New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-03-28
TOO MUCH WHEAT.
WHY THIS COUNTRY DID NOT SELL ITS
SURPLUS.
your average

WHAT THE GOVERNMENT CAN Do FOR Tgs
FARMERS.
To the Edttor OF The tribune.
SIR; On the 9Th of February you published o
letter from me showing the consumption of wheat
in this country for tho 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 80 high that
foreign buyers were repealed, there seemed likely
to be no sufficient demand. | noticed that this
communication elected much comment at the time.
and some called it " a bear argument" Every con-
sumner is apt to DO bearsh to the products he has
to buy and think every good citizen ought to de-
sire that the commerce of his country should not
be injured by false reports mistaken specula-
tiOns. 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 for the purpose of making suggestion.
Those events it must be acknowledged. have not
tended to impair confidence in the statistical con-
illusions reached seven weeksag 1t seemed good
to the spectators to put the price of wheat still
higher and the 18th of February 1t sold at 81 O9
here, May wheat sold at 81 1858 in New-York,
and at 81 02ss in Chicago. Farmers were made to
believe stories of scarcity in Europe, scarcity in
some of the wheat-growing States, scarcity every
where except in Chicago, and persuaded in
many cases to hold to their own loss Exports in
February from Atlantic ports were only $40
barrels of -four and 26l5,51 bushels of wheat
and for the whole country were about onethlrd less
than those of February. 1888. Great Britain con-
tinued to take less wheat from u.s. and more from
Russia Egypt British India and Australia. Foreign
markets were supplied with the cheaper wheat of
lands where spectators are less powerful, or have
less vivid maginations, and in the meanwhile we
continued to sit on a visible supply" OF about
10000 900 bushels, and invisible supply of about
100, 000,000 bushels.
AS this will be questioned. let the facts be re-
viewed. As was shown in the letter of February
g. not less than 50 S77 155 bushels from the crops
OF 1882 was carried over to the present crop year.
The Ofioal statement of yield in 1888 is APO, 1884,,
500 bushels, making a total supply Of 4S6,031 go
bushels Set aside 600 900 bushels for seed last
fall and this spring, and there remains for con-
sumption or export 434 600, 900 bushels The mean
population for this crop yearthat of January lis
581l7,589; at the average for eighteen years past
its consumption would be 247.S71 800 bushels
two-thrds of the year having passed, the oonsump-
ton to March may be put at 1876, OOO,OO bushels
That leaves 26S, 100000 bushels and the net ex-
ports from July 1 TO March l were equivalent TO
~ 203 900 bushels of wheat Substantially, 19O,-
600 900 bushels remained March 1, as above stared.
OF this we shall consume In one-third OF a year
80 900 600 bushels, and los, 100000 bushels re-
for export III TOUR nOhbhS' VI W no O"AiiN"
over into the next crop year.
LAST wear the exports in the four mouths, Marchto
June inclusive, were 27,422,4 6Z bushels. III low
prices now attained, should make the exports "a
large as they last year, the unstable surplus
to be logged over into a new crop year would De
reduced TO about S000O,000 bushels. 1t is said
that large part OF me gram not consumed OF SOLO
is of inferior quality, but II seems to me more
probable that farmers who have chosen to hold
grain thus far have taken care 10 hold quality
marketable in ordinarily good years
III the light of these facts, II does not seem sur.
pTlsng that the load has proved too heavy for tne
Spectators and prices have dropped from 81 loS
for May wheat at Newsiork TO 81 03l2 on ihufs
day, and from 81 OBS at Chicago 10 ssh on
Thursday. On 30,000,000 bushels of wheat held
in sight this fall represents loss in nominal valne
Of 81. 100000; on the larger quantity when mus
probably remain uns0ld At tho end OIL tho crop year.
the loss is $ll 100000.
The people of this country could well afford 10
spend several mil every year II It would saws
them from being deceived and gulled as they have
been within the past OF ght months IL Is nonSeuSs
to suppose that the ruin of some spectators Wlu
prevent others from trying TO " rig the markets
In future. Journals that ought TO PRINT facts WIN
| again devote their space 10 misleading Statements
lust as some have done since last July. Not ohiy
once again, but many times, the holders of gram Id
| this country will beto0led into mlsHng theh
| markets unless sOmeremedy can be applied
| The Government has large surplus reyenua
That its revenue will not be made much smaller ~
any act OF the present Congress seems pioDao,vt
! Why should not money enough DO spsss
| of agricultural production Officials now uuu.,
salary can do all the work. Inc telegraph H. ,Is
| transmit the information promptly, 50 lhM stS
progress of seeding IN the fall the acreage ,Ss
under the acreage seeded in the spring ana sas
acreage harvested with estimated condition ess
DO watched week by week just rs we waton oo us
| official returns Of foreign commerce. ,N ia
simply little more money. Must We 70 10 EufopJ,s,
learn how public money 0ughtto 20 spcht In o's.l
| to guide and aid the people In their inuus. am
Or are we to admit that tho people VINO Nv '''