New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-19
CHEAPER FOOD.

Grain has been falling, though the decline
prior to this week had led many to believe thaC
the bottom had been reached. On the ISL OIL
December, wheat deliverable In February soiu
at Chicago for 985s, and May wheat at over
ST O5. On Thursday, February dropped to
s97.. and May to 1864. 1t is noteworthy, too,
thot the decline has been well nigh continuous
for several weeks, that it has not been attrlb-
uted nv observers to the power Of speculative
cloues. but to influences which such cliques have
proved pOwerless to resist, and that corn mas
also declined. while pork and lard are rather
higher than December l..
This fall in prices involves severe losses 10
many dealers, of necessity, for the stocks III
the hands of dealers have been unusually large
tits to the credit of those engaged the trade that
the pressure has been borne with very Few us
asters, but it is not possible to regret that the
public is to have cheaper food. A sadly mis-
taken climate of the commercial situation mas
been corrected by memorable events, and those
who insisted that the official and other standard
information was false have been Obliged topay
Tor their error But is good thing for the coun-
try that the curse of artifcially inflated prices
il not to be added to the other trials OF indus
trial depression during severe winter Ii Is
also good thing that the marketing OF Amerl-
can surplus products is not to be arrested by
manipulatiOn at a time when the foreign de-
mand is light and uncertain. Especially Is 1t
good thing that the producers OF this country
have less of the loss to bear than usual because
the proportion of the crop already moved to
commercial centres is larger than it has been for
several years before, and because the "visble
supplyn of wheat is nearly 100000 bushels
larger than it was at this date last year. ana
nearly $4,000. 900 bushels larger than at this
date in 1882.
Wheat is now selling at Chicago below the
average price in that market In 1888 the
average was 81 Ola in 1882 it was 81 l4'4;
in l S81, 81 14l2 in 1880, only 81 Ooi2 ana III
1879 only 90 cents. But we have To go BACK
to l878 to find yearly average lower than the
present price even of May wheat" and then
the average was 96l2, while May wheat sold OH
Thursday at 969i, and February wheat at
| 897s In ten years the yearly average OF cash
price has not been as low as the February OPP
tons are now in midwinter Hence many infer
that reaction and sustained upward move
ment must come Butsthe circumstances so
| often recalled to mind this season by HE IRIB-
TINE are still worth observing carefully.
The price Is low, but the circumstances are
peculiar. The country has been laborng Tor
months TO persuade the whole world that our crop
| of wheat was much below 400, 100000 bushels,
and that a deficit of 100000 bushels in the
worlds supply for the year was inevitable.
PEOPLE who believed came to the conclusion
that it was best to secure a supply from the
Black Sea or India at once. SO our exports
from September | to January were only
O99 626 barrels flour and 1722S, 547 bush
els wheat from the Atlantic ports, against
3.779,375 barrels and 81, 168,512 bushels for
the same part of the previous year. And IN the
exports from San Francisco there has also
been a decrease of 100000 centals. This has
come to pass when the stock of wheat left over
from last year was probably more than
| so 600. 600 bushels, and the crop OF 1883 was
400, 100000 bushels.
The obvious consequence is that even with
exports from this time forward as large as
those of the same months last year, we should
have left on hand at the close of the crop year
an enormous surplus unsOld. The consump-
ton in this country if not perceptlbly checked
by industrial depression, is certainly not above
the average. 1t is difficult to say ut what price
surplus wheat may be marketed under such
circumstances and it would have been better
for the country if the disasters which the specu
lotors now have to meet had been forced upon
them as early as September last. AS it is, how
ever, the country is tolerably sure of cheap
| breadstufis for the rest of this year.