The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1909-04-17
PLENTY OF WHEAT
SAYS SEC,Y WILSON
Contisued from Page o.e.

OF March this year the amount OF
wheat on fsrms was l47. 100000 bush
els, and other statisticians OF stand
ing. in public and private letters 10
this department. put IL from 100000.
900 to 17O.000.000 bushels. On March
l. year ago. the department estimai-
ed the amount on farms TO be l47 900
600 bushels, about 100000 bushels
more than this year.
Further. in regard TO the RELIABLE
ity OF these reports. the reporters oil
the department of agriculture are
farmers living on the farms and know
II anybody knows, and have knowl-
edge If anybody has knowledge OF the
facts. Ii we seek an honest class or
community and hesitate TO take the
word of the American farmers, We will
not establish truth by going TO the
gam blers.
The department OF agriculture has
estimated the amount OF wheat on
farms March 1, 1909, TO be about liS,-
900, 600 bushels. or Il l-2 per cent or
the amount produced In the country
last year, 1908. An analysis OF the
wheat movement after March /, In
past years. indicates that the yearly
estimates or the percentage OF the
crop on farms March /, has been about
per cent below the actual percent
age"
CHICAGO. April 1.-THE system
of trading ia futures in grain Is here
TO stay Congress. In my opinion. will
never change IL. II is too deep-rooted
in our commercial system and its bene-
fits and legitimate uses far outweigh
the occasional abuses to which 1t may
be subjected. IL would be foolish 10
think of abolisning it,
In these words J. Ogden Armour.
one or the worlds most prominent
grain dealers, expressed his opinion of
the endeavors of congress 10 strike At
James A. Patterns wheat deal by at
tempting 10 put grain speculation OIL:
of existence. Armour has always been
consistent business enemy Of Pat
ten. but in an interview he defended
Patterns present attitude towards con-
gress.
"Patten hasn't a corner In wheat
Neither are his operations in May
wheat responsible for the rise II
prices" he said. There IL merely
serious shortage in the wheat supply
which the present advance In the
price has discounted We will have
to look to the relation OF supply and
demand TO explain the advance"
Armour said the strongest reason
why trading in futures In livestock ID
not as common as in grain was the
fact that 1T Is not customary 10 trade
that way"
LIVERPOOL, April 1.-THE WORLDS
wheat margin. or visible supply over
T, the amount that will actually be de-
manded. has practically disappeared.
according TO a statement issued To-
day by the big wheat interests OF THIS
city. the great European market
While precise figures are unavail-
able at this time. Il IL said that con-
ditions generally show greatly reduc-
ed acreage In Europe by reason OF aa-
verse weather.
Russia and the Danube country are
shipping only half OF their usual
amount, which represents shortage
of eighty million bushels as compared
with 1907.
! Argentine IL the only country that
shows an increase. The worlds sup
ply is declared to be within a very
narrow compass and the margin 70
have been worked down until II has
almost disappeared.
The Liverpool market men express
the same pessimism that Is voiced by
the Chicago grain men, and the mil
ers Of the American northwest. They
predict that the price OF wheat Will
continue to set new records and tina;
unless an unexpected Improvement In
conditions develops. bread will be-
come almost a luxury throughout Eng
land and the continent