New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-02
THE GREAT GRAIN MOVEMENT.

THE GREAT GRAIN MOVEMENT.
or wheat and corn including -four and meal,
Tho net exports were 399907. 252 bushels in the
fiscal wear ending on June go, which is 29,212,SO7
bushels less than the quantity OF both grains ex-
ported In the previous year. the decrease being
wholly in corn. But in value the loss was about
SO 900, practically all in wheat and in spite
Of the fact that wheat exports increased In guam
tity over five million bushels. The exports OF
both grains have never been as large in any other
year excepting 1895 having teen 3Z5'S4Z'3oo
bushels in 1897 and 300 26S097 in 1892 The
net exports of wheat differ about 6o'ooo Dusheis
this wear from domestic exports, being swelled
bv n little excess OF imports across the Northern
border over exports Of foreign. The exact guam
tity, 300, 654,s97 bushels wheat, including hour
against ,933 in the previous year. Is the
largest ever recorded. excepting 22o,66o,SlZ
bushels in 1892
But It is especially noteworthy that while e1
ports Of wheat fell short by S,oOO'O0O bushels OF
the exports of 1898, the deficit and the net IN
crease were made up by an increase of 3, lo4,2o3
barrels Of -four The net exports OF Hour, lo,ooZ'-
$50 barrels, were 1,6i3,299 barrels larger than
the greatest ever before known, namely, In 1914,
the shipments in that year and In 1898 having
been greater than in any subsequent year until
1899 II hardly answers, therefore, to INFER, as
some have DONE that there has been steady
increase in -four exports such as to Indicate
definite and probably permanent preference for
the manufactured over the manufactured
products The fluctuations appear to be partly
due to the operations Of the English syndicate
which controls so large a share of the Minneap-
oils output and is doubtless Influenced in mar
keting its products by its relations with bus'
ness in Great Britain and other flour making
countries for the increase in quantity exported
was much greater to other countries than TO
England which took 100000 bushels, while
other countries took 100000, against 100000
in 1898 1t Is obviously to the advantage OF
this country to market abroad as much as posi-
BILE of its products in manufactured form, and
in that respect English investments here have
not injured American interests But II is espe-
cIally encoura ging to find that, as the pushing or
American products into new foreign markets
continues, a steadily larger share of -four finds
a foreign demand in countries where little
milling is done.
The net exports Of wheat and -four. above
stated fail to account for the entire crop grown
In 1898 after full allowance for other uses. Do
nestle consumption for mean population or
rs 1876 600 was about 351 ,562, 900 bushels at the
ratio which has long prevailed and allowance
for seed NAV be increased TO CT 100000 bushels
on account Of admitted increase in acreage,
while the addition to visible supply, reckoning
only the cities from which reports were received
a year ago, has been 15,904,OOO bushels. ISL
ally at midsummer an addition OF half the visi-
bic supply has been found safe minimum eStl-
mate for stocks on hand, which would make the
addition to stocks at least 23S56OOO bushels
and the total distribution 659,6oS,e91 bushels.
With any estimate now accepted OF the yield IN
1898 it would appear that the addition to stocks
on hand must have been greater and the better
estimates would make Il nearly 100000 bush
els greater, leaving that quantity to go out dur
ing the year just begun without reducing visible
and ordinary stocks below those of July l. 1t is
| evident from the enormous movement OF wheat
| in July much surprising all records for that
MONTH that the stocks OF old wheat were many
million bushels in excess Of ordinary midsum-
| mer supplies and yet the inference Is abun-
dainty justified that the holders whether they
were farmers or country dealers or other spccu-
lators would not be shipping unprecedented
quantities 10 market at very low prices IL there
were known to them any reason for apprehend-
! ing a scarcity
Estimates Of this years crop are materially
! dscredited by this state Of facts In the face OF
| them it is not possible to believe that the de-
| orerise In yield will be found as great as has
! been calculated even by the most conservative.
| At the same time the concurrence OF substan-
TALLY all authorities in estimating large de-
crease appears to justify much caution in acting
upon the theory that the supply this year VIII
/ much exceed the demand The food and seed re
ouired this year will be about 42O,OO0,OOO bush.
els and II Government estimates OF the yield
were accepted there would remain for export
without disturbing stocks carried over, only
| about 147,910000 bushels. II as much As
100000 600 bushels can he withdrawn from old
stocks without reducing the visible supply there
would yet be scarcely enough available for such
foreign demands as have been seen continuous
" for two years. But 1t is quite possible that
the foreign demands may again be large, ms
some excellent authorities now anticipate, and
on the other hand. II Is altogether possible that
the Weld may exceed the early Government est
mates by many million bushels as 1t did last
year.
Mr. crokar should hurry back from EurOpf