The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-09-29
ABOUT HOLDING WHEAT.
VIEWS OF A MARKET MAMIE THINKS TIL
FARMERS BETTER SELL.


VIEWS OF MARKET MAMIE THINKS THE
FARMERS BETTER SELL.
To the Editor of the Sentinel:
SIR--Your paper of this morning contains
editorial encouragement to the farmers to
persist in holding their wheat until better
prices can be realized than are now ruling.
The idea that there is any concert of action
on the part of the farmers Is ridiculed, and
they are congratulated upon this evidence
of their ability to bold. Knowing the adj
vice to be sincere, its sincerity being evident
at sight, regard il as all the more danger
Gus and inopportune. Admitting that the
farmers are able to hold over one year, or
longer, until a short crop occurs there
is a question OF expectancy. and
great interests involved In such a course,
which demands very serious consideration.
We already see financial calculations discon-
certed by the nonrdelivery of grain. Money
remains uncalled for at the centers OF trade,
because the crops are not moving and man.
ufacturers, at the other end of the route are
deciding in convention to run only two
thirls time, to check the accumulation of
product. This just at the time we were an
ticipating a revival Of our industries after
a year of comparative inaction, is not en-
couraging. Be il remembered that II the
farmers hold their crops they must
necessarily postpone the purchase of
ton thus becomes disturbing element
affecting the entire business system
At the best we can not expect very de-
cided advance in wheat. The full prices of
last season were obtained by reason of short
crops all over Europe, and not an excessive
Que here, 80 but that the railways were COM
peting sharply for business, with low ratios
ruling throughout the season. Now the
conditions are changed in almost every par
ticular. All European countries except
England are fully self-supplied, and
some of them have a large surplus
for export. England has nearly an aver
age crop far in excess of last years,
and will need but a comparatively small
amount, while she has several localities TO
draw from quite as accessible America.
The London News, summing up the conclu-
sions of the International Corn Exchange
at Vienna, remarks: son the whole, il ever
there was q year in our generation when
Europe could do without American or
Egyptian corn, Ia term which includes all our
grains) 1875 should be that year; and as to
our own ever-certain market, il would
seem that nearly all our nelghbors will con-
tend for the advantage of supplying what
our farmers lack" Our winter wheat crop
was an unusually large and fine one, and it
was saved without injury. Our spring
wheat crop about which there was for q
w lille considerable croaking, now turns out
nearly or quite equal to last years. Cali
fornia has an immense surplus, raised at a
much less cost per bushel than is possible
there was no reason to anticipate
lower prices than the present range
until quite recently. Nor do now discover
anything in the conditions abroad which
should depreciate the market values in Liv-
erpool, and, unless IL be an advance in
ocean freights, scarce probable, which shall
affect the price upon our own seaboard. But
IL
VERY SERIOUS REASONS
for doubt as to the stability of prices in the
West. The visible supply of wheat at
points east of and including Buffalo, was at
at this time last year, in round
100000 bushels the present year.
There were then en- route by the lakes,
2, 100. 900 bushels, against ], 400, 600 bushels
this year. These are the figures for 10 days
ago, and the following item from the Chicago
Inter-Ocean of Saturday shows no improve
ment nor sign of any since:
mot for % years have the lakes presented
so bare an appearance at this season of the
year as at the present time. At period
when freights should be, and usually are,
on gradual increase, there are not adozen
vessels en- route from Lake Michigan to
lower pOrts."
| And this, too, when freights were never
held at the West. Nor is il probable that
| the water movement will be, or can be, very
greatly increased before the close of the sea-
son. AS Incidentally suggested in the Price
Current Of Saturday, there is one considers-
ton too important to overlook in this con-
nection. I refer to the combination
now very fully perfected, and including
all of the trunk lines of railway, acting
| through joint commissions which viii sue
cessfully prevent the cutting" by indi-
vidual lines, which has here ofore rendered
such combinations practically ineffective.
They can not, of course, assume the aggres-
sive with the water routes open. but so soon
as they are closed there Is good reason TO
anticipate a very decided advance in grain
rates. There can be but one result in such
an event. With Europe independent. ard a
very grizzly "bear" in the MARKET and
with Eastern consumers certain to have all
| their wants supplied at prices no higher
than Liverpool shall dictate, the advance i'm
freights must be deducted from the price
paid to the Western farmer; and even should
an advance be forced in New York to the
extent of five or even ten cents per bushel
after December 1. it would not be likely to
give an appreciable income upon prices now
realized. The depreciation already sus-
tanned was the result of natural causes, and
although the deliveries of grain at
Western markets have continued light,
and grower lighter, the market
tends to recede rather than advance. When
the Sentinel says it is absurd" to assume
concerted action on the part of the farmers,
disagree. Not that there is any "ring''
combination .presumable, but that there is
a universal confidence which. as a prevail
ing sentiment, induces general disposition
on the part OF individual farmers to wait for
q LITTLE more, is my claim, and there is
abundant evidence that il is fact. am
told that there farmers holding wheat
within five miles of this city who
refused 81 20 for it two years ago.
and now have three crops in hand. Their
ability TO hold is demonstrated, but their
wisdom in 80 doing Is hardly so apparent.
The cost of production per bushel is GER
tainly very much less this year than last,
and 1t Is possible that al present prices there
Is as large a margin of net profit as was OBJ
| tanned from the higher prices then.
| INDIANAPOLIS. Sept. rs. CHAs. w. GREENE