The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-07-08
BREADSTUFFS, PROVISIONS AND
Prices.

with coming evlls2
~e.---=.-s-----.--ss--ss
EADsTUFFs, PROVISIONS AND
Prices.
The New York Bulletins Produce
Exchange report forefeej reaction in
breadstulIs and provisions, from the
misChievous effects of inordina'e spec
ulatioD. 1t says: "Whi'e the legiti-
mate business in produce was never
upon a more healthy basis than it has
been since this year fairly opened, the
spectators Of the country have been
fighting and delaying this improve
ment ia all our industries, and delay
ing. the recovery from the prolonged
depression, instead Of helping 1t as al.
ways before, and especially in 1880,
when speculation led to the reaction"
There was first bull speculation that
held up prices beyond the market,
which led Europe to seek supplies
elsewhere, leaving vast accumulatons
in the spectators hands. Then sue
ceeded u bear speculation that has car.
ried the produce market be.
low any former level in the history
OF the present generation. The
Bulletin shows that the spectators
having thrown over their trusted and
successful leaders OF the past to follow
the strange and foreign speculative
gods who have been selling us many
times the wheat crop Of the whole
world for the past two or three years,
thus unduly depressing the values
here by which consuming Europe has
been made matte OF the situation and
enabled to buy me surplus OF the
world at prices made unnecessarily
low by this unlimited selling OF paper
wheat. Thus, the United States have
paid the whole decline on wheat from
81 30 to so cents on three or four times
the worlds crop for each aud all OF
these years. Three years of over pro-
duction, the world over, in conse-
quence OF the bulls forcing prices too
high in lSSl.S2, eliminated with
last crop, and consumption has over
taken production" The present crop, it
is hoped, will bring a reaction from
unnaturally low prices until consump.
ton runs ahead OF production and
prices reach their former level. The
bears are coming to the front sglin,
and already an advance OF So a barrel
in lard shows the reviving influence.
1t is necessary, however, along with
these suggestions of the Bulletin, to re-
member that the supplies of the
United States do not govern the
worlds markets. That was demon.
strated when spectators sccumuls-
tons, intended to raise prices in
Europe, were left on their hands. The
very large increase OF the wheat sup
ply from India alone-added to the
former and present supplies from the
Baltic and elsewhere-has greatly
abridged our control OF the worlds
markets. In April last the London
Economist laid: "0ur imports from
India have enormously increased,
while those from the United States
have decreased to q great extent. In
fact, so much progress have these two
movements made that, il continued,
they will before long displace
the latter country altogether from
its dominant position as supplier Of
wheat to this market. In the Elk
months ending March 3lst we imported
from India 7,4S6, 900 cwts of wheat, as
against only 1924, 600 cwts in the came
period of the preceding year; while
our imports from America were only
5,9S4,000 cwts. against l0,264 DOC
cwts." As the railways in India are
extended the cultivation OF wheat il
increased, added to which the demand
for it in England is increasing, This
fuller demand is owing to the genera
adoption Of different way Of milling
Indian wheat, known as trolling mil
ling" The Indian wheat is extremely
hard and dry and by the usual way O
milling these qualities were found OBJ
jectionsble. Under the system of
milling that is now adopted the very
qualities that were regarded rs detri,
mental are found to be highly favor.
able, and the article is now valued as
an excellent "bottom wheat" These
facts should be remembered in fore
casting the future of wheat in this
country.