New-York tribune., 1896-10-19
.3.0s7. OPT, sO3 3, i93, s23. 405

In commenting on this table, Mr.. Hyde says:
"The most noteworthy feature OF the foregoing
table. next to its stupendous aggregates. is the
fact that it not during the five years Inn
mediately preceding 1873. but from 1877 to 1857.
that we received the highest average price per
bushel 81. 1894 During that period our exports
were larger than at any other time In the twenty
eight years under consideration. Our wheat was
not brought into the same active competition
with the wheat Of other countries that 1t has
since had to encounter. 1t was in great demand.
and in obedience to law as inexorable as the
law OF gravtatiOn, its price rose to even higher
average than prevailed from 1867 to 1877 The
average price Of wheat during these five years
was 30 cents per bushel higher than the average
of the preceding five years, and even higher BY
2.3S cents per bushel than during the period from
1867 to 1872, which preceded the so-called de-
monetiZation of silver.
The reason is to be found In a serious failure
Of crops in Western Europe. The years 1SI9-Sl
yielded in the United Kingdom the smallest crops
of any three years since 1852. and 1t was re-
garded as a matter Of great satisfaction In that
country that an abundant surplus in the United
States prevented the prices Of wheat and flour
from rising any higher than they did. 1t Is wor-
thy of note that in 1S67-6S the failure Of crops
In Great Britain which the United States was
not able 10 make good out of its own surplus.
caused an advance In price OF no less than AZ
cents per bushel. The still more complete crop
failure of 1S79-S1. however. was at once mads
good by enormous importations 0he largest ON
record even down TO the present tlme) from tho
United States. and the price or wheat IN 'he
United Kingdom rose only Az cents per pushe'.
These are facts that cannot be disputed ana
they have a tremendous significance In showing
how prices are made.
Referring to the competition In more recent
years Of other wheat producing countries, Mr.
Hyde says: Had production stood still In other
countries its increase in the United States would
not, of itself, have brought down prices, but ~
the time that it was increasing rapidly IN
the Dakotas Minnesota. Kansas. California and
elsewhere. Russia. India and Argentina were all
adding largely to the wheat supply Of the world.
Russias exports of 81 $50 600 bushels from 1882
to 1886 increased to 521,21O,0O0 bushels during
the next FIVE years. This increase has continued.
with brief intermission. down to the present
time and the exports from Russia last year
amounted to no less than 14599600O bushels.
Prior to 1881 the wheat exports Of British India
were totally insignificant, but from 1852 to 1901
that country sent to the markets Of the world
the large aggregate of 327 .304 ,024 bushels.
Equally remarkable has been the Increase in
the exports of wheat from Argentina. From
1872 to 1856 inclusive. they amounted to only
I 6622o1 bushels. but i'm the succeeding five
years they increased to A. .290.506 bushels while
in the four years last past 1S92 to 1890 they
have reached total Of no less than Los, 192, ,933
bushels. Even Canada that in 1894. 1889 and
1890 importing country, has. during the
last four years poured into the already bursting
granaries Of the world over 40,OO0.OO0 bushels Of
wheat Nor mast 1t be supposed for moment
that all the great wheat-consuming nations of
the world have materially curtailed their own
production. While this has been the case In tho
United Kingdom. Austria Hungary. Germany
and France have. in the last half-dozen years
produced some Of the largest crops in their his
tory
1T is also important to note that the new
supplies of wheat nave been sent to the worlds
markets mainly from countries where the cost
Of production-or. at least the cost OF subsist-
ence. which has the same cheapening effect
upon the prOduct-iS considerably less than in
the United States. This also had its effect.
and q very considerable one-upon prices"
Mr. Hyde then discusses the assumed reia-
ton between the prices of silver and wheat re-
speciively. follows. I'm the face of such
facts the foregoing, II would surely be ridic.
ulous to discuss seriously the contention that
II is the fall In the price of silver that has
caused the fall in the price Of wheat That
both have declined IL true enough, but the nom
correspondence IN their decline has been suf-
ficient to make their relation a matter OF the
eiavest doubt, even had we other and salts.
factory explanation Of the fall in wheat This
will be best illustrated by the following table
in which 100 Is assumed to represent the aver.
age price OF each Of the two commodities during
the first five years under consideration:
Average price dn