The Portland daily press., 1876-12-29
Holding for q Rise.

Ever since the decline in farm products al
the close of the war there has been a dispose
tion among Western farmers to hold their
crops in hopes of rise. Many of them got in
debt in the very midst of their prosperity.
They saw people in towns and cities building
fine houses, riding in pleasure carriages, and
enjoying the music of expensive instruments,
and they thought they could do the same.
They borrowed money. for these purposes, as
well as for buying and improving more land,
which they did not need. They borrowed this
money at high rates of interest," when large
amount OF money only purchased small
amount of goods or land. The price of every
thing declined, but their notes for principal
and interest were as large as ever. The farmers
were not only in debt to many loaners, but to
merchants and mechanics. Instead of selling
their crops for what they would bring, there
was strong disposition to hold them till
better prices should prevail.
At present there is said to be larger amount
of q previous seasons crop in the hands of
farmers than was ever known before. Espec-
tally is this the case in northern Illinois. Let
us see how holding last years crop for rise
has affected farmers. During the third week
seyenty-three cents a bushel,. while spring
wheat brought $1.20. Last week corn sold
here for forty-four cents, and spring wheat for
eighty.five cents. The difference between
these figures does not show the entire loss
farmers have sustained. Owing to the poor
convenience for storing grain on most farms,
most of it has deteriorated in value. Vermin
has eaten, wasted and carried off a large
amount A good deal in the aggregate has
been destroyed by fires and storms Farmers
have paid ten per cent. interest, and often
more, on the money this grain represented
year ago. They have run in debt for goods
since last harvest, and constantly have paid
more for them than they could have been
bought for had they paid cash. They have
lost credit and business reputation by not
meeting their obligations promptly at MATURE
ty. They have injured the credit and business
of the persons with whom they have traded,
By preventing them from paying their obliga-
tions when due. They have contributed to the
general stagnaton of every branch of business
by holding back as much available trading
capital from the markets of the world.
1t may be said with truth that the showing
between the price of two of the chief farm pro-
ducts for the two years named is unusual. Such
falling off in the prices of leading grains may
not occur again in ten years. But this one in
stance should be enough to convince farmers of
the risk they run in holding their products till
another harvest in the hope of finding better
market. Holding grain is in the nature of
speculation, and. with rare exceptions farmers
have neither the capital nor the business knowl-
edge to speculate The children of the Board
OF Trade are ordinarily wiser in their genera
tions than the children of the farm. They give
a very large proportion of their time to the
study of crop reports and the causes that con-
troll the rise and fall of leading products One
grain merchant often spends more money in a
single week to gain information con-
corning the prospect OF changes in the market
than all the farmers in a country do during an
entire year. Few farmers are in any respect
in a condition to speculate with their own pro-
duce.-Chacago Times