The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-11-05
DUR milwaukee Correspondence.
The Wheas gIarkes..A Liberal
Offer.

The Wheas gIarkes--A Liberal
Offer.
MILWAUKEE,. Nov. I, 1874.
Editor Anti-Monopolist
DEAR SIR: Permit US to present
some views on a subject that has re-
ce.ved at your hands so gallant a fight
il behalf OF the farmers, to-wit: The
price of wheat; and in doing so we
sail be mindful Of the important bear
lnss which it has not only on the pro.
Queer but on the whole business inter.
est of the Northwest, and indirectly on
the whole country. We shall not deny
that the movement of spectators may
for time regulate values Of this COM
modify and we believe that had it not
been for the strong Bear movement
last Spring, part of the crop of 1873
would have been marketed at higher
figures. England and France were
then heavy buyers and
we the only sellers, but
IN this as well as all other branches of
trade, the law of supply and demand
Will eventually regulate the average
values. The steady gradual decline of
Las. spring and summer would have
been prevented, but the abundant har-
vest all over Europe would inevitably
have brought about sudden deprecia-
ton.
What is the situation now Eng
llad is the only buyer, with America,
Hungary, Russia. Australia, and France
all sellers. The result of this is our
present low prices, aggravated by lack
CT all confidence in any advance Those
who have had faith in wheat at SI,OO
Per bushel have lost not only their
faith but also their money, and the
usual channels for our wheat are badly
out Of repair.
The question now is, whether the
full effect of all this mas not already
been felt. Whether the limited de-
mand and liberal supply has not been
anticipated in the depreciation, equal
to 80 per cent. from the average price
o; the last crop. With the navigation
drawing to close, and prospects OF
large Accommodations during the winter.
and no hope OF relief until rext Nav,
/: IS probable that some further temper.
ary decline might be had, but with
money extremely easy, it is reasonable
to expect that outside capital will be in
duced to seek investment in wheat.
" hen an article is sold below the cost
OF remuneratiye production, anG this
article Is in constant demand, it is
only matter of time for the in
veStment to pay. and hence we
are induced to believe that wheat at
present figures isnear the bottom, al.
though temporary depression is
highly probable during November. The
prospects for an advance are, however,
as yet IN the distance, and the problem
with the farmer now should be, how to
pay his obligations and still not .sa.ri-
flee his wheat. It will not do simply
u refuse to sell, as that would bring
inevitable ruin to the merchants, and
no man who owes an honest debt has
right to consult his own advantages and
pat his creditors in jeopardy. The best
plan is, Of course, to store in their own
warehouses, and borrow money on the
same or their credit, but capital naturally
asks for good collateral, and it seems
to US that the next bcs. way would be
to ship the wheat 10 some point of &C.
cumulation and obtain advances on the
same. They could then discharge
their obligations, stimulate business and
crafty their confidence in better prices
next spring.
We shall append table of costs
hsre:
CenS.
Insurance per bushel from Nov % to
April Is, months, Zoe per bushel, Ia
Interest on advances at the rate o. SOC
per buShel ...... ...... $500. .. L.
Storage from Nov. % to April 3D.. Free
To0l ......'.... "a
The farmer could then sell his wheat
any day at market price, and the only
additional expense would be commission
lc. After April 18th there would be at
least 2l-2c storage and l-2c every ten
days some Of which might be saved.