Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1904-07-22

coming crops and is it safe to carry
large stocks. We think the most compre-
hensive report we have seen is the fol-
lowing and the season is so far advanced
that it can be considered fairly safe to
take this estimate. We enclose Paine,
Weber Co., market letter and they have
been very near right for the past two
years.
f. CROSBY & co.
July 20.
Paine, Weber e Co.'S market letter
says: This crop year promises to show
marked exception to the record and one
fraught with high future price probab-
ilities i'm a simultaneous material short
age in the wheat yield of Europe and the
the United States.
In no year in the past Is years, save
perhaps in 1890. when the European crop
was only 1852 millions and the United
States crop 430 millions, has a serious
American shortage conceded with the Eu-
ropean. On the contrary, the American
crop has usually made an excellent show
ing when the European yield was defici-
ent, and an occasional poor record when
the foreign yield was above the normal,
with resultant less import requirements.
\ noteworthy exception was the year
1881, when the American crop decrease
from the previous year was lie Millions
viz 3S3 millions, against 1879 millions and
| the European decrease AZ millions, or 1863
millions total decrease. In the year GSSD
| Chicago cash wheat rose from $685. in
! January to S1.43h in October, being 477sc
| gain, or so per cent
| The crop deficits this year compared
| with last year can probably be conserv-
| atively estimated at 10 millions in Amer
| lea the loss estimates ranging from 80
millions to 100 millions, and in Europe at
| $50 millions, where the estimates vary all
| the way from 100 millions to $50 millions.
| This makes a total European and Amer
| lean deficit of 220 millions, or more than
| 9 per cent of iastyears total yield of the
| two countries
| This total yield of last year was 2431
| millions, of which 1898 millions European
| and 63S millions American, and compares
with 2443 millions previous year and 2211
| millions estimated this year.
| How America will be able to meet the
| largely increased European demands this
crop year is a most interesting problem,
and rendered greatly more so, from the
| fact that in the face of the smallest wheat
| exports from this country the past year
| in 81 years, viz since 1877, our visible
| and farm reserves are about the lightest
on record at this date in recent years.
A London cable says-The best English
| authorities estimate that the United
| States. Canada, Russia and the Danubian
countries will not be able to spare to Eu-
rope more than 200 millions wheat, COM
pared with 2SS millions shipped in season
Just ended and that it may become a Sc
rious question whether cur requirements
can be easily satisfied. The cable adds
Beerhohm Uondon Trade LisD is even
more pessimistic than this; he suggests
that your exportabe surplus may not eX-
| coed so millions and adds that seldom has
| the outlook been so apparently in favor OF
| a high cost of breadstuffs as now.
Scientists have it figured out, today's
Record Herald says, that the heat re-
| leased by rains on the Arizona and New
Mexico deserts is likely to reappear in the
shape of devastating hot winds in the
| Kansas and Nebraska corn fields This
has occurred in several previous years al
| though no explanation has been forthcom-
ing.
| John Cudahy now at Wichita, Kan.
wired yesterday that Kansas would no
have over half n crop Of corn and backed
his opinion by keeping his brokers buying
December and May corn all day.
Brooks of Duluth says there is but on'
side to the wheat market; the CROWNS
, and prospective foreign demand withou
,, any damage to the spring crop will caus
, higher prices.
: Chicago wires that marked improvement
? | I'm the domestic demand for flour is re
. | ported by all branches of the flour trad
locally at Zoe per barrel advance, distribu
| tors being anxious to keep their stocks oil
-four up to a working basis.