The Leon reporter. (Leon, Iowa) 1887-1930, 1902-01-16
FARMERS IN 1901 WERE PROS
Porous.
Agricultural Products In the Unit
ed States Very Large.

That the year 1901 has been pros
porous one for the American farmer is
shown in the subjoined summary of
farm products and the review of cotton
and grain, furnished by the American
Agriculturist:
The wheat crop is worth more than
last year by $3.50, 100000.
Live stock represents value of near
ly $3.50 100000 more than that of last
year.
Other grains than wheat represent
as large total this year as last, the
shortagein weld of corn being made up
by advance in price.
Potatoes are so high that the short
crop probably will return more money
to the farmer than ever before.
Apples and other fruits are extra
ordinarily high.
The farm products of the United
States this year are doubtless worth
$500 900, 900 more than last years out.
come.
The cereals-wheat, corn, oats, rye
and Darley-raised in the United States
during the past five years represent
value to the farmer of $6,250, 100000, or
an-increase of nearly $1,000, 100000 oyer
the preceding five years.
Cotton growers have nettetl S4OO,OOO,-
600 more for the last five crops Q9O1
crop estimated) than for the previous
five.
Billion Dollar Increase.
Taking 1896 as fair basis of values
during the late agricultural depression
nine staple crops for this year represent
an increase in value Of more than $780,.
100000 Live stock is worth $1,OOO,-
100000 more than then.
During the last five years, agricul-
tural exports have been 1888, 100000
greater than for the preceding five
years, gain of 80 per cent, while ex-
ports of manufacturers have almost
doubled in value.
The grain trade for 1901 has furnished
many surprises and unexpected develop
ments. They were little slow at first,
but of steady pace later. Speculation
has run the gauntlet of extremes-of
dullness. activity and shorter periods of
excitement.
The year opened auspiciously. The
worlds grain crops were of average
promise. Then little clouds of fore.
bodings began to appear. The Argen.
tine wheat crop was reliably reported
overestimated, which later events proved
to be fact. Early estimates of 100, OCO,-
600 bushels had to be reduced to 80 ,OOO,-
600, as against llO,OOO,OOO bushels in
1900 and 100, 600, 900 in 1899.
Then disturbing intimations concern.
ing developments of unfavorable con.
ditions of the French and German
wheat crops attracted attention, and
later, being confirmed, enforced recog-
milton.
Speculation In Wheat.
These were the preludes to subsequent
exaggerated reports and a wild specu-
lation in wheat, led by Continental
market traders and others in close sym.
pathy. The transportation, however,
was ruined by Its own violence and oyer
reaching propensity.
Quite as disastrous losses were also
incurred in coincident over speculat-
ing in ocean grain freight. When the
anticipated large demand for corn was
disappointed, rates declined from to
s cents bushel, or loss of $4,000 to
$4,000 on an average cargo of 100000
bushels, and in one instance SIS, 900 was
said to have been paid to cancel an en-
gagement.
Reactions have been very feeble. At
the close OF the year the lowest rates
are mostly nominal. Loadings have
been taken at ballast rates, in many
instances. This decentralization has in
duced consignments of wheat. flour,
ETC., only to go further and fare worse
in meeting lower markets aoroad.
The Years Disaster.
The event of the year was the disaster
to the American corn crop, a loss of TO-
600, 900 bushels from the early promise
and average crop production. About
this time the oats crop was also deter
mined short, $50, 757 900 bushels, against
100000, 900 bushels in 1900, and 796, 0O0,-
900 bushels in 1899. AS the conditions
developed prices took wings. Market
relations were deranged and ultimately
combined speculative holdings of trader
and farmer arbitrarily controlled pro-
duct and price.
Crop estimates are always to be &C.
cepted as approximations, and usually
as underestimate. Estimated consump-
ton requirements are to be taken with
even more allowance than crop esti-
mates. Low price and free use, high
prices and economy or substitution OF