The sun., 1896-10-25
Wheat,

1t was obvious q year ago that the remu-
nerative prices to the producer at which
wheat had sold previous to 1890, had brought
about an overproduction and general ac-
cumulation Of surplus stores; but that as
these surplus stores had sensibly dimin-
ished, production and consumption must
sooner or later approach nearer to an
equality and u higher range Of values be
established.
That time has now arrived 1t has been a
little late in coming, but it is here. The
European buyers, who have accustomed
themselves SO long to purchasing Amcri-
can wheat on constantly dec!iuing
market, find themselves confronted with
a very large probable deficiency IN the
worlds harvest, and with no consid-
erable reserves Of grain in their own store
houses Naturally a sudden and large ad-
vance in the price OF wheat has occurred in
all the great markets. This movement, too,
has taken place in n manner and at n time
to demonstrate i,alpably to the farmers md
all who are concerned, the faiacy OF the
doctrines 80 blatantly avowcd by the Popo-
cratic candidate for the Presidency.
This advance in the price OF heat is thus
and demand; but the question Is worth the
consideration of our farmers. whether the
rise for the present has not been as much rs
it should be- When the price of wheat or
of any similar product is advanced unrea-
sonably or too suddenly, the article is
brought to market in great volume and
comes out of holes and corners where its ex-
istence was not suspected. The demand for
1t diminishes and there is substituted con-
sumption of other and cheaper products
The so-called visible supply of wheat in our
country has risen under the high price three
or four millions of bushels each week for
some time past, despite the great quantity
exported; and the price OF the cash article
in our chief market, Chicago, has now
fallen several cents below that OF the con-
tract for delivery one month hence.
1t should be remembered. too. that the
shortage for the forthcoming season has
only been partly demonstrated. The drought
which hns caused the famine in India inter
feres merely with the planting of the next
crop, and hence implies n prospective short
! age, rather than an actual one. 1t may
be broken at any time by the mon
| soon rains. Only two cargoes of wheat
have yet been shipped to India from
this country. although many condi-
| tional charters therefor have been
made; and whether these shipments were
| dictated by actual necessities. or were in
| the nature of n threat to the Calcutta and
Bombay merchants who are holding their
wheat at fabulous prices, Is doubtful An
other element, also, which in the past has
| rendered all calculations AS to the probable
| quantity of the worlds wheat harvest of
| questionable accuracy, is the valueessness OF
| all statistics OF the great Russian crop The
| Russian crop has never been estimated
either by the Russian Government or by
any private bureau, with anything like ap
proNiinate accuracy; although, for that
matter, the Government figures on our own
| wheat harvest, which have been nearly one
| hundred millions of bushels out OF the way
for many years past, are about as worthless
as anything could he. 1t is said that there Is
a considerable deficiency this year in the
Russian crop, and we are told that its entire
failure in Siberia and northern Russia must
result In decidedly limiting the quantity of
wheat which Russia can export. To what
extent this is true, remains to be seen.
We verify believe, with the prudent and
conservative men who have studied the
matter, that wheat will so much higher