Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-22
SURPLUS IN WHEAT
IS SEEN THIS YEAR
United States and Canada
Almost Able to Supply World,
Estimates Reveal.
BY JOHN r. SINCLAIR.

BY JOHN +. SINCLAIR.
Special Dispatch TO The Star and the North
American Newspaper Alliance
NEW YORK, August ga word
about wheat! June / bushel for Sep
TENDER delivery was worth $1.65. Yes
terday the same buShel was worth
$109 Let us put a few facts together.
August 9 the Government estimated
the total wheat crop of the United
States to be 891 100000 bushels The
amount of wheat now on hand plus the
new crop will aggregate more than
900, 100000 bushels. But the United
States can use only 650,000,0OO bushels
the remainder, about 35O,0oO,OOO
bushels must be sold abroad.
Canada, too, expects banner crop,
the largest in her history. Her. total
crop is estimated from 500,000,0O0 to
$50, 000,0 900 bushels. With the amount
of wheat on hand--about 10000, 900
bushels - added to her present crop,
Canada will have for export around
100000, 900 bushels.
Together, the United States and Can
ada will have an exportable surplus of
about 75O,O0O,000 bushels.
Last year all the wheat exported from
all nations totaled 793,G00,0C0 bushels.
It may be a little less or little more
for 1923. but as things now stand Can
ada and the United States can supply
almost all the world demand in 1928.
But other nations also export wheat.
Australia and the Argentine, for in
stance. Australia supplies probably
100000. 900 bushels during the year and
the Argentine 150,000,000 busheIS The
f@n fe to- IapC
This is the situation in nutshell.
The wheat farmer is not the only
American producer suffering from too
much of his own commodity. The oil
industry is another
During 1927 a total of 90I, 129. 900
barrels of oil was taken out of the
gound in the United States. This is
an increase Of 130,255 900 barrels over
1926-just II per cent.
But, as with the wheat man, the in
crease did not help the oil producer.
The record shows that while the pro-
duction was II per cent higher, he re-
ceiVed 10 per cent less for the oil. Let
me elaborate on these figures.
The total value of all the oil pro-
duced in 1927 was $1,172, 100000. This
Is an average Of $1.30 per barrel. Due
to the surplus production this figure
represents decline in the average value
Of So cents a barrel, or 81 per cent un-
der the preceding year. The only State
in the Union to show an increase per
barrel for 1927 was Montana, where the
value rose from S1.32 to $1.40. This
was due to favorable contracts and I'M
usually high quality of the oil.
Eventually, just as with wheat pro-
duction, oil demand in the United States
t1-iT tnH m
tomobiles are using gasoline every day.
In 1927 the people of the United States
consumed 100000 more barrels of gaso-
line day than in 1926. For 1927 there
were $4,000 barrels consumed a day,
as against 7l7.00o barrels for the pre-
seeding year. an increase of IA per cent.
Probably by the end of this year the
American people will be consuming
1000 900 barrels a day
Meanwhile, until production and con-
sumption are more evenly balanced.
the oil industry, like the wheat industry,
will continue to have hard time max
ing substantial profits.
Can the mechanism for the con
troll Of distribution of natures crops be
successfully built? This is one of the
| big, pressing problems in American
farming and industry.
The eel is one of the most mySteri-
Gus denizens of the deep, says the
United States Bureau of Fisheries, which
has been studying the habits of this
interesting creature.
After taking about nine years TO
reach maturity. the eel leaves fresh
water, going far out into the ocean
doubt about the exact location where
the American eel SpawnS, but it is
somewhere near the Bermuda Islands.
It takes only a year for the American
eel to pass from the egg to the fish
stage When the eel returns to CheSa
peake Bay 1t is about 3i2 inches long
The consumption of cells in the United
States is growing, and it now RANKS
tenth in the commercial value of the
annual catch out of about IS kinds Of
fish
The eel has never been as popular in
the United States as IN Europe be-
cause of its resemblance to the snake,
In Europe this prejudice does not ex-
list, and eel consumption there is much
larger.
Stocks listed on the New York Ex-
change do not all rise and fall to-
gether." Wall Street banker said,
such a condition. however true in
the old days, no longer exists.
Now stocks are picked out for GER
tain Special reasons and made the OBJ
iect of purchase. while other stocks arc
made the object of sale, An individual
stock may rise or tan in price on the
market today without any apparent
relationship to any other stock, or 20
the market as whole.
TRUE, certain factors, such as call
money rates, do have an ERECT upon
the market. But even such factors do
not have the determinative control over
the price position of stock on the
market as is often supposed"
The general impression among lead
ers In Wall Street is that the present
unfayorahle credit situation will sooner
or later have It's effect and that any
stock bought at this time should be
purchased for the long pull rather than
for the quick return.
Who were the richest of the 90 men
who have been Presidents OF the United
States since the Nation was founded?
The first President was rich, Washing
ton being one of the weaithieSt OF his
day He left more than 100000.
Few olher Presidents have been SO
rich. Theodore Roosevelt was probably
the richest President i'll recent years,
leaving an estate of about 81 900 600,
OF the 20 Presidents. IS were the sons
Of farmers and planters, 4 of law
yers. OF clergymen. each of a
physician. u constable. tanner and an
iron maker No fewer than 8 we're
born in very poor families, The others
were born III various circumstances,