The record-union., 1897-09-14
Information as Cleaned From the
Various Sources.
Does Not Warrant Expectations Of a Mate
rial Cheapening Of Price.
The European Crop Many Millions
of Bushels Short of the Average
and 1t VIII Necessitate a Heavy
Draw of the Cereal From the
United States.

WASHINGTON, Sept. 13.-The fol-
lowing relating to the wheat situation
is an extract from the complete month
~ report of John Hyde, the statistician
of the Agricultural Department, which
viii be issued tomorrow:
High prices for wheat have for sew
era1 weeks past been bringing out
supplies quite freely, and increased
supplies have in turn reacted upon
prices, causing reaction from the
highest figures of August. The tenor
of the information CLEANED from the
various sources is not however, one
of a character to warrant the eXpecta-
ton OF the fear, according as the mat
ter is regarded fro mthe consumers or
the producers point of view, Of any
material cheapening of wheat until
another crop is in sight, with a pros
pect OF ampler stocks.
with an annual average European
product of over 1,42S, ,000,0 900 bushels
during the six years from 1891 to 1896,
inclusive, we expected an average of
166, ,373, ,S72 bushels a year. This year
the European crop, according to Brom-
halls Corn Trade News will, in round
numbers, amount to 1,329, 100000
bushels, OF $4,000, 600 bushels less than
the average of the six years in ques-
ton. Il we make the comparison with
the figures given by Beerbohm for 1897,
the deficiency in the European crop
is still greater, the figures, in millions
of bushels, being: Average for 1891
1896, / 42S; crop Of 1897, 1915; differ
ence, 113. That is, according to Beer
bOhm's estimate Of this years crop,
there is d deficiency of 113,OOO,OOO
bushels in European countries, as
compared with their average product
for the six years Of 1S91-1S96, an av-
erage which includes the exceptionally
small crop of 1891. To make UP the
deficiency, little help is to be expected
from India, Argentine or Australia for
months to come, and in so far as Eu-
rope is concerned, she will have to i'm
port a larger quantity than usual She
viii have to draw it from North
America, and especially from the
United States, the Canadian contribu-
ton being relatively small. Official
returns from Ontario and Manitoba
give for these two provinces an aggre-
gate Of 81, ,042, ,253 bushels. IF the Ar
gentine crop shall escape the ravages
Of locusts, it seems likely to turn out
unusually well, and from January,
1898, when the bulk Of the harvest will
be got in Argentine, that country may
have more or less wheat to export as
the later mail advices represent the
crop being in fine condition and the
weather highly favorable. There are,
however, many chances of serious dam
age during the next three or four
months.
'The latest accounts from Australia
81 ,soI,
that country has suffered for the past
two or three seasons, has been brok-
en-, and that the wheat crop is giving
good promise throughout most of the
Australian colonies, but the area was
narrowed by drouth, and as stocks
must be low. it is not likely that even
with a full yield, the crop will be one
out of which any great amount can be
spared for expectation. The present
high prices would ordinarily tend to
encourage the sowing of an increased
breadth in India, should the weather
be favorable this fall, but any incli-
nation on the part of the poorer culti-
vators 10 take advantage Of such IA
vorable conditions viii probably be in a
great measure thwarted by the impov-
erished condition in which they have
been left by the famine in the greater
part of the wheat-grOwing districts.
But leaving out Of view the fact
that the burden of supply for Europe
viii fall mere largely than usual upon
the United States. it is evident there
would in any case be a demand for a
larger surplus than is to be expected
out of this years crop. If, to our av-
erage annual export for the six years,
1S92-97, we add the European short
age ot 100000 bushels, as figured
out by Bromha1, wet get a total of
265,373, SD bushels, and in so far as
we fall shOtr of supplying that guam
tity, Europe, as compared with an av-
erage year. must suffer a scarcity in
her bread supply, except in so far as
she can avert it by drawing on the
stocks that may remain out of previous
crops. The worlds reserves have, how
ever, been reduced in consequence of
the short wheat crop of last year, and
q deficiency in some of the other i'm
portaut food crops viii not tend TO
relieve the tension of the wheat mar
ket"
PRICES WEAK IN THE EAST.
CHICAGO, Sept 13.-The weakness
of wheat Saturday was renewed to-
day, and for the same reasons, Liver
pool markets and bull pools. 1t OPEN
ed heavy. and without any special ac-
tivity The opening trades were at
from e to 1c per bushel below Satur-
days closing price. December starting
at 95ls to 953s, against Saturdays
closing price of 961s. The tendency
during the first hour was to recover a
little cf the first losses, but at the end