New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-07
4 THPE4TEyED COPNEP

The report that May wheat is TO he cornered
at Chicago, and that bulls are going to make o
great deal of money in wheat above 81 o. may
be entirely correct. The stock of wheat is one
thing; the stock of wheat of certain contract
grade is another and very different thing. The
amount of money that may be required to purchase
every bushel Of the contract grade now left in
the country, and TO take all contracts of the sort
that anybody will dare to offer, may possibly be
got together by any clique of spectators, and If
other spectators persist in selling "A vast lot of
stuff that they have not now and cannot get the
tears shed for them viii be few. About specula-
tons Of that sort, public journal is called upon
to make predictions.
But it is tolcrably safe to say that there is not
going to be any famine this year as to actual
wheat. There viii be found enough to 90 round
and to supply all demands that are likely 10 come
from abroad, and somebody will be left with the
excess on hand-an excess greatly increased if arti-
hcal prices are made and maintained during the
few months Of the crop year that remain. Indi-
yiduas may make millions by corner perhaps.
But the country will certainly lose, and that
heavily, if its foreign trade is again slaughtered
by further suppression of exports To consider
the facts not at all for speculative uses, but with
reference to the legitimate commercial interests of
the country, is just the proper duty OF bankers
and merchants, here and at Chicago.
Seven months of our crop year have gone. Exports
have been so far prevented from Atlantic ports
that. while the Pacific States have sent out about
5000, 900 bushels more than in the same months
of the previous year, the shipments from Atlantic
ports have been not far from 35,O00000 bushels
less than in the same months of the previous year.
The home consumption, it may be regarded as
absolutely certain, has not been as large as in
other recent years, because the price during much
Of the year has led to larger consumption of corn
in the place of wheat. The consequence has been
that in the Atlantic States the stock of wheat not
required for consumption exceeds the quantity ac-
ually exported after this date in the last crop
year by more than 3O,OOO,OOO bushels, and how
much more it is hard to say, because there are
no means of judging how largely corn has been
used instead of wheat at home
Last year the country carried over July LIST
about ffty-two million bushels in excess of the
minimum stock, and if exports from this time to
July /, $3.50. should prove as large as they were
last year, the country would still carry over
July !, according to all statistical evidence, a
quantity OF wheat ranging from S2, 600, 600 bush
els upward, according TO the amount Of corn sub
stitutcd for wheat But unnatural prices in this
and the coming months would simply increase the
surplus because they would decrease both
Xports and the home consumption. 1t ought
q "c known by this time that 1t is folly to eX-
3cct European countries to be compelled to pur-
chase from the United States at any fictitious
price Six months of that interesting experiment
should have convinced reasonable people. New
foreign supplies begin TO come from other cOun-
tries some months before the crop from Atlantic
States begins TO move and although the European
year is reckoned from August I, or September l,
supplies from this country after July 1 will
be drawn largely from the new crop. Unless
Europe is starved prior TO May Is, on last years
crop, it will not starve at all unless this years
crop should fail.
1t requires an exceedingly stalwart faith to
believe that, after refusing throughout January
TO purchase from New-lorll any wheat at ninety
five cents per bushcl or less, England or France
will suddenly be forced to purchase vast guam
tity at more than 81 per busheL But unless
that happens, somebody must be prepared to car
ry an enormous load of wheat into the next
crop year, and some bankers must be prepared
10 lend great deal of money ON it, in order to
maintain high prices