The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1898-06-29

Prom theN.Y. rneane.

Prom IL. - l. AEe--lN-
The manner of Letters collapse was
dramatic. but nothin9 about It partakiug
In the least Of surprise Rspeafediy dur
ing the last two months it has been shown
that wheat could not continue 10 eome
forward from the farms 81 it had done
without breaking the market Wheat
did come forward. and in spite Of exports
sImost beyond precedent the market col
Iapsed. With il collapsed slso estimates
OF last years yield. whether official or
private. The government estimate fares
worst ~ usual. Ifthere was only SD, 49,
los bushels, as the last estimate by the de-
partrnent reported Oh February ). with
ss,Isa so bushels visible supply increased
BY half for other stocks last July. the en-
tire supply was 55s 80. .6ss bushels. from
which over 6y7.0000o0 bushels have al
ready been taken for the usual eousump-
ton and exports. and yet nearly twenty
million bushels wero let last Monday in
visible supply alone. This puts the gov
srnment estimate denlonstrably in error
about seventy million bushels.
Mr.. Shows estimate. though nearer
right than any other. also coIlApses- He
pat the yield at 5s9.o00OOo. and the wish
bic supply on June. I. Isg7. was ls. 7ss. .oo0.
and. increased by half for other stock ~
the lowest point OF the crop year. gave for
the yearssUpply 6I7. lss. so bushels. The
consumption calculated at the rate long
sustained by experiences. 20 bushels,
upon the mean population for the year
according 10 treasury EcoOunts, has been
34S, I'D. 900 bushels for the years food, aud
something over 100000 bushels for seed
since the acreage has increased. bat with
", 600 bushels then distribated the
exports in eleven aud half months have
been 3le,Se. .s56 bushels, while 1851 90
bushels remained in visible supply last
Saturday Thus no less than Cd. ..z36, 40
bushels are accounted for already. besides
such exports as may yet appear, and
some allowance for invisible supply on
July ], bat also for any decrease in WISH
bic supply Since March /. when Mr..
Snow estimated I57, coo. 60 bushels in far
mers' hands. with u. %. 600 visible. there
have been about twenty million bushels
used for spring seeding. and rs. .50s, 90
bushels for consumption al the average
rate for four months population. and
SOL. is bushels have been exported in
fiifeen days Of June. with l9.6sI. 60 bush
els in visible supply, making 2l3.S50, 40
bushels already distributed, over 210O,- =
GO bushels more than the entire supply
on March /, ~ then estimated
All these data prove that the yield Of
lsl7 was something over go 0o0.O00 bush
els. and how much over cannot bs ap-
proxima.ely determined. Doubtless high
prices much Of the time have led farmers
To sell freely, but they have not ssut 70
market wheat they did not have 10 send
II II 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 large
merchant like Mr.. Letter during all
the recent months, and yet be persisted
in holding and buying more 10 keep up
the market, until Mr.. Letter the elder
refused any further aid.
It is the custom 20 say that fncaleulabls
injury has been inflicted upon the people
by such speculation At any time and =
necessity some injury is inflicted. hut
the circumstances this year have render
ed the operation. on the whole, extreme
ly beneficial to the farmers, 70 the thou
sands of working men who have secured
larger employment and better wages in
consequences Of the enormous demand for
goods from the farming region, and %
the whole country through the great in
crease in the balance due % il from for
eigners. What rise in prices would have
resulted naturally from the uBprscedeut-
ed needs of other countries cannot, OF
course, be accurately judged The actual
advance for the last half Of 1897. eompar-
ed with the last half Of lss6. was - cents
a bushei, and for five months of lssS,
compared with the same months Of ls97.
il was over 30 cents a bnshei, 10000, 90
bushels having been exported in the first
half and 7g,O0dOO0 in the i've months OF
1855 If Letter was responsible for hall
the difference. he increased by S24OO0.
900 the sum paid by foreigners 70 this
country. TO say nothing Of the rise in
other grain through the influence Of the
wheat market. The increase Of profits
to farmers, and of purchases by them re
sulting in benefits 10 traders. manufaet-
urers and workiBgnen, has obviously
been much larger. Many have paid q
little more for -four and bread, but il
may well be doubted whether any OF
them have failed TO secure a greater bene-
fit through the assured prosperity Of the
country and the exceptional prosperity
OF the agricultural states