Wheat and Politics

Most of America's wheat area lies in normally Republican States, while her cotton belt is confined to almost invariably Democratic States. For this reason, a slump in cotton usually leads to strenuous attempts in behalf of cotton by the Democratic party, while wheat depression means disaffection in the Republican ranks.

Cotton is so high that even Democrats can find nothing there to quarrel about. Wheat's recent rise is cementing the Republican hold on the Northwest farmers, and dooming third-party and Democratic efforts in that region. The rise in wheat has not been due to mere manipulation. Some months ago Stock Operator Livermore remarked frequently upon its strong "statistical position." So far, there is an estimated world shortage of 300 million bushels in the 1924 wheat crop, 200 million of it in this country. Meanwhile consumption of wheat all over the world has exceeded expectations. European buying has been good at 724 million bushels--86 million more than at this time last year. The world's available supplies amount to 166 million bushels--36 million more than last year. But they decreased over 9 million 'bushels last week alone. Speculative traders are gossiping about $1.50 wheat by Autumn, and can quote facts to support their predictions. Altogether, it looks as if Mr. Coolidge's proverbial good luck was still very much with him. Kansas Republicans already report improved prospects for their party in that State on the basis of higher wheat prices.