The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-22
"LONGu WHEAT.

The steady and marked decline in the price
of wheat has rightly caused considerable dis
cusson 1t is evident enough that no "cor-
ner" nor clique of clears" has been the cause
of this remarkable fall. The price has gone
down steadily all along the line, until now
May wheat is lower than it was even in 1878,
which was lower than the price in any later
year. February options are now lower than
the yearly average of cash price has been in
ten years. There must be some reason for
this state of the wheat market, since no one
seems willing to attempt to take hold and hold
up the market. Looking back to last summer
it will be recalled that the universal verdict
was that there would be very pronounced
falling off in the wheat product of the coun
try for the year. Those in position to fol1nu
late returns were of the opinion that the
deficit in the worlds supply would be
80,OOO,OOO bushels, the crop of the
United States falling considerably below AGO.,
900, 900 bushels, and on this basis mild boom
was undertaken and European dealers at once
began hedging" by contracting for wheat
along the Black Sea and in India At the
time of wheat harvest last year there was left
over from 1882 probably 100000 bushels,
and the harvest of 1888, instead of falling
short of 400, 900, 900 bushels, turned out 420,
000, 900 bushels. Our surplus on hand and
the increase over what was expected last year
put us in condition to sell largely, and unless
a strong demand was realized heavy decline
in price was inevitable. Owing to the scare
prodHssd by the cry ofzboft crop. British and
western European adealerbi generally had
stocked up from the Orient, leaving us to hold
the k5ck, a full sack, bit filled with that for
which there was no. active transatlantic de
mfSn1d"Tg aa9p rms st89YTR .1u0 n
The conditions were such that eyer, with a
healthy European demand we should still have
been left with very large supply on hand.
Our exports, however, from Sept. to Jan. 5
were only 3O99, 626 barrels of -four and IT,,
228, SAT bushels of wheat from the Atlantic
ports, against B. 779, 375 barrels and 81 1853, $40
bushels during the corresponding period of
the previous year There was also decrease
of three million bushels in the exports of
wheat from San Francisco. Unless some gen
eral depression should occur in the industries
of this country, the demand for home con
sumption will be only fair average Every
thing goes to indicate that we shall have cheap
bread for year to come. AS has been shown,
this does not result in any way from the effect
of protective tariff, nor would a modification
of the tariff have any influence in
making the prices of breadstuffs
higher. American farmers u are brought
face to face with the fact that they have for
midable rivals in the East, and that to
America they must look for The consumers
who Will buy their products. Everything that
tends to increase the number Of Americans
proftsbly engaged i'll occupations other than
farming must be eneouragedy while any infu-
ence hostile to the welfare of American man
ufactolies and the men employed therein must
be counteraeted by proper and prompt legisla-
ton. The present situation is an object-les-
son whose significance cannot be misunder-
stood by any but those who are determined
on selfdeceit.
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