The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-03-02
DAxGER TO AmERICAN WHEAT.

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The American wheat market is fall
ing into a position that very seriously
threatens danger 10 the interests OF the
American farmer. For the last few
years spectators have held wheat ont
Of the market in the hope Of produc-
ing a scarcity there, and so enabling
them 10 scoop up extravsgant profits.
So mistaken is this graphing policy
tha. under its very auspices last week
wheat in the British market quoted at
29s 4d, and the week before at 29I Sd.
The New York Tribune says that at
the 29s 4d rate British wheat is selling
at about 500 cents bushel, which ia
less than Is asked for No. 2 red winter
in New York. The seven months OF
the present crop year show British
imports Ct wheat to be 16,S0O,0OO
bushele, a1ainst 25,200,000 during the
corresponding seven months last year,
and the Atlantic States have decreased
their exports from Is, 1927 900 to 1881
600 bushels, a decrease OF about 6s
per cent. Such decline caunot be
regarded as a matter OF Indifference,
especially when the vast accumulation
OF wheat stocks is taken into consid-
GRAFTON. The great grain organ Of
England, the Mark Lane Express, says
"The American option is the curse Of
the world, and paralysis trade at Lon
don and Liverpool" To that Course"
add the influence OF our immense &C.
cumula.ions, and the gravity Of the
situation cannot be misun dsrstoo1.
To keep the wheat here, under
the impression that the British
buyers will become alarmed, appre-
bending deficient supply, is absurd
to the last degree. They know that
" the import OF American wheat has
fallen off, it is not from want CT abund-
ant stocks. Those stocks influence the
English market az much as If the
portion OF them open for export were
in the warehouses there. Indeed, for
evil, 1t Influences more. Nobody
there feels certain that American
spectators may not collapse any day.
They Judge that American holders
aud bankers will not go on forever
holding stock OF wheat for which
there is no demand. Chicago con-
stantly holds wheat beyond the Brit
ish prices; the effect is accumulation
OF stocks from the attempt to force the
whole world to pay such prices as the
American Spectator may please to
demand. Here We see monopoly In
all its deiormity, and the baneiul re-
suits upon the general welfare are evil
dent. The large stocks held here de-
pressed the markets everywhere,
and because Of the uncer-
tainty when American wheat may
raise the supply TO food hight, British
holders dare not hold stocks for better
prices, and 30 prices 40 down, not
merely In spite Of, but because OF
American wheat being held out OF the
market. But there are more serious
consequences in prospect than the
present attitude OF the market alone.
While American wheat is held ont OF
the market every effort is made
in Europe to find the necessary sup
ply elsewhere, and Indian and other
growers are induced to cultivate grain
in opposition to us. We are thus in
ducing Eu' ope 10 discover how II can
dispense with the American supply
altogether. We are teaching the world
that the American supply 10 not indis-
pensable to its needs. This threatens
the future OF the American farmer,
who may find that his apathy to his
own interests, and his overconfldence
in the strength of his own position,
may be followed by consequences
most momentous in their Influences
upon his welfare.