The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-05-24
The Mistakes Of a Miller.


dian wheat n the free liat would materi-
ally reducc the price of -four in this coun-
try, an opinion in which we do not con-
cur, The issue IL in some degree a
matter 81 opinion and in large measure
a question Of facts.
/ The duty on wheat II IS cents a bushel,
and not % cents ~ quoted by Mr. STERN.
Reference 10 the pages Of the weekly
Northwestern Miller, a trade journal Of
unquestiOnable standing. shows the Min
neapolis quotations on No. Northern
wheat for the frst week in May a. aver
aging about 81 In b,lshel. and on 5 No.
Northern "a about one and One-half cents
lees. For the same week Winnipeg quo
tations on similar grades are given a.
practically 10 cents a b,lshel below the
Minneapolis quotations. The price diff
ference in those markets varies. hat the
comparison Of that week may be ac-
cepted a. a fair basis. There are times
when the difference il a little greater or
a little les, and there have been times
when the Winnipeg quotations were
above Minneapolis prices.
On this basis il il clear that the
removal of the duty would not reduce
the American prize by the amount Of
the duty. Would il reduce the price
At ALL Assume a transfer 10 the FREE
I lisf and tho natural and inevitable
influx Of American buying orders in
the Winnipeg market Multiply de-
mand without increasing supply and
that few cents difference in present
quotations would disappear in less than
three minutes after the opening Of the
market The Canadian price would 90
to the level Of the American price less
the cost Of transportation 10 the Amer
ican mill. There are reasons, in every
probability only temporary, for the
lower price Of the Canadian product.
Millions Of bushels Of Canadian wheat
are now being produced by new settlers
who, lacking facilities and financial
resources for storing and carrying their
wheat. are obliged 70 accept what the
immediate market offers. a situation
which must be taken into account in
any consideration Of prize differences.
We believe that Mr.. STERN il quite in
harmony with our impression that
free wheat from Canada Ia most desir-
able, but We cannot agree with his view
that frce wheat would materially affect
the price Of -four. for the reason that the
certain demand for the Canadian cereal
would A. once bring Canadian prices 70
a level with American prizes rather than
reduce prices in Duluth and Minneap-
oils to the level Of Winnipeg quotations.
Such a result, seems % us inevitable.
The Northwestern Miller Of March q
says editOriaIly:
RritAin IL to-day actually better fortified
against scarcity Of grain than ne United states.
hitherto regarded beyond danger Of shortage.
The American miller must uss the wheat rrowu
n hls own country or shut down his mill Hitherto
ne tarH vas Of no Consequence becauss ne home
crop vas sufficient for domestic requirement
with a surplus for sHpgrt Gradually this surplus
has deciined until mere 10 no wheat 10 spare for
other markets. and from beinR q purveyor 10 the
world the United states a. me present com.
psrauve rate Of crop 10 population VII sooa he
fortunate n shs ran raise enough wbsa, 10 feed
her own people
The statement that there IL no wheat
n spare for other markets is a little
overdrawn. but the present drift Of con-
ditions IL unmistakable. A comparison
n the five year period 1870 Oi with the
succeeding five years. 1850. shows a
10 per cent. increase in domestic wheat
production and an increase II a little
more than % per cent in the quantity of
wheat retained for domestic cOnsump-
ton. Il remains n be seen whether any
such ratio ia 20 continue. II anything
like that il ahead Of us the sooner We pro-
tect ourselves against $50 wheat the
better II will be for us. The Canadian
fields oder rs that protection. but the
notion that recourse n those fields will
materially II AZ all reduce the price Of
-four seems % IA a decided mistake.
The advantage n free wheat from
Canada is an increase in American bust
ness and a protection against possible
II not probable large increase in the
domestic price II the commodity
rather than in any promise If cheaper
-four. There now seems little probable
ity that the increase in the American
crop will even keep pace with the in
crease in domestic demand, and year
Of short crops. always a possibility.
would send wheat prices and -four
prices skyward on a supply and demand
basis.
Mr. STERN says that hs has been in
the milling business all his life and init
mates his doubt Of the proper qualifi- !
cation Of newspaper writers" % COM
ment IN a matter in which he Is a special
ist. For his assurance regarding the
value Of orr impressions and infOrma-
ton We may add that somewhat n both !
Is Obtained from a man who was in the |
milling business when Mr.. STERN was
Playing marbles and 20 whom a. an
authority be would probably take %
his hat.
The Battered POIIos.