition
was necessary on which to base new ven
lures. Wheat was too low to sell Inc
visible and the crop outlook ulScoufaSci
bulls, despite the price Inc close OF MaFGh
brought the requisite change ana a result
ant change in sentiment, ana IN the Specu-
Iatiye outlook In the winter wheat belt
thousands of acres on which the plant, adj
Vanced rapidly by the phenomcnally warm
weather. and therefore jonted, was in just
the condition TO be hurt by severe weather
AT this critical Tune one OF the SeveIeSl
cold waves ever known at that time Oh year
swept over the winter wheat belt, dolnS
more or less harm If Missouri, southern In
diana and Ohio. AS if this We're not enough
for bulls to work Oh. nature furnished oth-
or material 1T gave Kansas a drought.
Last Monday wheat IL that state was re-
ported to be in critical condition. OF the
4500,00O acres in Kansas about SO was III
need of rain. Yet the past week brought
little relief. California, too was suffering
from drought. and i'll Il twinklng specuia-
tive and legitimate conditions Were with
the bulls, wheat began to recover from It's
long depression. and scored promptly
material advance. Nh. Z. y. Armour was
the big bull in Chicago and Mr.. S. V. White
he hnI
ly at the advance. realizing handsome prof
its. Probably both stand ready to recoup
their holdings on reactions for the further
profits conditions being in their favor,
which await them From now on the money
will be made on the long side. and when the
market looks weakest 1t will be then the
This comparison shows that wheat is still
well below its price of a year ago. Com
Barring July With it's price at the ike period
in 1891 when it above a dollar, it can
be seen that there is still wide margtnl
for an advance. In the midst of the bull
excitement but little attention was paid to
statistics. 1t was scarcely noticed that the
visible supply decrease was disappointing.
This indifference, we think, is due to APP
probation of the fact that, the winter
wheat crop being short, the presence of
large supplies is no Longer menace to
the market. AS soon crop conditions are
generally realized and accepted, the milling
demand and Iuropes purchases VIII pun
down the visible supply figures with rapid
iJy. Exports both Of wheat and corn, de-
creased. On the other hand the interior
movement of all cereals was materially
larger than week before last. At Chicago,
however, the arrivals daily fell far below
the deliveries OF year ago. In the north
west. except Wednesday. receipts were
nearly up to those of 1893.
Corn dull all the week and responded
very slowly to the advance in wheat. Cause:
Heavy receipts. The latter We're maintain
ed a scale which disguised the bulls,
though the latter kept on reIteratlng the
assertion that receipts would soon fall off.
oats. like corn, were dull, but the crop has
been damaged; the statistical position IS
bullish and they are purchase to hold.
The flour market has been stronger of late,
following the advance in wheat, but buy
ers have pursued a very conservative course
no. being disposed to put confidence in the
market Asking prices on flour have been
quite generally advanced, but this advance
has not been followed except in a small
way.