The herald., 1897-08-24
IT is HARD ON THE CONSUMER
BUT FRENCH FARMERS NEED
THE MONEY
In Spite of Short Crops Famine Prices
for Bread Are Not Expected
to Prevail
Associated Press Special Wire.

! NEW YORK, August 23.-A dispatch
seems no reason to believe that the i'm
port duty on wheat will be taken off
even temporarily There seems to be
but one opinion-namely that to abolish
ulators, derange the equilibrium of the
budget, work serious harm to the French
cultivator and bring not an iota of relief
to the consumer. An official at the Min
istry of Agriculture said: "In years of
plenty the duty has not been able to
make cultivation profitable. This year
there is sure to be big deficit in the
crops The growers will therefore be
able to derive some benefit from the
duty. This they can do without bread
being forced up to famine prices, as
the party clamoring for the abolition of
the duty alleges. Therefore it is my per-
sonsl opinion that there is not the most
remote possibility of the government re-
moving or even reducing the import tax
on grain"
The Temps publishes the following in
terview, unofficially, it is true, but new
ertheless obtained from some one at the
Ministry of Agriculture, where some
idea of the views of M. Meline is sure to
be had "The wheat crops during the
last few years were abundant. The
market was overcrowded. Prices were
low and quotations went down to 20
francs per quintal, and even to is francs,
but the land was fertile and the cultiva-
a.
from the plentiful harvests. This year
the conditions have been unfavorable.
The crops have been bad everywhere in
France and Europe generally. The var
iations of temperature, the heavy rains,
halls and floods have simply devastated
the fields. America-who ought to
be glad of it-has escaped these calam-
itous conditions and by herself can fur
nsh the markets of the world.
What has been the result of wheat
being scarce? Its price has gone up. If
this is unfortunate for the consumer, the
agriculturist, who, after all, deserves
some attention, will be able to receive
some recompense for his labor. The
question of wheat cannot possibly be re-
garded as alarming nowadays.
Then again, the comment made in
certain quarters is exaggerated. The
prices, such as have been current dur
ing the past week, have often been OBJ
tanned previously without the country
starving, but serious damage would be
done if the duties were removed even for
a short period This is why M. Viger
has persuaded the General Council of
the Loret to vote a desire that no mod
ifications shall be made in the import
duties on foreign grain"
The Municipal Council voted resolu-
ton to petition the Minister of Agricul-
ture to remove the duty on flour should
it prove inexpedient to abolish the duty
on wheat M. Captain, who is a recog-
nized authority on all matters connect
ed with the grain trade, said, however
that he did not think that NJ. Meline
would accede to the desire of the Coun-
Gil The Municipal Council voted a res
olution urging the Minister of Agricul-
ture to use his prerogative and reduce at
once from 7 francs to francs the i'm
port duty on wheat.
CHICAGO, Aug. 23.-Speculative mar
kets on the board of trade. today sue
cumbed to profit taking sales and reg
istered the first declines of moment in a
fortnight. Liquidation, which began on
Saturday, continued on an enormous
scale at the opening. During the first
fifteen minutes of the session fluctua
tions We're the most violent in many
years, covering as they did range of
5 cents. The bears, who have been in
Information for some time, took fresh
courage and pounded the market on ev-
cry bulge only letting up after establish
ing net decline of 31a cents for the day
in September wheat, " cent in Septem-
ber corn and rs of cent in September
oats. Sales of September wheat were
made on the curb this morning at the
highest price yet reached-$1.O O21S. The
regular session opened with wild rush
to sell, with trades made on a range of
8 cents, September going at from 81
cents to 81. Every one in the pit seemed
to have but one end in view and that was
to let go. September tumbled with a
rush to 8 scents, December touching
94&. A few buying orders were then
distributed where they would do the
most good, and what looked for a mo-
ment like panic was turned into a rush
for cover. September sold up without
reaction of more than half a cent to
99h cents.
Another drop took place, but in slow,
deliberate way. The visible supply was
very much of a disappointment to the
bulls, showing less than half the de-
creases they had confidently figured up
on. Short sales were thought to be
good speculation, when the sellers OBJ
tanned within few cents of dollar
and the bears opened their spouts with
a will, only ceasing operations when the
price Of September again reacted at 96
cents. The routine news of the day was
practically disregarded. Foreign crop
damage and news of sensational ad-
vances in English and European mar
kets only had a tendency to invigorate
traders with bearish tendencies, SEEM
ingly
The bull pool, whose operations have
helped the late advance in grain, were
rather inconspicuous, and, in fact, indi-
vidual operations were lost sight of en-
tirely during the morning. Later it was
the general belief that the pool let go of
much of their late purchases, more es-
pecially corn.
mi L IN