New-York tribune., 1882-03-10
IRfTN FILLING.
desirable 7

The important decline in the price OF grain,
though it probably caused some unhappiness
among the SPECTATORS in Chicago and else
where is the most encouraging event that has
occurred for several weeks Commerce will be
the better for it; foreign trade ought soon to
assume a more healthy tone because of 1t [;
and the transporting interests already begin
to look for a largely increased business. 1t Is
of no consequence to the public whether one
set of spectators in grain or another gets the
upper hand, except when the speculation tends
to the injury of all legitimate business. But
the artificial and excessive advance in prices
of wheat and corn has done great harm in
ways already explained, and has threatened to
do much more. The collapse of this great
speculative combination has been long desired
for that reason. Twice before this season the
clioues seemed to have lost control of the
markets, but their efforts were presently re-
newed with some success This time there is some
reason, notwithstanding the recovery yester-
day, to believe that the power of the combi-
nation is completely broken, so that prices
may now adjust themselves to the actual rela-
tions of legitimate demand and supply.
Three causes have been especially potent in
producing the decline. Europe succeeded in
supplying immediate needs, mainly from other
countries, and stubbornly refused to compete
with American buyers on margins for the pos
session of American wheat. But this fact,
however important in the end, failed for a
long time to restrain excessive speculation.
1t was argued that there would not be enough
wheat in this country to supply its own con-
sumption in addition to the quantity already
exported, and that Europe would be forced In
the end to pay our price for whatever we
might be able to spare. In this belief prices
were obstinately held up above the level of
prices at Liverpool until large part of the
British demand had been supplied from other
countries 1t begins to dawn upon the minds
of holders that Europe is not going to need
much larger quantity of American wheat than
it has already obtained.
A second fact of importance is that every
moderate advance in prices has brought large
quantities of grain from the farms. Records
of receipts at Chicago and Milwaukee have
been published, which show that there has
been up to this time no evidence OF exhaus-
ton of the supply. The farmers have cOnsid-
erable grain to SELL have sent it to market
with reasonable freedom, and have not been
trying to make an artificial scarcity by with
holding the supply.
The third and Immediately effective fact is
that the recent weather, and the latest reports
of the condition of winter wheat give reason
to hope for n large crop this year. Of course
it would be folly to count upon full yield,
when the critical time has not yet been
reached, but all the indications at present are
favorable. With ordinary weather, instead of
the unprecedented Interruptions of last year,
the markets will begin to be literally supplied
with new wheat in little more than three
months.
No other cause has been more effective
in depressing the prices of securities, and in
checking tie growth of general trade, than the
state of the grain business The railroads will
have more work to do, and can get better
rates for it, whenever grain moves freely from
producer to consumer, as it would have moved
but for speculative influences. Money has been
made scarce mt commercial centres, foreign
trade has been almost revolutOnized i'll its
balance between this and other countries, and
q wholesome and hearty confidence IN the
growth and prosperity of the country has been
clouded over with some distrust, mainly be-
cause speculation has raised barrier in the
way of a free and natural movement of pro-
duets. The sooner that barrier is broken
away, the better for all interests
UOMEN ON TIE STATE BOARDS