New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-06-17
WHEAT 70 DhTE.

The manner Of Letters collapse was dramatic
but there was nothing about 1t partaking IN me
Ieost Of sunrise Repeatedly during the last
two months II has been shown that wheat coud
not continue TO come forward from the farms as
II had done without breaking the market wheat
did come forward and III spite OF exports al
most beyond precedent the market collapsed
with II collapsed also all estimates of last years
weld. whether official or private. The Govern
uent estimate fares worst. as usual IT the
Weld was only $50 140 1GS bushels, as the last
estimate by the Department reported on Febru-
ory ). with Is. $50 800 bushels visible supply in
creased by half for other stocks last July, the
entire supply was 55s33S6 6S bushels, from
which over 6O7.OoO,0OO bushels have already
been taken for the usual consumption ana eX-
ports. and yet nearly twenty million bushels
we're left last Monday in visible supply alone.
This puts the Government estimate demonstra-
bly, in error about seventy million bushels.
Mr.. SHOWS estimate, though nearer right than
any other, also collapses lie put the yield nj
$50 1000 600 bushels and the visible supply on
July l. 1897. was 1S,793.0OO. and. Increased by
half for other stocks ut the lowest point OF the
crop year gave for the years supply Gil lS3ooo
bushels. The consumption. calculated at the
rate long sustained by experience, 2-3 bushels
upon the mean population for the year accord
ing to Treasury accounts, has been 343756ooO
bushels for the year's food and something over
RI 900 900 bushels for seed, since the acreage
has increased, but with 3017560OO bushels thus
distributed the exports In eleven and nall
months have been 20S 500 456 bushels while
19.6Sl 900 bushels remained In visible supply
last Saturday Thus no less than 626338450
bushels are accounted for already. besides such
exports as may yet appear and some allowance
for invisible supply on July l. but also Tor any
decrease in visible supply. Since March /, when
Mr.. Snow estimated 157.000,00O bushels III
farmers hands with 34.0SS,00O visible, there
have been about twenty million bushels used Tor
spring seeding. and ll5,50s,0O0 bushels for con
sumption ut the average rate for four months
population. and 5n.G7l.lf5 bushels nave beeh
exported I'm fifteen days Of June. with lo6Slooo
bushels lett in visible supply, making 2l3's'o'l4'
bushels already distributed, over 22DVV"
bushels more than the entire supply on March
l. as then estimated.
All these data prove that the yield OF 1897
WAS something over 62O.OOOOo0 bushels. and
how much over cannot be approximately deter
mined Doubtless high prices much OF the time
have led farmers 10 sell freely but they have
not sent to market wheat they did not have To
send II II open to anybody who chooses tn say
TINT estimates Of prior years were much more
in error than any one supposed. But the data
here used have been constantly at the com
mand Of any large merchant" like Mr.. Letter
during all the recent months, and yet he per
sisted In holding and buying more to keep up
the market until Mr. Letter the elder refused
any further Aid.
II is the custom to shy that !ncalculable In
Jury has been inflicted upon the people by such
speculation At any time and OF necessity some
injury is inflicted. but the circumstances this
wear have rendered the operation, on the whole
extremely beneficial TO the farmers, 70 the thou
sands OF workingmen who have secured larger
cnployment and better wages in consequence
Of the enormous demand for goods from the
farming region and TO the whole country
through the great increase In tho balance due to
It from foreigners. What rise in prices would
have resulted naturally from the unprecedented
needs of other countries cannot. Of course. be ac
curately 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 IL was over 80 cents bushel. 800 900
bushels having been exported in the first half
and 100000 in the five months OF 1898. II
Letter was responsible for half the difference.
he Increased by s24.000,000 the sum paid by
foreigners to this country, to say nothing Of the
rise IN other grain through the Influence Of tie
wheat market. The Increase OF profits 10 farm
ers and OF purchases by them resulting I'm bene
fits to traders manufacturers and workIngmen
has obviously been much larger. Many have
paid little more for ioui and bread, but II may
well be doubted whether any Of them have
failed TO secure n g.'eatcr benefit through the
assured prosperity OF the country and the excep
tlonal prosperity OF the agricultural States.