Year: 1872

Early in the history of the wheat


hearvest of this year, the impression


that there would be a short crop of


this cereal obtained so firm a footing


that prieesadvanced rapidly, and have,


up 10 within few weeks past, remain


ed very firm in all the markets of this


country. The universal stringcncy in


the money market was the first cause


which produced weakening ofprices.


Millers were compelled to pay cash for
wheat, while they could not convert
their product readily into that article.
They could make shipments of -four
to the Fast and draw against them, but
their drafts were generally for thirty
days, and therefore, to great extent,
uncomfortable in a market where sight
exchange was at a discount and not
wanted by the banks. The demand
for wheat consequently lessened and
the market dragged heavily. On top
of this depressed state of feeling came
the October report of the Agricultur-
al Bureau, showing that the wheat crop
of 1871 amounted to 0,000. 600 bush
els, while that of 1872 footed up 24O,-
O0,OtW. Here was an exhibit which
surprised the short crop men amazing
ly, and shook their faith in high prices
for the winter. Added to this is the
fact that the corn crop of 1872 is the
largest and best crop ever gathered in
this country, and the price at which il
is now selling-30 to "a for mixed-is
so very low that farmer living 100
miles from market cannot realize lOl
cents per bushel for it. Under these
circumstances the farmer will eat corn
and sell his wheat, because corn is
wholesome and palatable breadstuff.
and is worth nothing to sell. These
causes are now unsettling the wheat
market, and producing doubt and un-
certainty in regard TO future prices
which are irritating and embarrassing.


1t is claimed by the adherents ofl
" high wheat" that the European de-
mand for breadstuffs of all kinds will
be SO great that prices must rule high.
Europe's millions want the cheapest
bread they can get. People who do |
not get bit Of meat to eat oftener
than once week, because they are too
poor to purchase it, are not likely to
consume much wheat -four at 90 to SO
per barrel when they can get good. |
sweat cornmeal at third Of the money.
The people of Europe have learned |
that American maize, ground into
meal, makes palatable, hearty. whole
some and very cheap breadstuff, and
they are ordering il in vastly increased
quantities, as the fact that on Octo-
Der lst there were in store in London
96,O8S quarters of corn, against 1862 |
for the corresponding date of the pre-
vious year, abundantly proves. Eng
land will undoubtedly take a large
amount of wheat of us at certain
prices, but while present figures pre-
vail she will buy her wheat of France,
Russia and Hungary, and her corn Of
America. TO ship large supply Of
wheat to England at present figures,
expecting that the market there may
advance, has already been proven very
poor policy, for no sooner do English |
operators find that an unusual number |
of cargoes ofwheat are afloat for Brit
ish ports than they induce an advance
in the Bank of England rate of inter
est, and by time the cargoes
arrive money is dear and scarce,
and wheat correspondingly de-
pressed and abundant. John
Bull has played it upon his American
cousin in precisely this disgusting
fashion more than once this season, as
many an American shipper has learned
to his cost.


From the foregoing premises the
following deductions may properly be
inferred: First, that we have more
wheat in the country now than we had
at this time last year; second, that our
corn crop is also much larger third,
that Great Britain will buy corn of us
al Hbitun,, and wheat when the price
suits her, fourth, that wheat will be
more or less firmly held in this coun-
try throughout the winter; fifth, that
corn will much more largely enter into
home consumption as a breadstuff
and, sixth, that just upon the eve OIL
the wheat harvest Of 1873 it will sud
denly be discovered that wheat is in
excessive supply, and tho attempt to
rush it into market may cause decline |
as much too low as the present price is
too high. II will be well for our grain
operators to study all of these things.