The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1897-09-11
speculations ia Wheat.

The New York Financial Chronicle has the fol-
lowing remarks upon the inordinate speculaIons in
wheat
The excited dealings in wheat of the past two
weeks or more have eliminated ct last in decided
reaction. Some recovery in lifeless market has
since taken place, but spectators in large way
who had made fortunes on paper in wheat and in
corn and cats pretty certain to lose an import
ant portion of their anticipated gains, while the
smaller men have lost ALL and probably more too
in the general decline. The moral will be useful.
Hard work and even very moderate savings are as
a choice of business methods again in the ascend
ant. It would have been highly gratifying if,
coupled with this teaching, farmers could have
marketed their products at the maximum figures
reached. At the same time il is obvious that ru-
ing price best for all interests is one that secures
the producer comfortable profit and yet permits
the country TO market its entire SURPRISES and not
leave large stocks in sight at the end of the season
10 embarrass the marketing of the following years
crops On several former occasions when we have
had precisely as promising an opportunity as now
the Spectator has in just that way damaged the
outcome
Norapid and extreme advance, largely based on
speculative influences and false statements ferop
injury. can have the element of 'permanenee. On
the contrary started as the wheat speculation was
at the opening of the Season. the very high prices
which have been secured temporarily, were likely
II continued. to prove misleading and harmful
They no doubt strongly tended to add at once to
the worlds visible supply by Fastening the market
ing from sources other than America of an unusu
ally large proportion ofa that those sources viii be
able to contribute during the twelve months. We
assume Europe will take all the surplus we have to
spare and give good price for It unless the I'M
natural conditions which excessive speculation
produces act so as to relieve the urgency and ex
tent of the consumers demand ns. Suppose
spectators had been able to continue their forcing
process they would before very long have brought
into sight from Russia and from every other pro-
ducing country not only what they would have
marketed if the movement had not been thus
stimulated but every bushel they could spare or
save by pinehing economy or draw from ordinarily
unmarketable distances. Remember that abnor
laally high prices are a wonderfully powerful
and widely searching influence. Experience has
taught that far more wheat than the most dill
gent statistician could imagine to exist has been
disclosed in and drawn from unexpected and I'M
known sources under the stimulus of high and
speculative prices For these reasons an excessive
market quotation might bring very disap-
pointing ending to formers hopes of gain out of
this years crops. The producer has just begun to
distribute them among consumers. The bulk of his
products remains to be marketed Much of the
wheat and nearly all of the corn is still to be
ripened and reaped. The need is to keep the de-
mand urgent and not open up a wider field of sup
pay than necessary.