Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-10-20
BREADSfUFFs.

ticle ION Saturday last, communicated by
..Breadstuffs, which justifes farmers in
refusing to sell their wheat at current
prices, aud as it is the strongest presenta-
ton of that side, of the question which we
have seen, brief resume of it will prob
ably interest many of our readers A CONS
parison of receipts at leading Western mar
kets for the first six weeks of the crop year
beginning August show decrease from the
corresponding time last year of 80, 500 barrels
flour, 1,673,5 bushels wheat, and s, $780,
S02 bushels corn. The visible supply OF
wheat September II was Al .652 bushels more
than last year, and of corn $685. 37 bushels
less. The exports froln August to Septem-
Der 16 from the five North Atlantic ports were
Is, S24 barrels flour, and 995, GIL bushels corn
less, and 324 ,697 bushels wheat more than
last year. The opening prices of -four were
Sl.15 per barrel aud of wheat 42@46 cents
per bushel more than last year, while ocean
frcishts were thisyear scarcely more than one
third OF what they were year ago on grain.
From thesefacts the writer concludes that the
decline in wheat-prices being only about rs
per cent OF what they were last yearAcan
not be attributed to excessive supplies or q
reduction in the export demand, nor to high
rates of transportation but are the result
partly of an anticipated over supply and partly
to unsatisfactory returns Of the trade for the
past year. Dealers, aud especially exporters,
have met with successive and almost unvary-
ing losses since April ], and therefore operate
now with extreme caution. 1t is conceded
that there is good crop of Spring wheat, but
prices being unsatisfactory the wheat grower
has not sold, aud if he owes debts he is good
for it," and his creditors may wait until he
oafs 10 20 kha i0Ii ~
higher prices will be necessary to bring out
the crop.
t'Breadstuffs" can see no reason to appre
bend any great falling off in the export de-
maud for wheat and flour so long as moderate
prices rule at the seaboard markets and the
lower rates of ocean freghts-about Is cents
per bushel lower with lower prices prevail
ing here, serve as stimulus to the export
movement, and the consumption of bread may
be greatly increased by its comparative cheap>
ness, especially as meat is high. These are
the points made by the article in question
Now it will be observed that the writer ig-
nores the principal cause of the decline in
wheat, which is the abundant harvests in
Europe as we'll as in this country. No Eu-
ropean country except Great Britain will
probably fiud it necessary to import flour and
wheat, and several of them have surplus
which they will sell to Great Britain in COM
petition with us. IF the exporters have run
losing business since April they have been
very stupid to keep it up SO long, especially
as there was certainty Of decline, the
incoming harvest promised SO we'll that no
other course for the market was possible
We suspect that the exporters-far wiser than
the producers-are taking advantage of the
low rates of freight to forward all of wheat
which they can before an improved turn in
the Liverpool market will give carriers an op-
portunity to advance rates of freight The
supply of wheat consists not only of what is
in sight but also Of what is in the hands of
producers, but according to /" Breadstuffs'"
own statement the visible supply September
II was nearly half million bushels more
than year preceding, Notwithstanding all of
the holding of supplies by producers, and for
egn exports of over 300, 900 bushels more
than last year.
The attempt to justify farmers who are in
debt for not paying their debts until it suits
their convenience. even although they have
the ready means in hand in the shape of wheat,
is contrary to sound business principles, to say
nothing of the moral aspect of the case
What would be said of merchant who re-.
fused to pay his debts merely because he an
ticipated an advance in stock on hand, and
made his creditors wait until it suited his con-
venience to pay? If the farmer will not pay
the country merchant the latter will be unable
to pay the jobber, and the whole course of
business is interrupted. There s quite too
much of indifference about paying debts
promptly, and large part of the complaint
of dull business and hard times has this for
its source.
The statement that the export demand for
wheat and -four will probably keep up so long
as moderate prices and low rates of freight
continue, and that low prices will increase
consumption, is undoubtedly true. and this is
just what the producers of this country should
encourage, for by selling pare of their sur
plus now it would be consumed, and being out
of the way basis for anticipating an advance
in prices later in the season would. be. gained,
but if our farmers hold back all of their wheat
and thereby force an advance result i'm
probable while other countries have a surplus
to supply the demand-they thereby check
consumption, and will have so large a supply
to come upon the market later in the season
as to prevent the realization of the object they
have in view. for if an advance is realized in
Liverpool-and this is not improbable-it
will be SO late in the season that inland navi>
cation being closed transportation to the sea-
hoor5 S,;U H. h;.ho, "a oo,.. E,o;.k..