Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-12-14
Il missioner at Manchester, England,

missioner At Manchester, England,
as follows:
The marketing Of wheat In the future
will be characterized BY much uncertainty
regarding consumption and prices. Many
be sorely in need of wheat. but Il Is not
known how they can possibly pay for it..
IL shippers are reluctant to export to coun-
tries with dubious funds, naturally there
will be so much the larger quantity on offer
to countries whose credit isS sound, with
the consequent effect upon prices
Grain Congestion
The marketing situation in the
west has been complicated by a
congestion Of offerings at the
country railway stations beyond
the ability of the railroads to ham
die it. The congestion seems to
have been the worst ever known,
over 400 country elevators in Kan
sas being at one time closed be-
cause their bins were full. But the
congestion has not been simply at
the railroad stations in the west,
but all along the route to the sea-
board.
The Northwestern Miller says
that millers in Minneapolis have
been paying premiums of 5 to 10
cents per bushel for wheat in cars
that could be re-routed Eastward,
and employing carpenters for re-
pairing out-of-order cars.
One milling company has had a
crew of about one hundred carpen-
tiers at work, and estimates that
each car it gets is costing the COM
pany fifty to seventy-hvc dollars
for repairs. Grain dealers, partic-
ularly exporters, have had great
losses through failure to fill con-
tracts on account of the car stu
alton.
The effect of the blockade has
been to keep the price of wheat in
this country six to ten cents per
bushel below the normal parity
with prices at the seaboard and in
Europe. Ocean transportation is
abundant and rates down to about
prewar level.
1t must not be supposed, how
ever, that the railroads have not
been moving large quantities of
grain. The receipts Of wheat at
the twelve primary markets" from
July ! to November II, 1922, were
220,605,00 bushels, against 244,-
975,000 bushels in the correspond
ing weeks of last year, and of other
grains about the same as last year.
Exports of United States wheat,
including -four as wheat, in Oc-
tober were lS,2S2,l40 bushels
against lS.205,9o6 bushels in Oc-
tober, 1921: same July l to Octo-
Der 81, 1922, 1l4.973,000 bushels,
against 16l,572,000 bushels in the
corresponding period of 1921 and
145.35l,000 bushels in 1920.
! Furthermore, it must be consid-
cred that if all the grain offered at
railway stations in the last three
months had been promptly moved
to the terminal markets, prices of
the latter might not have been sus-
tanned at the figures that have
ruled, and even Liverpool prices
might have been affected.
The cotton crop.is short, not
over 100000 bales, and prices
are more than double the pre-war
level. The worst of it is that until
some way is discovered of master
ing the boil wcevil, we are des-
tined to have short crops and high
prices. The short crop of this year
is not due to small acreage or an
especially bad season, but chiefly
to the insect pest.
Railroad Situation
The value Of railroad stocks has
suffered a marked decline in the
past month, which is generally at
tributed to the results of the re-
cent election. and the strengthen
ing of the anti-railroad element in
Congress. 1t is supposed that the
first effort by this element will be
for the repeal of the so-called
guaranty" clause of the Esch-
Cummins law, which directs the
Interstate Commerce Commission
to so adjust rates as to yield fair
return upon the value Of aggregate
investment in railroad property.