The Providence news. (Providence [R.I.]) 1891-1906, 1897-08-21
wheat KING.
Its Rise Benefits
the Farmer.
has Placed Millions in
His Pockets.
Is Getting 80 Cents a Bushel
More Than a Year Ago.
Laws of Supply and Demand Have
Put Up the Price.
Laws Of Supply and Demand Have
Put Up the Price.
Failure OF Crops In the Old World Brings
Wealth TO the New.

Boston, Aug. 81. Never in tho history
81 this country, says the Herald today,
has there been q greater change in the
position Of that great staple, wheat, than
has come within the past three or four
months, eliminating yesterday in an nd
vance Of six cents a bushel for the day in
the Chicago market. Reports also stated
yesterday that wheat had reached al in
Minneapolis, and the flour and wheat mer-
chants were celebrating that event with a
band of music.
Wheat in Chicago is 35 cents bushel
higher than 10 was year age, and nearly
that much higher than it has boen at any
9th sr period Of the same date since tho
year 1891. The wheat growers have strug.
Rled long for nearly six years with wheat
bringing them hardly more than 90 cents
q bushei, and often even less Today "a
great change must be noted.
ADVANTAGE TO FARMER.
Wheat has been steadily but surely, ad-
vancing for severl months, till now the
farmer must DO getting fully 30 cents a
bushel more than year ago, and very
much more than at any other time Tor six
years. This advance has come about
gradually, TO be sure, but all the time the
farmer and not the speculator. has been
master of the situation. In the first place.
the advance has come at most opportune
time for the farmer just before the be-
ginning of tina harvest and at "a tilae
when the growers had good eeal OF old
wheat on hand.
At other periods of history, and in fact
generally advances in wheat have taken
place later in the season, and after tho
farmers had sold good part of their crop
and after the grain was in the elevators,
lacOma M "a m
lers and speculators This time the farmer
has had the opportunity of selling his
old wheat at big advance, and it is evil
dent that he has dono so. 1t is also APP
parent that the new wheat was just be-
ginning to be harvested when the higher
price began to assume greet Importance.
and that the farmer is selling new wheat
at almost the full advance that has ap-
peHred IN the speculative market
NOT A TRADERS MARKET.
So far as the speculative wheat market
IL concerned, there has never been time
when IL was less OF traders market than
10 Is today ana more directly market for
actual wheat; farmers market. Wheat
has risen surely out of the strength of tho
great trade law of supply and demand.
The crops of the old world are more or
less Of failure. AMI there is demand for
American wheat such as seldom, IL ever
before, has occurred. On the strength Of
this demand, wheat should hold up TO very
nearly its present position, and there is u
chance for it To go q great deal higher,
this chance depending on the foreign do.
mnnd, and the supply in this country.
From the best estimates mt hand the
wheat crop of the United States this yenr
will be at least 450. coo, 900 bushels. Some
statisticians figure even above 500, 000 COO
bushels; something above an average crop.
ID. the amount OF wheat grown in any
year the farmsr uses for himself and saves
for seed about ono-quarter of his crop.
The remainder is sold, and the grower 10.
ceives pay for IL.
GAIN OF 500. 900, 000
On the above reckoning, the farmers OF
the United States will have at least 300.
COO, 900 bushels of new wheat To sell this
year, and, obtaining 80 cents a bushel
more for it than year ago, they will hb
Deter OF than year ago, or than almost |
any year for the past six years, by at least
go 0O0 COO This money they will get and |
will have with which To pay for tho nee.
essaries and even luxuries OF life.
There may be added 10 the above sum /
at least $50 600, 600 better returns than /
usual that the farmers will get for the old |
wheat they had on hand at the time the /
rise began. Merchants are feeling better I
all over the country. being fully aware
that prosperity TO the farmers means pros. !
perity To everybody.