The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-29
FIELD OF COMMERCE.
Tho Wheat Situation-A Study in Fig
ures and Facts.


Tho Wheat Situation-A Study in Fig
ures and Facts.
over 6,0O0,O 900 bushels received al. 4,61O,OOO
bushels shipped from nine western Dri-
mary markets, and 4,055,0 900 bushels ex-
ported is the record OF the American
wheat movement the last week. Looked
at from every point OF view the move
ment is a heavy one, surprisingly so at
this season Of the year. In the same
time neither the exporter. shipper nor
miller has done much in wheat, chiefly,
IL is assumed, because OF the relatively
high prices asked for IT. The result OF
the large mornings, IL is expected, will
be FOR an increase in the visible to-day
around 1,J0O,00 o bushels. bringing the
stocks up to a3.5Oo,@0 bushels. or to
within less than 100000 bushels OF last
year, when there was a decrease for
The week Of 1,44l. 900 bushels. The returns
so far received suggest worlds ship
ments for the week will aggregate close
TO 100000 bushels, America, Argentina
and Australia having sent out about
$3.50, 900 bushels. India viii probably ship
around 1,500.O * Russia and the Danu
bian section quite likely all Of 100000.
SO tho chances are there will be an in
crease 20 the previous large amount on
ocean passage over 100000 bushels a
week ago. crop reports from everywhere
suggest LIBERAL yields, in the aggregate
quite likely as large as ever known. If
not in excess Of that. Foreign markets,
or at least those with which America
has especially TO do, have within the
week appeared 10 lack stability, but a
tendency 10 recede from the nigh altl-
tude so rapidly gained a short time ago.
Within az least six weeks harvesting
will be begun In America. and every
week thereafter the reaper will get into
new fields either here or elsewhere, a
new crop being garnered In some country
almost every year. The area seeded. II
is but fair TO assume. is generally much
larger than in recent former years, this
because wheat is bringing an excellent
price. ever an inducement TO the produce
ers 10 spread out. 1t Is recognized the
world never required a large crop more
than she does this year, for the reason
there are practically no old stocks or
reserves anywhere 50 that, to bring sup
plies up 10 a usual average, an exception
ally bOuntiful harvest this year. Is obso-
iutely required. II that is secured even
then the stocks vii not exceed an average
after deducting from the new the short
age in old supplies at the beginning Of
the crop year. This IN a measure as
ANAAAANkAL tNkA lAANN1 "
for at least another twelve-month, II not
longer. not $1.50aL75 in the Chicago or
any other American market, to be sure.
but a figure that will look liberal when
measured by the average OF recent years
prior 20 1897. Not in very many years
has the producer had greater promise Of
-rcmunerative prices than he has for the
crop Of 1898. this because the cost Of pro-
duction and marketing has been cut
severely by the introduction Of machin-
cry n reduced cost OF transportation.
Being on the threshold Of a new har-
vest. as the world now practically IS. the
problem OF the possible current Of values
from this time forward is one OF great
interest and importance. The market
in America just now are hardly out OF
line one with the other. In Chicago
wheat for delivery less than six weeks
hence IS about % Gems per bushel, or over
50 per cent. cheaper than wheat for i'm
mediate delivery, while for delivery a
fraction over three months hence 1t IS
10 cents per bushel cheaper. These wide
differences are, OF course abnormal. and
cannot continue for any Drotracted Pc
Rod except under speculative manipula-
ton, and it IS not certain they can then.
The Liverpool price on Saturday was
about $1.5S ID per bushel for No. l north
ern, here II was S1.00. showing 1t 10 be
about 20 cents above a shipping or export
point. There are in the visible over
q. OO0.OO0 bushels. If the increase the last
week turns out as expected, while daily
marketings show invisible supplies have
been largely underestimate. II the lat
ter fall off very materially, as expected.
but remain fair. the conclusion is forced
we shall have larger stocks at the end
OF the crop y%ear-June 30th-than any