The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-24
Il. ID. Armour Says Wheat Is Worth
One DoIlnr q BuaheI.

CHICAGO. Aug. 23.-"I believe the rise
in the wheat market is legitimate 1t has
not been brought about by any set of Iuen,
but is due entirely to natural conditions
In my opinion this years crop is worth 81
a bushel, and the farmer ought to get that
price for it," Philip D. Armour, who re-
turned home yesterday from trip abroad
expressed these views. The great packer
and king of the provision market sees bet
ter prices ahead for everything. Wheat in
its upward path is to have the sympathy
of all the articles the farmer raises. Mr..
Armour has talked with the leading busi-
ness men of the old world and has learned
that Europe is anxious TO take all the sup
plies we can furnish, and has the money
to pay for them. The Dingley tariff law,
says Mr.. Armour, has already showed itself
a great blessing and i'll all of his many
years experience as a merchant, he says,
he has never seen a better prospect for good
prices for provisions and the opening up of
the markets of the world to American prod
ucts.
4 am just back home" said Mr.. Armour,
have not been trading any in the market,
and therefore any opinion l might express
regarding the future OF wheat could just
as well be expressed by any one else. l wish
you would say for me, however, that
nave never said wheat would go to Sl.50 per
busheL notice l am quoted to that effect
that this years crop is worth 81 a bushel,
and the farmer ought to get that price for
it. l believe the rise in the wheat market
is legitimate. 1t has not been brought
about by any set of men, but is due en-
tirely to natural conditions. The knowl-
edge that countries abroad want our prod
ucts, coupled with returning prosperity at
nome, is the cause for the advance in
prices. OF course, there is no telling where
the people get TO buying actively, but it is
worth legitimately 81 a bushel.
In my experience with provisions for
period OF twenty or twenty-five years l
have never seen a better outlook. The new
tariff is going to do much for this country.
In Germany there has been built up
wall against our products. which we have
not been able to get through or over or
under. But now the Germans are adopting
a more conciliatory policy. You no longer
hear any of the buster you did about the
duty on sugar. While L in England /
was she wn an editorial from one of the
German mOuthpieceS in Berlin which in
quired bluntly If it was not best for that
government to become a little bit more con-
ciliatory. The Germans are getting ready
to take our products in exchange for their
beet sugar. And all over Europe the peo-
pie are anxious to take our products as fast
nave the money to pay for them, and there
is nothing in the conditions either at home
or abroad that warrants any other expecta-
ton than that there will be good times
from now
Sympathy with wheat is going to extend
to provisions of all kinds. Butter and eggs
are going to bring better prices and every
thing the farmer raises or produces will
be worth more. Even if crops were much
larger than they are this year prices would
still be high with the foreign demand and
confidence in prosperous times at home.
Corn is like the sands of the sea- there is
so much of it. But you can't tell what may
happen to the crop before it is in. The
uncertainty will make speculation active in
that commodity. 1t is very seldom that
there are more than three good corn crops
in succession. A large portion of the crop
may be frost-bitten, but even if it is not
the price of corn will conform to the gen
eral upward tendency of everything. A
considerable advance would be legitimate,
and may certainly be expected"