West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-10-29

dia rupee paper. II seems that London
operators during the summer, in au-
ticipation OF the sweeping victory In
the United States for free silver, bought
rupee paper as speculative venture.
These operators mnde a profit in this
paper, sold IL, nnd India being the
natural home for II has been buying.
Another factor has been the very dull
trade OF East Indian countries and
China and japan for raw materials,
such as teas, silks, etc"
Aside from the speculative influences
which have been at work In silver, the
laws OF supply and demand have un.
doubtedly governed present prices of
wheat. Extraordinary causes are at
work this year TO advance the price OF
wheat, and were II not for the depres.
sion which Is due 10 the rise of the
price OF gold, wheat prices would now
be very high. The wheat crop in the
United States Is very short this year,
being o6,0OO.000 bushels less than the
average crop for 20 years. The last
government crop report placed the crop
at 41i,000,000 bushels. Add to this the
available supply OF 100000 the Oil.
cial estimated reports. makes the total
crop 463,OOO,OOO. The expectation OF
wheat has been phenomenal this year,
and IL kept up at the present rate will
reach fully 100000 900 bushels, leaving
but 3i3,00O,0O0 bushels for consumption
and seed purposes la this country.
which is not enough Tor the actual
needs.
Probably one of the grentes. ihflus
ences that have ever appeared In the
history of the wheat trude has been
Argentina'B production of enormous
quantities of wheat, which began q
few years ago. and ever since that
country has been fnctor OF the first
importance. Last year she shipped
enormous quantities of wheat and this
year nothing, nor will she, as her crop
is practically ruined. The crop OF Aus.
tralia Is only 30 per cent. Of last year.
and the most conservative of the est.
mates Of the damage to the Russian
crop give decrease under last year OF
160,000,00O bushels. The almost com.
plete failure OF the crop OF India bas
brought about a condition OF things
which has never existed In the history
Of the grain trade before. Add TO these
features the failure In the potato crop
in Germany and Ireland.
The expectation of wheat, In quan-
tity, has been astonishing, in the last
two weeks over 100000 bushels hnv-
ing been shipped. A number of car
goes were sent TO India, being the first
shipments ever made TO that country.
Big operators In wheat like John Cud-
nhy, w. T. Baker, w. II. Linn. August
Brossenu and Armour have had men out
for months TO estimate this years crop
The reports received by them have
caused them TO give expression to the
belief that the United States would this
year raise less than 400, 900 900 bushels
of wheat. Upon these estimates, and
the enormous exporting demand, they
have built their hopes for higher prices.
That they do not take any stock I'm the
assertions so often made by the repub-
leans that the advance In the price OF
wheat Is due 10 the belief In the minds
Of the people that Mckinley will be
elected Is shown In the statement made
by Mr.. John Cudahy, who said IL made
no difference who was elected presi.
dent OF this country, wheat this year
would go up just the same.
In corn, oats and provisions, there IL
no shortage in this country, and such
minor advances as have been mode
from the lowest prices that have been
ever recorded in either OF these com
modities are only in sympathy with
the advance In the price OF wheat.
Should this country remain upon
gold standard basis. gold would GER
tainly go TO a higher premium. a lead.
ing bHiiion firm IN Wall street has re-.
Gently been selling calls on gold. dated
beyond election day, at NJ per cent IRE
MUM. This shows clearly the belief OF
Wall street in higher prices for gold
should Mckinley be elected. On the otaer
hand, should this country 20 90 a BIZ
metallic basis By the election Of Mr..
Bryan, the price Of silver would at once
80 20 Sl.20 per ounce. IN consequence
the price OF wheat would also advance
at once, as payne ut would then be made
IN gold az now, purchased according 10
its parity with silver in the exchange
market.