The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1898-09-14
BIRDS
TO PLUCK.
Farmers Suffer From a WOefuI
Lack of Information.
Queer Condition Of Affairs Affecting
the Wheat Crop.

Farmers are "easy birds 10 pluck. "
For this reason they are almost univer-
sally selected rs victims by those who
make their living off somebody else's
labor. II is not a lack Of intelligence
which causes the farmer to fall an easy
prey TO those in other business lines.
AS a class, farmers will compare favora-
bly, with almost any other class Of bust
ness men in natural intelligence, but it
is woeful lack Of information which is
the burden under which 30 many farmers
stagger that enables the balance of the
world 90 often to get the proceeds Of
their toll at less than it is worth. We
are prompted to give expression TO these
thoughts here by one peculiar feature Of
the wheat situation and recollection Of
last years situation. Last year at this
time everybody who took the trouble to
post themselves knew that there was the
biggest shortage in the worlds wheat
crop that had occurred in many years.
Notwithstanding this fact, farmers cold
their wheat from the thresher very few
made any attempt to hold for better
prices, although it was then only selling
at 60 to 20 cents. This year the situa-
ton is not nearly 30 strong, and while
prices may go higher, there is no reason
able hope OF reaching last winters prices.
This year the farmers generally are hold
ing their wheat Tor think they are) for
the advance and now comes the peculi.
ar feature which prompted this article:
We learn from daily reports from the
market centers that farmers are not sell
ing, but storing in mill elevators. We
find also that there is almost no milling
demand for the crop, because in the
storage contracts the farmers agreed to
permit the miller to grind his wheat
provided he will replace it when called
on. Now, as we only export about one
seventh to one-eighth Of our wheat, the
millers of the United States must be our
customers for six-sevenths or seven
Fights Of our crop. But, as stated above
the millers are not buying the new crop
to any considerable extent, and the rea-
son is. the farmers are giving them abso-
lutely free all the wheat they can grind.
They need not buy bushel. With the
consent of the farmers the millers of the
United States are grinding up the wheat
without paying dollar for it, and selling
the -four at high prices or storing it
away to sell for still higher prices after
they have settled with the farmers at
from so to 60 cents per bushel. BY this
action OF the farmers the millers have
the fixing of the price in their own
hands. They do not need to buy any
now, for farmers are supplying them all
they can use without cost. They will
not need to buy later on, or at least will
not be pressed, because they will have
stocked up with flour to meet current
wants-made from the farmers free
wheat-and it is perfectly natural that
they should say to the farmer: "The |
mills and the dealers are all heavily
stocked with -four and there is no
demand for wheat, so we can give you
only about 80 cents for it," The farmer
has done without the money all fall and |
most of winter waiting for the rise,"
and the millers now have him where |
they want him, and he will take the so |
cents for fear it will go to 40. The truth |
is, farmers while nominally holding their |
wheat, are not holding it at all. They |
are simply giving to the millers and put
ting the millers in position that enables
them to fix any price they choose next |
winter or spring for settlement.
Now, suppose farmers all over the
United States were really holding their
wheat, and millers were not allowed to
grind it without buying it. How would
the situation be changed? We see from
Bradstreet's reports that the visible
supply OF old wheat on hand in the
world on August l, 1898, was in round
numbers, about SO million bushels-the
lowest Of which we have any record at
this season. From the same source we
learn that this small stock has been
decreasing at the rate of over a million
bushels a week during August. Last
year out of our crop OF $50 million
bushels We only exported 794 millions,
though this was the largest expectation
Tor five years. The millers of the United
States, according to the past records, will
require this fall and winter about 45O ,
million bushels to meet current demands.
suppose the millers were required now
70 go into the open market and buy to
ill their current wants aud thus make
'ome competition with exporters. Does
my one suppose that If this were the
'ase wheat would be selling at 60 to 20
'ents ? The only buyers We have now
ire exporters, and they only want some ]
70 or 60 million bushels. The millers I
re compelled 10 have about $50 million !
bushels, and II farmers would not supply 4
without cost they would have to buy 4
!. We do not blame the millers for ?
making such an arrangement, but I
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