Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1829-10-22

uuty' VIZ, one sniiing steriug OH the quarter Of
eight bushels. This event had boon looked for ne
likely to produce considerable advance in nrices
but ~ was fouud that expectation had produced ali
the eject and rather more, than the reality would
sustain. $3.50
For five months from the beginning Of November
TO the end OF March, the price OF flour wns maintain
ed with remarkable firnness at or above seven md
nait dollars; but as matter of course when the
u. new harvest was seen IN the distance, prices began
70 Decline and on the LIST of August 1895 were with
In iyt cts OF where they were twelve months before
, 1here was one circumstance in the HISTORY of the
Corn market during the time we have gone over
winch We Ind 1t very difficult to account for. The
price OF coarse grains were time materially
Iaised III there was real scarcity offarinacpo,,s
1000 IT Is strange that should not have been felt
IN inoian corn as well as in wheat. Or ifthe scar
cry existed IN wheat only, il would seem that the
hgh price OF wheat must have increased tho con-
sumption ofower grains and i'm the end raised their
prices proporionabiy. II the high price of whoa.
was owing entirely or chiefly to speculation, it is
strange that course grains should hav been UNDECIDED
ov speculators' But that the hirh price of wheat
was owing to 4 real scarcity. We think is evident
from the fact hat there was no such reaction in tLc
market as there must have hecn if by too high a
price consumption had been Improperly restrained.-
IL any body can give solution of this anomilv wc
/ shull be glad to see it.
The above outline affords foil evidence Of the fol-
~ OF governmental regulations in time of scnrcitv-
That mysterious controller of all these things price
ADJUSTED the consumption to the supply with surpri
sing exactness. The crop of 1913 was made exact
~ TO reach that of 1929, and more. So iudici
ousy did the price of -four come down that in tho
extreme, did 60 by the correct point more than
! iRacts per barrel. No government on earth could
nave 80 Judciously dealt out the crop of i8o8.
The history we have given is honorab bic to the pru-
dencc and sound discre ion of American merchants
ana especially I'VE say only because il is ruc those
OF New YORK. Tho there was less excitement and
less random speculation throughout the country than
might have been expected, there in all other i'm
poriant markets, more than in New York. And il,
was owing III small degree, the stecdincss of the
New York merchants connected with the corn trade
that the country gathered from this business so many
prohts, aud sustained so few losses. The farmers
every where benefited and great many u1er-
chants added 10 their fortunes; while the number
who on the whole suffered loss was not great and
OF tdose who suffered ruinousy, very small indeed
IL Is worthy of remark that although tho crop OF
1929 Is knovn 20 be abundant, both at the Yves,
and South tho receipts Of the season, thus far have
entirely disappointed the expectations founded on that
fact having been really much less than they were
year ago. The reasons assigned for this, early in
inc season were drought at the North. wet at the
South and the disposition Of the arricuursis not 10
sell too early, as some of them think they did last
year. To al this however it must no doubt be adj
ded that tic high prices oflast year brought forward
all the old stocks, and lc the Granaries, both of Fu
rope and America, empty. So that, should prices |
for this year continue low, considerable part of the
crop Will 60 to supply this vacuum, and be retained
IN the hands OF the growers. After all the attention
which was turned to ,he English markets. the exports
10 that country from the crop of 1928 were compar
atvely triiiing, and whole export TO Europe bore
but small proportion TO the exports which the north
ern ports of the Continent made to England alone
Inc following is an extract of letter, dated
LIVERPOOL, August 81.
"You allowed your onticipai ions to outran the re-
iity last season. Your pFiccs advanced so rapidly
that not single shipment was made which left n
proht, and while have had since last harvest near
y 100000 quarters Of grain from the Continent
we have had only 10000 bbls. of Flour from the