The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1908-03-15

CHICAGO. Mar. II, io08.--Like 1
huge, whirling gyroscope the greaI
fertile West, has brought the stagger
ing country nearly upright again. III
billions OF new wealth from the crops
OF 1907 have spun round the circle
Of trade and their circuits have right.
ed the reeling ship OF finance, as the
gyroScopc. In lis recent marvellous
deyelopcment, is found to right q
storm.tossed ocean liner.
Tremendous forces were dragging
down Uncle Sans wonderful pros
pcrity, we're jerking furiously at the
nations equilibrium. But the hugt
gyroscope kept revolving, even in
creasing - speed. The farmers were
paid cash for their wheat. their corn
their oats and their live stock; the
cotton planters we're paid cash fol
their cotton. The farmers and the
cotton planters paid their merchants
| the merchants paid their wholesalers
and the wholesalers checks went tc
the manufacturers The crop hae
been moved" and this notwithstand
ing the fact that only part OF tn.
grain had actually left the farms, tha
the actual shipment OF cotton was only
fraction of the total production.
All the crop was not needed simul
| taneousiy. In fact. II the whole o.
il had been distributed at once i
| would have overwhelmed railroads
elevators. and shipping. Think of il
II was valued at S2,22s,o06,0O0, foi
there we're o34.0S7,000 bushels o
wheat, 2,so2.32o.0oo bushels Of corn
7s4,443.00o bushels Of oats produees
in the United States alone, and now
adays the worlds values are fixed b,
the worlds supply. More than S.,
100000 has been added 10 the
natural wealth as the result OF one
seasons crops.
Only small part OF a crop, oi
course, is needed Immediately when II
is ready for market. The rest mus,
be kept in reserve to supply future
demands for II as ii Is required for
consumption or export. As these
vast stocks accumulate, somebody
must carry the load, and right here
legitimate speculation performs its
part by providing buyers; and ac'
cording to the number OF buyers in
the market. and the competition be.
tween them, values ar determined
AS a mater OF fact, the wheat crop
OF the United States in 1907 was par,
celed out, under future contract
sales, only partly for cash, the price
ranging from n cents to $l.22 Dur
ing last October the cash price for
wheat ranger from 81 IL cents to
$l.0s Ia, and the farmers who sold
for May delivery received from 3-S
cents to 10 s-8 cents more bushcl
than those who sold for immediate
delivery.
Nowadays the telegraph and tele-
phone have enabled the farmers to
keep in touch with the price made on
the great exchanges by the worlds
supply and demand, and he sells as
suits his conveniences and pocket
book best, for in those exchanges he
has the whole worlds bids Of buyers
and sellers to reply upon. The of
ferings Of a dozen producing nations
on the Liverpool and Chicago Boards
Of Trade meet the tense buying Of the
world in ceaseless contest Of
strength. Thus a market is establish
ed that swallows every carload or
trainload of grain that the producers
OF a country or state may have to
offer 1t isn't all for immeriate deli
very, and causes no plethora nor de-
preston Of prices.
Always there is cash for the man
with a granary full Of wheat or crib
full of corn, and he can deliver as
suits him best, for the markets are
adjusted for a year-round demand,
He is not bound by a hard-and-fast
necessity Of tossing his crop into the
avalanche OF the worlds grain pro-
duction II he needs cash for pressing
obligations. He probably will not
want to assume the risk Of holding
his grain on mere hope Of getting
a better price later. He may not be
able actually to deliver his grain at
once because the roads are bad, or