Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1829-11-04
From the y. York JOwnal Of Commerce.
CORN CROP OF 1928.

by some circumstances of unusual interest
The crop Of 1927 had been abundant,
and 80 much remained on hand at the close
of the season, that although large sales
were made, prices became very low. Dur
ing the first fifteen days of July 1923. 80
thousand barrels Of flour we're inspected in
this city, and prices found their lowest
point, which was, for western canals, 81,
81 and 4,75. From this point they rose
nlI the middle of November, when the
price was 9.62, and from thence declined.
an la July last it was but $500.
The crop Of wheat for 1928 was good at
tho south, but at the west it failed almost
entirely; the quantity being very small, and
the quality poor The supplies which
passed through the great western canal.
we're. from the lst Sept. to the lst Dec
so Thousand barrels less Of -four, and 100
thousand bushels less Of wheat than in
the corresponding quarter of 1927. This
deficiency began to be felt early in Sept.
About the same time intelligence was re-
ceived from England, by which il appeared
that the wheat oflhat country had sustained
injury in It's growth, that the weather had
become unfOyOurable for harvesting, and
that a sudden advance had taken place in
prices. These circumstances produced
some advance here, and a strong interest
m the market, which vas ready for more
decisive action Eat \ moments warning"
Subsequent accounts from England re-
presented the harvest to be better than was
expected. But on the other hand, intelli
gence was received early IN October, that
the haryests on the continent we're short OF
an average crop-and near the close Of the
same month, that extensive purchases had
been made in England and elsewhere for
the continental markets. The opinion now
became general, that England would re-
quire considerable supplies from this coun-
try. and that prices would rise so high
here, that -four would be admitted on the
n2yu. ent Of an unimpOrtant duty. On the
6,b Of November news vas received to
the 9tboTOc, 'qber from London, exhibiting
q continued advance in prices, notwth
standing heavy arrivals in the principal
English markets. The Continental mar
kets had also been steadily Advancing
The consequence was, more firmly set
tied opin on, that prices here must be high;
some thought very high; and nobody could
tell how high. It's not strange that under
such circumstances, the more sanguine
advanced prices to q point further than
they could be maintained, and from which
It soon became necessary to fall back upon
the ranks Of cooler Caculators. From
this time the accounts were various, eI-
citing alternate hopes and fears, until at
length the desideraium was obtained, and
wheat was admitted into England at the
lowest duty, viz. one shilling sterling on
!le quarter, of eight bushels. This event
had been looked for as likely to produce a
advance in prices; but It was
found that expectation had produced all
the effect, and rather more than the reality
would sustain.
For five months, from the beginning Of
to the end Of March, the price
Of -four was maintained with remarkable
hruness at or above seven and a half dol
lars. But as a matter Of course, when the
new harvest was seen in the distance,
prices began to decline, and on the lst OF
August 1929, were within twelve and a
halfcents ofwhere they were twelve months
before.
The above outline affords full evidence
of the folly of governmental regulations in
time of scarcity. That mysterious con
trouler Of all these things, price, adjusted
the consumption to the supply with sur
prising exactness. The crop Of 1923 was
made exactly to reach TO that Of 1929, and
no more. So judiciously did the price Of
-four come down, that in the extreme 1t did
not 20 BY the correct point more than
10 y cents per barrel No govern
ment on earth could have so judIciously
dealt out the crop OF 1923.
The his DRY we have gwen is honorable
to the prudence and sound discretion Of
American merchants and especially I'VE
say it only because It is true) those Of n.
York. Though there was less excitement
and less random speculation throughout
the country than might have been expected.
there was IN all other important markets
more than in New. York. And it was
owing in no small degree to the steudness
Of the New York merchants connected
with the corn trade, that the country ga
tbered from this business so many profits,
and sustained so few losses. The turner's
every where we're benefited, and great
many merchants added to their fortunes;
while the number who on the whole suffered
a loss, was no, great, and of those who
I'll r,,iDonsly vprv cu,otI tDIooJ