The New York herald., 1874-09-14
FINANCIAL and COMMERCIAL
Some Practical Truths for the InStruc-
ton Of Western Farmers.
How the Crop Movement Is
Interrupted.
Review of the Week in
Wall Street.
THE TROUBLE WITH c., c. ANDI. C.
WALL STREET,

'A0G AAoo oAG W VA4h ", ". AMI 1. u.
WALL STREET.,
SUNDAY, sept. 13, 1874.
Out OF the gloom and shadow hich settled upon
the business OF the country like great pail year
ago we are surely, If slowly, emerging into
brighter light and more cheerful prospects. IL is
to be regretted. however, tnat the lessons so
harshly learned during the past twelve months
should IN so many important respects be either
forgotten or mlsapplied. And in no instance is
this to be more earnestly deprecated than in the
present attitude OF the farmers West toward the
markets. Whether the result OF granger advice or
influence or simply the consequence OF individual
lack OF foresight, 1t involves
FATAL ERROR, BOTH JUDGMENT AND ACTION,
the full efect which can scarcely be estimated.
1t is violation OF all the laws OF trade as we'll as
OF natural instinct. Providence in its benefcence
having seen lit 10 compensate US for our losses Of
last year by an abundant harvest, we recklessly
and ungratefully throw the gift in His face by re-
iusing to market 1t. This. not to put too
dne point upon 1t, is what the
Western farmers, VINO are holding back
their grain to-day for higher prices, are doing
And stupidity, too. As stupidity as the cheap eco
nomic philosophers who at one time were so
urgent with their advice to the South to plant
cotton short, so to advance the price. We know
short. Our farmers now invite similar conse-
quences in respect to grain They virtually aban-
don the Liverpool market to Russia, France, Hun
gary and the other grain producing districts Of
Europe, where the harvest has been as abundant as
our own, and with the provincial purpose, narrow
alike In conception as In the means OF carrying 1t
out OF endeavorlng to regulate the price in Chi
cagO abandon TO rival traders the higher market
which rules Chicago as readily as it rules London
or Manchester. 1t is Of course annoying to the
tong farmer that he should be cheated OF full
price for his wheat by the idle speculator but he
cannot remedy that state of things by holding
back nis produce; he simply loses his market alto
gether.
GRAIN SHOULD BE GOING FORWARD
freely at the present time while the canals are
open, and ocean lretghts exceptionally low. Even
II the farmer does not get the price he expected
the cheap transportation tells in his favor; but,
to sacrifice the opportunity thus Afforded to oc-
cupy the Liverpool market, while IL Is still open,
Tor the trivial satisfaction OF cornering the Chi
cag0 speculator, is suicidal 1t Is to be borne in
mind, however, that it Is only In respect to wheat
that we have this great abundance. Corn, oats
and barley are de1cient-the former. In fact, being
SO mucn so as to seriously AFFECT pork farmers
Advices, too, from
THE COTTON STATES
place the new crop at some 500 900 bales less than
the estimates OF month or six weeks ago, placing
1t at something like $500, 900 bales. The weekly
report OF the Financial Chronicle, received by tele-
graph, up to Friday night, furnishes the following
Information respecting the receipts exports, &C.,
of cotton ior the week ending September IL
1t appears that the total receipts Ior The seven
days have reached SOC bales against 1866 bales
last week, $3.50 bales the previous week and 52S6
bales three weeks since, making the total receipts
since he 1st OF September, 1874, 10, 7O8 bales,
against q, 53 bales Tor the same period OF 1884,
showing q decrease since September l, 1874, OF
Of bales Of Which @ & I were eaS to
Britain, 100 to France ana 20 to the rest Of the
Continent, while the stocks as made up this even
ing, are now 1851 bales. From this 1t will be
seen that, compared with the corresponding week
Of last season, there Is an increase in tne exports
of this week $50 bales. while the stocks tonight
are 20, 593 bales more than they were at this time
a year ago.
Upon the future movements OF these two staple
products, cotton and grain, rests our prosperity.
1t was said during the week, and we can but re-
peat 1t now, that
THIS Is AN AGRICULTURAL COUNTRY.
Cotton and grain are the pillars upon which the
whole fabric OF American prosperity rests. Our
other Industries are either the outgrowth OF this
production OF mere incidents so far in our develop
ment as a nation. 1t is natural, therefore,
that at this time when We are just enter
ing the markets OF the world with the
years. fruitlulness, that our attention should
be concentrated upon the conditions affecting
the Offering, and that we should regard with much
anxiety the possible results. It may be stated,
however, as matter OF observation, that the
feeling In this respect is still most hopeful and
while snrewd, far-seelng men deprecate the pres
ent determination OF the farmers to hold back
their crops Tor prospective higher prices, and
think that such action is an error, yet they do not
prices, and anticipate also with hopeful expecta-
ti0n the marketing OF our cotton at figures that
will compensate for the short yield.
Again, second only in importance to the export
movement, is the distribution of manufactured
goods, and here we find equally hopeful assurances.
Especially Is this noticeable in
TIE DRY GOODS TRADE,
which throughout the past week showed most
encouraging revival. 1t Is to be remarked, how
ever that business is on a restricted scale alike
with respect to lines purchased as with
credits. There Is no rush such as may
have been seen In former years, as buyers
are unusually careful in their selection Of goods,
taking only such as they can Immediately dispose
OF and delerrng purchases OF others which may
not be wanted for month or so, TO another visit.
AS there has been some discussion upon the street
as to accuracy OF recent statements respecting
the condition of this trade, the following extract
from the recognized organ OF the trade, the Dry
Goods Reporter, may have some weight in deter
mining the Controversy
There is one feature that tends to strengthen all
in the heathlulness and character OF the business
doing and to be DONE We allude to the fact that,
in the history OF our trade, the volume Of goods
between agents and consumers, comparatively
speaking, never was SO small, which Is evidence
OF the most assuring character that though the
general sales Of this year so lar are somewh be-
hind those Of last autumn, 1t ls hopeful rather
hA a asrIn n
OF sales Is easily accounted .or, while all look Tor
the business OF the season to continue more steady
and profitable than in the past, as IL VIII De done
nearer to cash than during the last ten years;
while as a feature of equal prominence with any
we nave named Is the TACT that all are doing ousl-
ness on much reduced scale OF expenses, which
Will materially contribute to swell the net amount
OIL that credit to profit and loss account.
Another item which has largely assisted TO lessen
the 0QRrCQate sales 4 rnIuCed all