Savannah morning news. [volume] (Savannah) 1868-1887, 1883-04-13
rHE RICE TRADE.
Alarming Stories from Europe which
are Discredited in New York.
Eess York Herald.

Esss York Herald.
kilograms from London announce great
excitement in the rice market there. and
that failures in the trade are expected IN
consequence of sudden advance OF 10
per cent. in values. The natives Oh lndla,
| it is declared in the dispatches, are hold
! ing back supplies, and further trouble is
/ anticipated. A Herald reporter yester-
/ day called upon Mr.. John Talmage, OF
Dan Talmage's Sons, and that gentleman
! gave his opinion of the somewhat alarm
| ing advices from Europe.
''The report is such gross eXaggera-
I tiOn," said Mr.. Talmage, "that 1t might
| almost be called fabrication. There pas
/ been no advance in the price as the result
of any speculative movement, although
/ prices have hardened trifie in cargoes-
| perhaps IL to per cent. The Facts OF
/ the case are these: Some spectators IN
1 the Burmah markets in futures IN rice
had been caught and severely squeezed
| 1t is the old story of selling what you
| have not got.
$50 far as any failures are concerned
/ there is little probability of trouble save
/ to the parties who are forced to make the
| deliveries, and if an advance OF l or per
| cent, or even 10 per cent, breaks them up
/ they are much lighter financially tnan we
| rate them. AS to any advances, there
! have been none practically-that Is, the
/ idIhtlS III CicdHHU TlCt dit ~
| that occurrence. There has been hurry
! in some of the East Indian markets, but
| as the deliveries are actually being MADE
| at regular rates milers and shippers VIII
/ feel no effect whatever. The European
/ markets are heavily stocked. and the car
| goes aflOat are in excess OF any year
| during the past decade. The statlsucal
situation in the English markets
| at the last count showed the
stock in rough, inclusive of
the rice afl0at, to be 173,550 tons, or equal
| to about 49, 75 bags of cleaned rice OF
| two hundred weight each. Last year 1882
at this date there were but 1888 tons,
equal to l, 239, All bags cleaned In 1881
| there were 121, 556 tons, equal to say 1,O34,-
| 7S0 bags. The three largest years in the
| last decade have been 1874, 1878 and 1882,
| but this year pfaAises to eclipse them.
| An advance may be expected; this, how
| ever, is separate and apart from. any
! speculative miSfOrtunes. 1t is usual to
| have what is termed the spring rise, which
| is caused by the incoming of the spring
! demand. As you may be aware, the con-
sumptive demand for our article is much
| larger in the spring and summer, fully
+ two-thirds of the consumption being in
the warmer months of the year.
''The rice markets in the East Indies
! will very quickly resume their normal
! condition. even if the present furry should
run them, as claimed into an advance of
! 10 per cent. Nothing will so quickly
! equalize prices and bring in the crop as
| the rumor of advancing markets, no mat
| ter how triiing. AS to the natives in
sBurmah holding off their supplies by
/ agreement, it is so absurd that it looks
! like a huge commercial joke. The native
| planters are not sufficiently American
! lied, nor heavily enough armored in capt.
| tai, to get up a corner or a rise on rice.
! The sum total of the furry, and the basis
| of the report, is only this and nothing more
prominent firms IN the Indian markets,
/ being posted In advance on the incoming
| crop, and knowing of its magnitude, made
anticipatory sales. They Oversold the
stock, and the supposed immediate sup
ply and an accidental delay of large
| per cent. of the crop put them-but not
! the rice market-in a corner From
| every part of the East Indies our advices
are that the seeding, growing and har-
vesting periods were unusually favorable,
and that the crop was expected to be con-
siderably in excess of last yearin quantity
| and of better quality. Not less than
million tons will be exported from the va
riOus East Indian ports this year for use
| in the American and European markets.
This large amount will hardly result in
any further depression Of prices, as the
markets are now comparatively very low,
and the uses to which rice is being put
were never so many as nOw."