The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1865-08-23

SvAsst.
There Il no subject Ne sss Telss 10 that
will excite more interest than that Of Grain
and It's probable future. In the Chicago
Daily 7smss Of Agust 10th, is the follow.
ing article relative to the Price Of Wheat.
We give 1t, not ~ truth, but as reasonably
correct from . present view Of things. Our
own mistakes in the grain line have cost us
several thousand dollars and hence We are
too modest to say the article below is cor.
rect or otherwise; The reade, must judge
for himself:
Wheat today, August 9th, stands in
ChicaRo ct the enormous rate Of 81 IS. II
is IS quoted in New York at 81 IS. The
cost Of shipment to New York from this
port, including al changes, about 81 cents
per bushel. At these relative rates 1t is
impossible to ship wheat save at loss Of
20 cents per bushsl. For the time being,
therefore, the grain business 10 At dead.
lock" save so far - it Is upheld and main.
tanned By local speculation.
How long will this speculation continuel
When will tho inevitable crisis Gomez
Just now the farmers are busily engaged
With the harvest, and but little grain comes
70 this market. But this ID not owing to
any deficiency Of grain in tho country.
There are millions Of bushels OF the old
crop still on hand, and this, with the new
crop, will soon b pouring into this city in
. constantly augmenting stream. When
the torrent commences, then will prices
rapidly fall. Nothing can prevent this re.
suit. The late panic, its elimination, gen.
Grated . host Of "short Sellers" who are
now converted to buyers by the maturing
Of their contracts. A kind Of "bulge" is
therefore suddenly created. But it is Also.
lutely certain that the bubble thus blown
up will suddenly collapse, and woe to those
who have large stocks Of grain in store
Now, If they are wise, is their time to rea.
l'zs.
The crops are now chiefly gathered, or
If they are not gathered. they are at least
secured, and no storm hereafter. however
severe, can work any material damage to
the general crop. Another panic is on: OF
the question, and cannot be depended on
to maintain the present inflated prices
They must come down. According to the
last quoted New York price, wheat is not
worth in this market more thar 81 per
bushel to ship. Add to this The cost Of
transportation, and there remains but
profit Of about cents per bushel.
But the grain "bulls" who have now,
and will have for . very brief period,
monopoly Of this market,-imagine that
eastern prices will advance and como up to
the Chicago standard. This Is simply i'm.
possible. Eastern prices are much mtre
likely to fall than to experience any essen.
tial rise. Prices of oil produce, and indeed
OF everything, although they may DO tenn.
porarily influenced by speculation, must
submit in the end to the immutable laws Of
supply and demand. In New York the
supply now largely exceeds the demand
The supply, with the incoming Of the new
crop, must increase, and whore, let mo
ask, is any new demand to como from?
European crops are generally good, and
by the last steamer We learn that wheat in
Liverpool Is declining.
We cannot expect wheat, therefore. save
At very low rate. What, let any sensible
man tell me, who takes . comprehensive
view Of the subject, can We do With the
vast surplus at home?
There Is no market Iof ltS cOnSuhpUOu.
There is no outlet for it in any direction
What, then, can be done with it! Specu.
1ation will cease a. soon as this fact Is fully
realized. Sellers will predominate, and
the price of wheat will fall. All this talk
about the injury II crops is mere gascon.
sde. Making the most liberal allowance
for any local injury that may have occur.
red, there is still, l entertain not doubt, =
larger aggregate crop in the country than
was ever raised before.
II have travelled through the northwestern
states; have seen tho crops growing, and
have conversed with many well.informed
persons through the country, and am con.
WINGED that the view here givensof the con.
dition Of the crops is by no means exag
gerated. No one, Tin tho long run," is
benefited by keeping prices above their
natural level. Sudden falls always bring
ruin in their train.
It is better for all that prices should
come down, as they must and will, tos
healthy level, and then the wheels Of COM
merce will once more be set in motion.
WnIrE BEAR.