Smyrna times., 1882-02-22
Lower Prices For Grain.


state closely bordering upon panic last
week. Large quantities were sold, at
rapidly declining prices. by men who have
been predicting s. per bushcl for wheat
ever since the foolish advance last fall.
If they have sustained heavy losses, that
ls their own affair The world has small
sympathy for those who try to make bread
dear. Liverpool prices have dropped
swiftly in sympathy with prices here, and
the price IN New York Is still nominaliy
above The price abroad. Bat there was
some increase in the export demanded
enough at least, to show how easy it
would have been to market the surnlus
products of this country if an attempt had
not been made to starve the world into
buying at famine prices. 1t seems prob
able that the only people who have preGted
by the last advance IL prices are the farm
ers, who sent immense quantities of grain
into Chicago and Milwaukee as soon as a
market was provided for them. The
spectators who undertook to buy all the
wheat that could be delivered have found
the task beyond their strength. even with
the so-called advance in rates on the rail
roads to help them. Inasmuch as the
railroads are once more freely accusing
each other of cheating, it must be admit
ted that the operators for rise have net
enjoyed quite all the advantages that they
expected
The fatal error in this speculation has
been this, that it ignored the enormous
quantity of wheat held over from 1880.
Because the crop of 1881 was comparative
ly short, many imagined that there would
be actual scarcity, 50 that those who held
near the end of the season would be able
to get almost any prices At the very
opening of the season the fallacy of this
calculation was demonstrated. for the vast
| supplies of old wheat which came out,
even from unexpected quarters, made it
hard to sustain the markets. In spite of
! difficulties, however, one or two cliques of
operators held and handled the markets
with success, and were supposed to have
realized large profits. Those who have
been engaged in the same operation since
October however, have found it imnos.
sible to prevent decline. After months
of uncertainty and hope deferred, they are
unloading Mt last at heavy loss.
Unavoidably individuals suffer in drop
of more than 10 cents a bushel on wheat.
Many suffer whose purchases or holdings
were not at all speculative in character.
Farmers who neglected to get tAo ton
prices will also account themselves as suf-
ferers, though they can realize even now
much more than they expected to get for
their wheat when they planted and har-
vested it. But the country has reason to
rejoice If this great speculation has ut last
reached the stage Of final liquidation.
There will be cheaper food fol- the millions
who labor, larger supplies for foreign Gus
toners, more satisfactory balance in
! foreign trade, and a safer condition of the
money markets hereafter. The advan-
tages will not be felt at once A period
of panic or collapse, in any great branch
of trade, effects others unfavOrably for the
time, particularly while forced sales of all
sorts of property are in progress. But the
country will rejoice before long, if its food
markets returns to normal statc.-NeC
York Tribune