_Special variations._—At the top of the chart is shown the world’s visible supply of wheat for each year, each horizontal line indicating 500,000,000 bushels. The shaded portion gives the amount exported by the United States and the part above the shaded portion indicates the amount consumed or stored within the country. Thus, in the year 1894-5 the total wheat crop of the world was 2,672,000,000 bushels, of which the United States furnished 460,000,000, 144,000,000 of this amount being exported. This year marked the lowest price of wheat in the record, together with the largest crop in the world, though not in the United States. A proportionally small amount exported explains the falling out of the bottom of the wheat market. By reference to Chart No. 5, it will be seen that while the wheat crop of that year was considerably above the average, the corn crop and oat crop were far below the average. This explains the fact appearing in Chart No. 6, that the price of wheat was lower than the price of corn at the beginning of that year. It is probable that the use of wheat as a substitute for corn in feeding stock actually saved the wheat from a still lower price. The crop of 1891, the largest on record in the United States, was accompanied by a moderate crop in the rest of the world following two other moderate crops, indeed two short crops, for the entire world. The large amount of wheat exported explains the reason why the fall of prices was not greater in this country. That the price did not fall faster was due to the fact, remembered by many, that farmers, as well as speculators, held to the crop with the expectation of larger demand from abroad. When the crop of 1892 was felt to be still larger throughout the world, the price fell rapidly, in spite of a smaller crop in the United States. But when the prospect of an inferior crop in this country for 1893 was felt in the spring, the price rose a trifle. Yet as soon as the harvests of the world showed an enormous crop outside the United States, the price dropped again. The crop of 1889 was a short one in the world, and apparently should have affected the price of wheat in this country more than appears; but when the total amount exported is seen to leave more than an average crop in store, it is easy to see why the price in this country did not rise. The explanation of this small exportation is in the fact that the greater part of the shortage in yield was in countries like Russia, from which no demand was felt, because the people simply went without. The starvation of people in such countries affected the demand for wheat in this country only so far as our benevolence enlarged the market. The peculiar shape of the line of wheat prices in 1889 without any correspondence in prices of corn and oats is due to a speculative movement for December wheat in Chicago. The attempted corner in wheat failed suddenly, or it might have produced a line similar to that