The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-23

1851. ---.--.-- ->---- ei-5 oa'vyi'Vvp
$500. .............. G9s 100 10000
lN.'O-l.-- SD iVy'Ioi'vDV
Isyl-2..-..,......... $50 22j.G66 600
lot--'i..-...-......... u l'l, N"-,Vpv
1884. 500 J04. 2Sj.OOo
1914 S..-...........-. 81 lft,oi"'v3y
lsyI-D. -..--s-..-.... SO.5 10 fvo,vpV
The Cincinnati Price Current is the
highest authority upon the subject In the
United States. See how the price OF
wheat has fallen as the eXportable guam
tity increased. But this il not all.
The decline in he price OF wheat has
been gre-,est within the past few years.
TT the four years Ioe5-s-, me average
available stock July ! was 100000 BUSH
SIS, the average for the last four years
was vs.. l02 80 bushels The average wheat
crop in the United 81 ates ia the four
years. 1Se9-'12 was Pa 1880 bushels; FOR
the four years, lsl1-g5. if we take the
figures OF the Cincinnati Price Current,
which are universally believed 10 be near
or the truth than the figures OF rhe De
partment Of Agriculture since 1870, the
average crop was $40 100000 bushels. Inc
population Of the United States increased
perhaps little more than 90 per cent.
while the wheat crops more than doubled.
But wheat raising has Increased IN
India. Russia, and che Argentine Ro-
public. The amount exported from IN
Ola is relatively small, and IN the last Few
years has not shown much tendency 10
Increase but within these few years when
decline
marked there has been a lar se lucItaa9
in production in Russia and Argentina,
il IL only within eight or ten years tnat
Argentina has become an exporter. Ger
many imported nearly as much wheat IN
1874 as in lNg2 but she took II .Ql0,yJn BUSH
els less from us. she took l.OOoOOO more
from Russia. nearly 2uVUu1O more from
Roumania and 100000 more from the
Argentine Republic, where Wheat Is fdlsed
ga very low cost and paid Tor IN de
#HHf a
Last wear Beerbohm computed the
worlds wheat crop at an average OK z.
0qf 900 600 bushels for the four years, ldo5-o'
2gs2O COO bushels for the four years
1SsI-g0. and 2.432O0O.O0O bushels for the
four years 1914. There was difference
OF eight years between The nrst ana thlrd
Quadrsnnial periods, and beeI .ohn es ,
mates the annual Increase ~ the WOrid
consumption or wheat ior nliiisn 80 -, ~
100000 bushels or l2s.Oy1OOJ bushels Tor
cirh. wears while the estimated increase
OF production was $40 100000 bushels;
Returning 70 the figures OF the Price
Current We hni thaJ durlus tne III " y
wears the average farm price was -,
1onfs. during the second five years II was
-gG cents. showing a small advance dur
ing the last FOUR years the price "aS ouly
533 cents There has been constant anu
ranfd decrease for four years IN the
amount exported. The two Russian crops
~ iSSq and 1880. according TO Heerbohm
review already quoted. amounted 10 "a
500 600 bushels: the t~o crops or 1913 anl
f.4t amounted 80 69f 600 bushels. The
Argentine crops for Che two earlier years
amounted 10 52OOOct0 bushels. and for
a.. two later years 10 l56.OpD.VOO bushels.
The hungarian crops for the Two carrier
wears amounted 20 A2Oo5VVV pusnels. anu
FOR Che two later years 70 -'t4-9'.V OuSn-
efs The Spanish crops Tor the TWO
cartier years amounted 20 l46 NW.llv buSn-
e's and FOR the Two later crops 10 L.
100000 bushels - ..,,,,,
IL is impossible 70 resiT' the conclu-
sion that the production ~ wheat has
iecn Increasing much faster than tho
number OF wheat eaters. and that lhe
Increase has been In regions where wheat
IS produced at the least cost
II Is plain therefore. that the produc-
tive power OF each labor unit mas e nor
noueiv increased. and production mas
therefore, outrun the power OF consunlp-
ton.
MIR. BAILEY PLUNGES IN, THIS TINE
HEAD FOREMOST.
II is nor very pertinent, but IL IS Just as
well to state here that when Mr.. Balley
came 10 reply to Mr.. Royal ne said many
very startling things one or whlch Was
that o. per cent. OF men who engaged IN
mercantile business fail. while only three
per cent. OF the bankers and brokers ran.
Mr.. Royal knew. or course, thal ms Wa
only one OF the customary fairy tales WIN
which the free cOners amuSe that part
Of the uopulai ion which wishes 10 be
eulled so he asked "Bradstreets," the
most reliable OF authorities, what the
facts were. IL turned out they had made
a suecial invesigatlOn or the matter and
here Is their reply.
"An examination OF tho records OF the
number of firms. individuals. and corpora
tons in business, together with the To-
tai number Of failures IN years pteceu-
ing 1898. indicates that the total failures
in business Of both kinds-that IS, those
falling TO nav what they owe and those
which merely failed to succeed-amounted
10 about II per cent annually or the 10
tai number OF concerns recorded as nay
in, an established place In business wnue
the total number or those iallhS oWlhs
more than they could pay was only a
fraction more than / per cent. annually.
From such interesting and valuable =
,istical discoveries Is made plain the
untruthfuness OF n statistical lie which
has travelled so far and wide Tor many
years that % out o. every 100 concerns
or firms in business faif' No correction
or contradiction ever caught completely
m with a lie well started, and IL IS not
our endeavor 10 perform the impossiple
with respect 10 this inaccuracy As mas
he.u pointed out the total number or
concerns falling in business annually un-
able 20 pay their total indebtedness IS
srac,ion over ner cent. or. we may say,
is per cest. or 40 per cent"
A PANIC WOULD FOLLOW.
Mr. EOyall then devoted some time 70
showing that tho first result OF free coin
age would be the most terribe financial
manic the world ever saw. That every
man TO whom any money was que Woula
BE- Fastening 10 collect IL before ~ turned
from dollars into half dollars. and that
MS pressure would soon turn into panic
that would cover the whole race or tho
land with wreck and ruin. But the &C
,ual condition Of things at this moment.
August % 1855. makes he Teproouotion u