New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-02
selves are prepared to sustain and enforce IL
ia not strange that it's conduct wins approval.
TINE UsUAL WHEAT FAMINE.

Tho latest choice bit of foolishness by the
Ninncapolis organ of the Farmers Alliance is
third circular advising farmers to hold their
wheat. because, if they do not, there VII, oe
over-export and famine in this country Inc
sane mind wearies in the effort to follow inc
vaparies of the speculative cranks VINO "lPe"r
n he running this particular organ. II IL shouu
come ont that the entire expense OF printing
tb;s so.called organ of the Alliance, and OF ms-
tr;butno its circnlars to farmers, is paid by
rino Of Minneapolis millers and Chicago spec
rlators In wheat, nobody would be in the shgnt-
oct depree surprised. From the first these
circnlars have been exactly such as a set OF
desperate gamblers would concoct who had
.taked everything on forcing the price OF wheat
above Al 80 per bushel long enough for them
10 unload and pocket profits.
The over-export scare will fall fiat, just like
tbo attempt to make farmers hold back their
wheat in September. As if to prove now tnor-
ouahly the wheat producers hold TINS ADVICE
in contempt the receipts OF wheat at western
noints were larger in September than ever be-
Tore excee]ing 10000 900 bushels in single
veel, Fair prices have been maintained, be-
oorsa most of the countries of Europe which
haze q deficiency have been laying in stock
n meet that deficiency for the year and foreign
advices are that this has been done except by
Great Britain and in part by Germany III
other words the markets of Europe are now IN
condition. with the wheat already purchased here
and the quantities raised, to wait for four or
six months before buying further large supplies.
lie who advises an artificial advance OF the
nrice in this country now has to take into ac-
count the prospect that wheat will come for
ward, as it has been coming, at rate never
eoualled in any year. Where Is the money
coming from to carry such enormous supplies
for four months or more? 1t is conceivable that
the Sneculators and millers have prepared to in
vest $4,000, 900 or more, but that would be
only drop in the bucket compared with the
sum required to buy and hold the wheat thal
v,onld be sent TO market. Millions would have
IN he borrowed and then the question comes
whether the money market will permit the banks
n lend enormous sums for the purpose of aid
ing such a speculation 1t is true the immediate
future of the markets is comparatively bright
Large amounts of money have come or are on
the way from Europe. But if European pur-
chases should be checked by an artificial adj
vance IN price, anu mus EuioPedh euPPi0' Vi
specie should be shut off, how many weeks could
the banks afford to take all the wheat sent to
market and to turn deaf ear to the demand
Of manufacturers and other customers?
The latest circular of the Alliance, OF course,
bases its estimates upon the theory that the
Government crop reports are not trustworthy
The fact is that they are at this time lower and
more conservative than any other estimates, and
are immeasurably more entitled to credit than
the figures made up by spectators for high
prices or by men acting in their interests. The
Minneapolis ring has been betting on wheat
famine for years, and IN consequence has de-
lvered the titles of most of its property to
European syndicate. It's wisdom in the past
is not guarantee that farmers or anybody else
can afford to follow its lead this year.