The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1878-08-07
Where'the Worlds Wheat is Raised land
Other Interesting Facts.
From the National Board of Trade.

Many Western journals are throwing
out hints to the farmers to hold on to
their grain. Last year at this time the
same advice was given by the great
majority of western journals, including
the large dailies of this city. The NATION
AL BOARD OF TRADE advised the farmers
to sell at the good prices then prevailing
and above all to avoid anything that
savored Of speculation. Almost immedi-
ately after our advice was published,
wheat began to decline, and at length
sold down 25c per bushel. There were
then not 100000 bushels of wneat in
sight, while the British warehouses were
cleaned out, the Eastern Russian ports
were closed, and war in Europe was gen
orally looked upon as certain ,.T
But is thlre any reason this year why
the farmer should hold on to his wheat
that did not exist last? Certainly not.
On the contrary the hopes of high prices
this year are faint compared to those of
last. This year the yield Of wheat in the
United States is larger than last What
the prospect in Europe is we gather from
the leading sources Of information, and
present to our readers.
And first, as, we have often heretofore
pointed out, the prostration Of our home
industries has largely cut into the home
demand. Unless our M anufacturers can
give employment to labor the eastern
home demand for western products will
naturally delight. This gives the British
market a great advantage. Itenables the
capitalists Of that country to obtain values
trotl us at much lower prices than il our
home demand were active. In fact it en-
abies them, to a great extent, to fix the
prices at which we shall deliver to them.
For the past year, the result Of the ven
lures made by these capitalists have been
most depressing. The coming wear they
hope to recoup themselves for their losses.
Dornbusch' "Gargo List says of the
late depression: 80 general has been
the recession of value that the past six
months of 1878, form an era in which
firms might sink under weight Of loss
without impairing a good name, credit,
or even reputation well earned for pru-
dent ENTERPRISE
But if the requirements Of the British
markets are to a greater eXteEt than ever
to determine values here, it is we'll for
us to inquire what these are and what the
promises OF their fullfillment The mar
kets of a nation that imports 240 to 800
millions of bushes Of grain of all kinds
annually are always important to us. At
present they are doubly so. Let us then
form an estimate Of the home resources
of Great Britain and of countries export
ing to her. This will enable us to form
an equitable basis of values. And what
is that basis, judging from present ap-
pearances! So far as the British mport-
er is concerned, the basis is a very broad
and very low one It is almost too early
however, for the British trader to estimate
fully the European crops. So far, how
ever, the prospect Is that they are gener-
ally from fair to good. 1t is, consequent
ly generally accepted in England that
the year will be one Of plenty. And, in
deed, so far as our American dealers are
concerned, they are acting upon this sup
position. They are going ahead, in the
British markets, with offers Of wheat at
lbs sterling per quarter below last seasons
prices. gE.F.ag
The question arises, has this had the
effect Of fixing the prices of foreign
wheat for the future? The eminent
authority of the British grain market,
81. Kains-J ackson, thinks not. His
opinion is that prices will not be fixed
until later in the season than usual He
claims that Russia now balances the
scale with America, offering wheat freely
at 33s to 40s per quarter, with the pros