New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-08

,,o,o,fu, cn.ra,o,s who are managing the DUST
,oss horo thar others will sell so much wheaC
which they do not own that prices "a" w i'''N
nm almost at pleasure by the power Vi noh'9'
II il not long since the holders Oh COTTON We'c
demanding nearly a cent per po"hu more '"'''
Tho n,osent nr,cc and borrowing great sums
from hanks here and elsewhere III ofder "
,,. tho I,,,c stocks in commercial hands.
lad cotton found its natural level IN prlce, ana
aoro abroad more freely throughout the last
o,ths ;mnorts of merchandise would not
have exceeded exports by nearly 7oV'Voo'oo.
during the last quarter. because vi '""' s'e,',
excess gold had 10 go out ahu peea'>' So
went ont money became sulc'eh'iy S'r'"se"'
here TO c,mpe, the calling OF ioahs an'o""''"o
% millions This forced some holders 10 Par.
,,;,h ,bo;r COTTON. and thus the termination OF
,ho ancoshire strike of spnnerS. when WIS
ornoc,od - mise the price, was followed by a
sharp decline. On ,,or
Hnt wheat is not like cotton, nearly 80 per
cent higher than it was year ago. III Is re-
no,kablv low in price. here and abroad ana
this i LARGELY the result Of speculations last
roar which retarded exports when the wofid
,y,s willing 70 buy. In consequence the guam
,it, left on hand at this late date is remarkably
LARGE New wheat will come in July, only
three months hence. For consumption III '"',
country as food 1900, 600 bushels Is Il iiperai
allowance. and for spring seeding lS,ooo'"""
husbos while exports during the months April
1Jure inclusive, cannot be expected TO e4'ai
,bose If last wear. which were about At, ooo'-
400 bushels. But, with reasonable cef'a'it!
that less than 130, OOO,O 900 bushels Will be
rcolred within the three months lor I'LL P"'
noses. the country holds in sight about llo'-
600 600 bushels besides the great accuiluia-
ton Of flour, and besides more than looooo,.
00O bushels of wheat yet in farmers hands, ii
the official report of the Department Is correct
# is in such circumstances as these 'hi'
spcculatorS, to whom banks are lehoi"s HAL!
millions. and whose demands have caused m"on
of the extraordinary drain OF money westward
this wear. are trying by the force OF borrower
money TO force higher prices. hcther 'he!
succeed or fail is not the question oil Srea'c''
interest. Already wheat has been selling from
Il "a 20 cents per bushcl higher at chicago
than at It. Louis, Minneapolis, Dulnth' VI
other Western markets, and cents higher IMAM
ot Ncv-Iorl Low as the picc Is mere, IL is
not the lowest ever known. But III England
The Mark Lane Express of March 81 says :
.Tbe rrice of English wheat is now only .62
Of a penny per pound-that is to say, thar '-o
pence will buy thousand pounds welsh' Oh
wheat. The sale Of wheat at this price j. ap-
solutcIy without precedent, for IN previous
centuries. when astonishing cheapncss has been
recorded. the purchasing value OF the none!
laid for the grain has been far greater than II
is to-day. and as yet recovery III value seems
a distant a ever
II i, in the face Of such state OF the
worlds markets as this that spectators are
taxing the resources Of the banks in order 70
force higher prices at Chicago. The couhtf!
cannot export wheat largely 50 long As ms
tic iiou> matlc; at Chicago lasts thin me
next thlyc months. in any event con'dcrapie
export, of gold must be expected. But Win
The American supply of wheat shut oil from the
world bv This Chicago combination. the excess
of imports and the consequent exports oil gOld
are likely T. be increased. This Is one OF the
difficulties with which Secretary Carlisle has
to contend. and il is not the least OF them
Neither legislation i'll October. nor l'Sies oi
bon,I, in APRIL. will meet that difficulty.