Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-09-16

| Europeans Will nave 10 6COnOQlZe IN
bread to the extent of $4,000, 900 bush
els and when the situation is aggravated
by the partial failure of the potato crop,
it is to be considered what prices they
would pay for American wheat
The Whole Cereal Crop Insuhicient.
"The advisers of the American farmer
! tell him that price of 81 per bushel in
Chicago is about the highest Europeans
will stand, and that they would rather
eat other things than pay more for
wheat. Let us see how true that is.
They can surely not substitute meat for
bread, because at the highest price of
wheat ever known bread still remains
the cheapest food. When driven to ex-
tremeties they could substitute corn,
barley or oats, and they will have to
do 50 anyhow, without question, for of
wheat and rye there is not enough on
this planet to come anywhere near max
ing up the deficiency. When it becomes
necessary to draw on these products to
fill the shortage they will also rise to
heretofore unknown prices. 1t being
admitted that the shortage in European
crops is far the worst ever known in
history it would be only natural for
Europeans to expect high wheat prices.
Former High Prices.
''The average price for wheat for the
last thirty two years in England, on q
gold basis, was $l.41 per bushel, which
now corresponds with price of $l.21 in
Chicago. During the eight highest years
of that period, namely, 1861, 1867, 1868
1871, 1872, 1S73 1874 and 1877, the aver
age price was %1,773 81, equal to $l.57 3-4
in Chicago. During 1867 and 1868 the
average price was $l.95, and prices went
as high as $9.2l per bushel, equal to
more than So in Chicago. Though well
posted about European affairs we do not
recollect that these high prices of wheat
changed the diet of Europeans to any
great extent.
Surplus One-FOurth the Shortage.
1.-The shortage in Europe being four
times as large as the American surplus
there is no doubt that the price of wheat
will reach the highest figure ever known
before this year is up and will exceed it
by far before the new crops come in.
European countries which lend us thou
sands of millions of dollars are not going
to live very easily on boiled-hay and
root diet.
A Dollar is Not a High Price.
"The talk that 81 wheat in Chicago is
high price under present circumstances
is absolutely idiotic, for the average
price in England being $1.41 no one in
Europe dares expect to eat wheat tWen-
ty-One cents below an average price this
year. Spectators having made reckless
contracts with Europeans, succeeded in
drawing out of farmers enough winter
wheat to fill their engagements so far,
by offering for cash wheat about as
much as they promised to sell for in
December Holding up the Chicago
quotations and proving that the prices
for cash wheat were equal to December
futures, the agents who Overrun the
country said to the farmers: why
should you hold your wheat and incur
all expenses and risk if you can buy for
delivery in December the same article
for the price at which you sell nowY
This argument succeeded SO well that
spectators grew bolder, and even re-
duced the prices little in hopes of get
ting the spring wheat crop still cheaper,
Farmers viii Hold Back.
at is talked all over America and
Europe that wheat from Minnesota and
the Dakotas will flow into the market at
rate which will be limited only by the ]
capacity of railroads for carrying it.
1t is said that wheat will come so fast !
that there will not be money enough to !
buy it and elevator capacity to store it.
OF course if the farmer should insist on |
Offering more wheat than there's money |
to buy it with he could keep prices |
down little, even if his grain were
actually worth its weight in silver but |
unfortunately for spectators, there is |
little prospect that this tremendous |
rush into the market will take place. |
The warning came in good season to the |
spring wheat farmers, so that they have |
had time to discuss the question, and |
they will hold back much better than |
the spectators expected. We are per-
fectly assured of this by our immense
correspondence.
Those who are forced by absolute |
necessity to sell or who are too imbecile |
to understand the situation are not 50
numerous that their actions can keep |
down prices any length of time, and as
soon as the fools are out of the market |
intelligent farmers will get prices ade-
quate to the circumstances.
"The aforementioned class of ad-
visOrs want to make farmers belive that !
they must come i'll before navigation |
Closes while. as u fact, during the last |
five years, without exception, wheat has |
brought more money in December than
in September.
1--WE have consulted with many prom
inent farmers and the executive officers |
of the Grain Growers association. Their
unanimous opinion is that farmers should |
provide themselves with granaries. We .
give working drawings for a very sub
stantial granarv, which holds 800 bush |
els and costs little over four cents per
bushel. SCch q granary can be insured .
at low rates, and furnishes as good a Sc
uuritv for loans as elevator receipts 1t |
can be put up in a couple of days. and .
will pay ten times the cost this season.
1--WE summarize tlfe above as follows:
Beware of ignorant and interested ad-
visers. Remember that the yearly vi
emma congress is the best authority i'll
the world, making its figures entirely
from official receipts, never overestimat'
ing the shortage. Remember that these
figures show European shortage four
times as large as our possible surplus.
Hold your wheat You cannot get
left Wheat is cheap at $3.50. You
will soon see it at 81.
Unheeded by Farmers.
The railroad officials in the general |
officesof the Northwestern lines say that,
so far as they can tell. the several cil- |
Culars that have been issued by ditferf /
authorities of the Farmerss' Alliance to
the farmers, instructing them to sell or
hold their wheat, are having very little I
or no effect. 1t is probable that local /
circumstances will generally determine .
the question. and that the vast majority |
of the farmers will follow Donnellys ad- ,
vice and use their own Judgment, re-
gardless of circulars.