St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-02

aenDepln canal, nelpllS dlOHS DiCh OSles-
by, battling with Jesse Spaulding and Char
ley Farwell, and devoting himself to other
useful but absorbing business. n
Meanwhile Mr.. Blaine had reached the end
of chapter, and having little leisure time
on his hands, amused himself by getting
Blaine delegates North. East, South, and
West the air vibrated with the rushing of his
boom. But most of these delegates are not
interchangeable delegates. They are Blaine
men, but not Logan men. ,o4
Mr.. Logan has parted with a dear Illusion.
But he has learned an impressive fact. He
has convinced himself that a literary man is
not necessarily impractical. Henceforth let
him reverence the pursuit of literature.
TOOMUCH WHEAT.
Why this Country Did Not sell its Surplus.
Correspondence n. Y. Tribune.
On the the 9Th of February you published
letter from me showing the consumption of
wheat in this country for the past eighteen
years. In completing the record to date it
was shown that very large quantity of wheat
was then in the country for which, with the
market so high that foreign buyers were re-
PEELED, there seemed likely to be no sufficient
demand. l noticed that this communication
elected much comment at the time, and
some called it "a bear argument" Every
consumer is apt to be bearish as to the pro-
ducts he has to buy, and think every good
citizen ought to desire that the commerce Of
his country should not be injured by false
reports or mistaken speculations. But had
then and have now no other interest than
this in the price of wheat, and call attention
to the more recent course Of events only Tor
the purpose of making a suggestion.
Those events, it must be acknowledged,
have not tended to impair confidence in the
statistical conclusions reached seven weeks
ago. 1t seemed good to the spectators to
put the price of wheat still higher, and on
the 18th of February it sold at $1.O9 here.
May wheat sold at $1.15% in New York, and
and at S10235 in Chicago. Farmers were
made to believe stories of scarcity in Europe,
scarcity in some of the wheat growing states,
scarcity everywhere except in Chicago, and
so were persuaded in many cases to hold to
their own loss. Exports in February from
Atlantic ports were only 511 $40 barrels of
flour and 1913, $40 bushels of wheat, and for
the whole country were about third less
continued to take less wheat from us, and
more from Russia, Egypt, British India and
Australia. Foreign markets were supplied
with the cheaper wheat of lands where spec
ulators are less powerful or have less vivid
imagiuations, and in the meanwhile we con
tinued ty sit on 'Fvisible supply of about
5000, coo bushels, and an invisible supply OF
about 100, 900, 900 bushels.
As this will be questioned, let the facts be
reviewed. AS was shown in the letter of
February s, not less than IS, 977, 155 bushels
from the crops of 1882 was carried over to
the present crop year. The official statement
of yield in 1888 is 420, 154, 500 bushels max
ing total supply of 1856, OBJ, $50 bushels.
Set aside SO, 900, 900 bushels for seed last fall
aud this spring, and there remains for con-
sumption or export 434, 900, 900 bushels The
mean population for this crop year-that of
January lis Sc, III, $50; at the average for
eighteen years past its consumption would
be 247, 81, 800 bushels; two-thirds of the
year having passed, the consumption to
March l may be put at 166, 900, 900 bushels.
That leaves 26S, 900, 900 bushels and the net
exports from July 1 to March l were equival-
ent to 1928, 260 bushels of wheat. Sub
stantially, 190,000,000 bushels remained
March 1, as above stated. OF this we shall
consume in one-third of year 80, 900, 900
bushels, and los, 000,000 bushels remains
for export in four months, or to be carried
over into the next crop year.
Last year the exports in the four months,
March to June inclusive, were 81, 422, 1862
bushels. If low prices, now attained, should
make the exports as large as they were last
year, the unstable surplus to be lugged over
into new crop year would be reduced to
about 80, 900, 600 bushels. 1t is said that a
large part of the grain not consumed or sold
is of inferior quality, but it seems to me
more probable that farmers who have chosen
to hold grain thus far have taken. care to
hold a quality marketable in ordinarily good
years.
In the light of these facts, it does not seem
surprising that the load has proved too heavy
for the spectators, and prices have dropped
from 81 15% for May wheat at New York to
81 0315 on Thursday, and from S2.0235 at
Chicago to S615 on Thursday. On 10000, 600
bushels of wheat held in sight, this fall repre-
sents loss in nominal value of 81, 200, 900;
on the larger quantity which must probably
remain unsold at he end of the crop year,
the loss is 81, 100000.
The people of this country could well afford
to spend several millions every year, if it
would save them from being deceived and
gulled as they have been within the past
eight months. 1t is nonsense to suppose
that The ruin Of some spectators will prevent
others from, trying to rig" the markets in
future Journals that ought to print facts
will again devote their space to misleading
statements, once again, but many times, the
holders of grain in this country will be fooled
into missing their markets, unless some
remedy can be applied.
The government has large surplus reve
nue. That its revenue will not be made
much smaller by any act of the present
congress seems probable. Why should not
money enough be spent to secure early and
official reports of agricultural production?
Officials now under salary can do all the
work. The telegraph can transmit the in
formation promptly, so that the progress of
seeding in the fall, the acreage ploughed
under, the acreage seeded in the spring,
and the acreage harvested, with estimated
condition, can be watched week by week
lust as we watch the official returns Of for
eign commerce. 1t costs simply a little
more money Must we go to Europe to
learn how public money ought to be spent
in order to guide and aid the people in their
industries? Or are we to admit that the peo-
pie who are supposed to rule themselves can
not get as much good out of their taxes and
their government as the people of sundry
European nations, who are supposed to be
groaning under despotisms?
New YORK, March 81, 1884: Truly
w. M. G.
$4,000 For Coz.
Y Tribune Mich 81