Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-10
THE noon IN WHEAT.

Wheat has touched higher figure than
ar any time since June. 1882 in which
month II reached $3.50 "a per bushel, ana
there is a wide diversity Of opinion as TO
the cause Of the present steep price. That
Is to say-there Is a wide diversity or
opinion as TO whether the recent advance
is legitimate. on the one hand II is con-
tended that the upward movement Is
purely speculative. Under the operation OF
natural laws, we are told wheat ought
TO fall instead Of rise, especially II, as Is
not improbable. the ocean-carrier trace
suffers partial interruption owing to the
manoeuvrings of Spanish warships. 1t is
admitted that in view Of this probability
there is some reason that Europe should
buy heavily and that this would tend 10
occasion some advance. But in the same
breath II Is argued that as we do not
consume all of our grain, any impairment
of shipping facilities would leave us
with a large surplus on hama which
might be expected to neutraiize publish
tendencies.
The Baltimore Herald. which may be
considered as fairly representing the judg-
mont and opinion of those who do not re-
gard the advance as legitimate says that
all the circumstances poin- unmistakapiy
towards the conclusion that the war Is
being taken advantage OF by professional
speculators TO initiate values ana squeeze
the people. But" adds the Herald, tine
present conflict differs from most others
in the important particular that II cannot
affect the bounteOusness Of our harvests'
and that essentials in the food supply OF
the world do not suffer- Our Baltimore
contemporary then advises all who think
the time propitious for acquiring large
fortunes TO bear the above suggestions in
mind. and i'm conclusion expresses the
conviction that the drop will be as rapid
as the rise. and the shearing OF lambs
will be thorough.
The New York Journal Of Commerce
may be regarded as rejecting the judg-
mont and opinion of the other side. In
the first place. it ignores the probability
of a falling off Of the carrier trade be-
coming n material factor of the situation
to be reckoned with Our New YORK con-
temporary. after noting the discrepancy
between the official and the more accu-
rate commercial estimates Of the Amerl-
can crop. points out that it came to pass
that the years distribution began with
practical certainty that the American sup
Div would be from l00,00OOW TO l5oUV'V~
bushels more than the official estimate,
and that that conviction operated 10 pre-
vent all anxiety about the sutiiciency OF
the worlds supply, and caused the DIS
trbution for some months at prices much
too low. considering the deficiency
abroad" Not until the latter part of
April. il continues, did the people seem
to realize that the immensely of the for
eign demand actually exceeded the de-
rided and distrusted estimates Of that
demand.
The Journal recognizes that 1t is much
the fashion of late TO attribute the course
Of the market to speculative influences
10 Mr.. Letter and other Chicago specu-
lators. But it takes little or 20 stock IN
that explanation. 1t holds that Letter mas
thrown away some millions by making
extraordinary haste to market abroad
great quantities of wheat, for which, II
ONLY in part retained, he could now get
much higher price. Also, that the other
SPECTATORS who were beaten by him
were only more unwise than he was In
gambling against an advance, which was
probably delayed by their passionate
eagerness TO beat the leader, but which
was, nevertheless, inevitable, and came
after his sales had left the, worlds mar
kets more nearly free TO reflect actual
conditions
Next. our contemporary emphasizes its
view that the UPWARD movement is legiti-
mate. by it's declaration that the appre-
hension of war forced men here and
abroad to shake off speculative phantasies
and look straight al facts, thus discover
ing that the world was buying American
grain at a rate beyond all precedent, and
rat no sign of abatement in the demand
appeared. At the same time it says that
the future Of prices will not be predicted
at such juncture as this by anybody
who has much regard for his reputation.
About as far as the Journal ventures on
this ground. is to state that if there were
In the country. beyond the quantity re-
quired for consumption. no more than
1000 600 bushels of wheat for export. as
estimated. the price would not be the
present figure, but much higher.
We care nothing for the interests OF
spectators in this matter. but we are
mindful of the interests of the farmers.
Therefore while it must be confessed
that the Journal of Commerce seems TO
represent the stronger position. We would
say TO such of our farmers as may still
have wheat on hand, that it might be
lust as well not TO hold it much longer.
Taking the equation of opinion, so to
speak, respecting the future of the mar
ket. 1t might be wise to garner in the
matter of price what is in sight
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Judging from the expressions Of opinion
upon the part of the Washington CORE