The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-02-25
The Future of Wheat.
From the Chicago Tribune

A. NAAAS~tsS
The price of wheat in this market dur
ing the coming summer is q subject of
great interest to very large section Of
the community. The course of the mar
ket during the past six months has been
an enigma to the great mass of operators,
and they now feel unable to solve the
question of the future The price of
wheat has been SO much lower than was
anticipated, and has persisted in keeping
down so long, as to raise grave doubts of
any considerable appreciation in quota
tons during the present year. f'A
The case stands thus: After the extern
sive corner of June'last, under which the
price of No. 2 Spring advanced to 1920
per dushel, the market fell fat. The op.
orators Of that corner found themselves
loaded with wheat, and knew not what
to do with it.. The course of shipment
was stopped. This arrangement was;
followed by Tightening Of the money
market, and prices rapidly declined, hold
ers of property being obliged to realize
IN order to meet the pressing calls. for
cash. So much wheat had accumulated
here that it was heavy article, our ele-
vators were nearly full on the approach
of winter, and it became q question as to
who should carry it. The greater part
has been bought here at $1.50@1 go per
bushel and holders could scarcely afford
to let it go. at $1,15 while chance re-
manned of avoiding such heavy loss in
addition to the cost of carrying
Meanwhile the price of wheat in the
Liverpool market had fallen at equal
pace. The crop of Great Britain had
been a bounteous one--and exception to
the rule, the root crops of that country
having been almost killed off by the
drouth. Then news came of heavy crops
elsewhere, and the grain required to sup
ply the deficit of the British Islands be-
gan to move in freely. Low as prices
were here they were still too high to
admit of profitable shipment to New
York, and prices there were too high to
admit of the ocean transit. The conse-
quence is that we have partially lost the
supply of the British markets this year.
The wheat now held in Chicago and
New York is, SO far, very costly arti-
Gle. Bought at high prices, it has been
carried for months at a heavy charge for
interest and insurance. No wonder that
the question is one of absorbing interest
whether it be more dangerous to hold
on or to let 60.
Present indications are not in favor of
higher prices. The price of the article
is again falling in Liverpool and London,
ewing to the arrival of large fleets of
grain laden vessels from thes Orient re-
gions. Odessa is pouring in wheat, and
the neighboring ports are sending forth
their grain in numerous vessels, while the
news comes that California has very
large surplus crop, which she mast ex-
port, and promises to do greater things
next season. .r.. f.;r|asfs' /. a.
The only hope for higher prices lies in
that of poor crop in 1869. Here, again
the balance, of testimony is against it.
The weather of the present winter has
been peculiarly favorable to spring SOW
ing, and the indications are that the
greater portion of the next crop will be,
sown in March, which is generally looked
on as insuring a bounteous yield The
only kind Of wheat likely to be injured
by the weather is that sown in the fall.
But the proportion Of winter wheat is.
now very small, and grows smaller each
year. Not a bushel of winter wheat has
been sold in our market for the past three
months, and -four made therefrom is q.
drug with our dealers. The manufacture
of spring -four has been somuch improved
within the past two or three years that it
answers every Retirement. Ia IA. +
So far, then, there appears to be no very
cheering prospect for the advocates Of
high prices The best thing that holders
can do is to prepare to look their losses In
the face as gracefully as may be, and de-
eide to let 20, lest the chance of selling
be denied an toto The supply is too
abundant to admit of scarcity, and sell
ers to the great world of consumers are
too numerous to. admit of the holders be-
ing able to dictate in the matter of
prices. l,,., e-es rafll se ged5anB 1oi l.9.ta
--~~cc>>--.Wr-.--~~-~~-~ t,s,. f,y1.a ID