Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1922-12-14

missioner at Manchester, England,
as follows:
The marketing of wheat in the future
will be characterized by much uncertainty
regarding consumption and prices. Many
countries in the continent of Europe viii
be sorely IN need of wheat, but it is moi
known how they can possibly pay Tor st
1T shippers are reluctant to export to coun
tries with dubious funds naturally there
win be so much the larger quantity on offer
to countries whose credit IS 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 han
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
crew Of about one hundred carpen-
tiers at work, and estimates that
each car it gets is costing the COM
pany fifty to seventy-hve 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
pre-war 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 I to November II, 1922, were
220,605,000 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 flour as wheat, in Oc-
tober were 18,282,140 bushels
against 18,205,966 bushels in Oc-
tober, 1921; same July to Octo-
Der 81, 1922, 114,973,000 bushels,
against 61,572,000 bushels in the
corresponding period of 1921 and
145, 1851 900 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 weevil, 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 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 II
Congress. 1t is supposed that The
first effort by this element will BE-
for the repeal of the so-callec
guaranty" clause of the Esch
Cummins law, which directs thu
Interstate Commerce Comrnissio:
to so adjust rates as to yield fai
return upon the value of aggregate
investment in railroad property