Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1881-10-26
The Great Grain Speculation, or
SAHro1o D0f 1901

vial VI 1907
Never before. in this country, or in any
other, has there been anything at all com
parable to the present speculation, rather
"gambling,' in wheat, corn, aud oats, and
in hog products. This gam bling spirit has
taken possession Of large masses of PEG
pie, and extends from the great dealers
who handle or bet on tens OF millions OF
bushels, down through all ranks, to the
hotel waiter who puts up his weeks
wages as II ''margin" on the purchase OF
a single hundred bushels.
SO great is the present rage Of this kind
| OF speculation, that on some days sales
reach tens Of millions of bushels. On
one day (Oct. y the "ueliverles" of grain
on previous contracts, were reported at
- 900 900 bushels in Chicago alone!
This speculation has dcmOralizel the
whole trade. The ''bulls" have run IN
prices SO high as to nearly stop exports
On Oct. The "visiblc SUPPLY" of wheat
that is, wheat in the elevators and store.
houses and in transit, amounted to Al
2O3 GAS bushels. Last year at the same
time there was only 37,099,745 bushcls
showing more available wheat now than
one year ago, though prices are fully 40
per cent. higher Nearly the same of
corn, the visible supply'' being nearer
s7,649,173 bushels; last year 28,2S9, POS
bushels.
The increased price, produced largely
by sp -culation, is beneficial to all those
producers able to get their grain to mar.
ket while these high rates prevail But
it. is deranging almost every other bust
ness very greatly. Money is drawn in
immense sums, from the banks and from
all other Legitimate business, to supply
the "margins," or to carry the stocks &C:
ually purchased and held by spectators.
Exporting being at stand still, the in
HOW OF foreign money we should have, is
nearly stopped, and European buyers are
seeking cheaper supplies in all other
parts Of the world
The high speculative prices are great
ly diminishing the consumption, and
this alone must, ere long, bring about a
decline. The 4aboring classes are COM
PEELED to pay much higher rates for their
daily food, the advances manly going
into the hands Of the Spectators. Labor
must therefore advance, and this in turn
increases the cost Of manufactures an | of
all products of labor
or course every Spectator, large and
small, expects to sell out before any great
q cline shall come, and the shrewder ones
will do so, leaving the great mass to bear
the brunt Of The loss.
Clear headed business men now greatly
fear that in the future, perhaps the very
near future, a crash will come that will
derange the whole business Of the coun-
try.
10 the oft repeated question from our
readers: "Shall we sell now, or hold on ~
we can only answer, that good general
rule is to sell whenever ready; get the
pay up debts. and keep in as
snug and safe condition, as possible.
10 sell, Or hold on for change of prices,
is to speculate on great uncertainty. One
half OF the spectators, who make bust
ness of studying the prospects-viz., the
sellers for future delivery-believe prices
will fall. The other half of thcm-,he
grain, ETC., will 90 high
er, from natural causes, or that they can
''corner" the supplies, and put up the
rates. The outlook would seem to be
that, while speculative influences may
sustain or even advance prices tempo.
rarily, there can hardly be demand for
all the grain, etc. Consumers both at
home and abroad will necessarily curtail
their purchases very materially, and these
high rates will Cal! out supplies from 9th
er sources not usually drawn Upon Or
onge Judd IN american Agricultur5st for
NOre1nher