Middletown transcript., 1898-06-25

tained by experience, 4 2-3 bushels,
upon the mean population for the year
according to Treasury accounts, has
been 343, 756, 900 bushels for the years
food, and something over 81 900, 900
bushels for seed, since The acreage has
increased, but with 397. .756, ,0UO bushels
thus distributed the exports in eleven
and half months have been 20S, $685.
456 bushels, while 1851 900 bushels
remained in visible supply last Satur-
day. Thus no less than 626, ,336, ,456
bushels are accounted for already, be-
sides such exports as may yet appear,
and some allowance for invisible sup
ply on July /, but also for any de-
crease in visible supply. Since March
/, when Mr.. Snow estimated Isl, 7,000,-
600 bushels in farmers hands, with
81, ,0SS, 900 visible, there have been
about twenty million bushels used for
spring seeding, and 115, sos, 900 bushels
for consumption at the average rate for
four months population, and 58,671,-
145 bushels have been exported in if-
teen days Of June, with 1851 900
bushels left in visible supply, making
1850, ,145 bushels already distributed,
over %, ,000,0 900 bushels more than the
entire supply on March /, as then es-
timated.
All these data prove that the yield
of 1897 was something over $40. .000,- |
600 bushels. and low much over can
not be approximately determined.
Doubtless high prices much of the
time have led farmers to sell freely, |
but they have not sent to market |
wheat they did not have to send. 1t |
is open to anybody who chooses to say |
that estimates Of prior years were much |
more in error than any one supposed.
But the data here used have been con-
stantly at the command of any larger |
merchant" like Mr.. Letter during all |
the recent months, and yet he persisted |
in holding and buying more to keep up |
the market, until Mr.. Letter the elder |
refused any further aid.
It is the custom to say that incal-
culable injury has been inflicted upon
the people by such speculation. At |
any time and Of necessity some injury |
is inflicted, but the circumstances this
year have rendered the operation, on
the whole, extremely beneficial to the
farmers, to The thousands Of working
men who have secured larger employ
ment aud better wages in consequence
of the enormous demand for goods |
from the farming region, and to the
whole country through the great in
crease in the balance due to it from |
foreigners. What rise in prices would
have resulted naturally from the un-
precedented needs of other countries |
cannot, of course, be accurately judged.
The actual advance for the last half of
1897, compared with the last half of
1896, was 20 cents bushel, and for
five months Of 1898, compared with the
same months Of 1897, it was over 30
cents a bushel, 120,o00,000 bushels
having been exported in the first half
and 5000, 900 in the five months of
1898. If Letter was responsible for
half the difference, he increased by
$24, 900, 900 the sum paid by foreigners
to this country, to say nothing Of the
rise IN other grain through the in
fluence Of the wheat market. The in
crease of profits to, farmers, and Of
purchases Ly them resulting in bene-
fits to traders, manufactures and work.
ingmen, has obviously been much
larger. Many have paid little more
for flour and bread, but it may we'll be
doubted whether any Of them have
failed to secure a greater benefit
through the assured prosperity of the
country and The exceptional prosperity
Of the agricultural States. The Tri-
bune.