The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-27
WHY WHEAT IS HIGH.

"As good as wheat in the miil' is al
old proverb with a distinctive meaning
Just at present. And it's not all war
this extra price of wheat, nor Letter!
corner, nor Armour's prediction. {
Wood Davis former figures come
nearer telling the tale II Is a case OF
demand and supply. of Increased mum
Der of consumers and a shortage OF
production. The wonder Is that the rise
should have been so long delayed. but
that is simply because 1t was not
known how short the crops would
prove in India and Argentina The
war has little TO do IN boosting
| prices, though with most people 1t is
the sole reason for the excitement. says
the Louisville Courier-J ournal.
Supplies. both here and in Europe.
are the smallest for many years. not
withstanding that the United States
had crop of about 575. 900 600 bushels
! il 1897, and that this has been market
ed very freely. According to Brad
streets and Beerbohms' estimates,
there were on May l only 34,090, 900
bushels of wheat in this country and
Canada. This was 1900, 900 bushels
less than one year ago, over 100000
bushels less than on the same date in
1896 and 56, 900, 900 bushels less than in
1896. In Europe the situation is equal
ly significant. In a comprehensive re-
view of the market the London Statist
of April % said that it was difficult to
see whence could come supplies to re-
constitute the exhausted European
stocks until harvest. London ordlnar-
lily carried 100000 bushels, but then it
had only $50, 900. In Germany the stocks
were the smallest for thirty years, and
the continent, especially France, was
buying much more largely than had
been expected.
The late sudden advances were be-
cause the world had suddenly awaken
ed to the facts of shortage. A few
months ago, when the Indian and Ar
gentine crops were ripening, it was
thought they would easily relieve the
scarcity. These crops have been a dis
tinct disappointment. The Statist puts
the Indian yield at only PAS. 900, 900 BUSH
els. of which only 100000 would or
dinarily be available for export. The
high prices will draw more, and the
Statist estimates the exports at 40. 900
600 bushels. Three months before Ar
Sentlna expected to ship 0,0O0, 900
bushels, but it turned out that only
24,00O,000 bushels were available. of
which 100000 had already been ship
ped. As European import requirements
have averaged 1914, 900 bushels week
since August l last, and as the short
age is just being made so manifest. it
can be readily seen what vast
will be required from now until
the new American crop is available.
1t is safe to say that at least 5000. 900
bushels week will be needed. and q
Russia seems unable to furnish not
much, II anything, dependence must |
rest chiefly upon America, India and
Argentina The Statist we'll observes
hat if anything should happen to the
1898 crop, famine prices would result. |
since the worlds invisible supplies |
nave run down much more rapidly |
han the visible.
The Statist estimates that the winter
wheat crop of the United States this /
'ear may reach 100000 bushels.
About $50, OOO,0 600 is the accepted euess
Che spring wheat may easily bring this
Up to 60O,OO0,0Oo. The chances are that
will be worth dollar a bushel. AS
'orn, oats and rye must sell somewhat
n proportion, such prices mean un-
bounded wealth to American farmers
md people.