The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-03
Our Milwaukee Correspondence
The Wheat Market.

Our Milwaukee Correspondence
The Wheat Market.
MILWAUKEE, Nov. 80, 1874.
Editor Auti- Monopolist
DEAR SIR: The speculative feeling
has continued high and prices have, in
consequence, been maintained. AS fo1
export purposes, our wheat is now
higher than any other market. The
present price for Nc. 2 grade is %
cents; add storage, 2 cents; freight to
New York, "a cents; interest and ex.
change, cent; expenses of selling and
delivering in New York, 5 cents. and
our wheat will cost, laid down in New
York, $1.24 and with the higher
freight tariff going into effect this week,
it will cost $1.27. No. 2 Milwaukee
wheat sold in New York last Saturday
at $1.14 and $l.15, and it was main
tanned SO high only by speculative Or
ders. The above figures show loss of
10 cents per bushel on shipments from
here to New York and from
there to Liverpool another
margin against shipments appear
Hence we repeat that during the next
five months we must depend on specu-
lation for any advance, and in prognos-
ticating the markets the tendency of
that feeling is all important. We said
that New York ives held up to $1.14
and $l.l5 by speculation, and will now
explain. We have shown that either
New York was 10 cents too low or our
market 10 cents too high. This state
Of affairs cannot exist long either New
York must advance or our market de-
cline
To profit by this inevitable result
Western spectators have bought large
IT, in New York, and sold here and in
Chicago for future delivery, and should
the two markets come together profit
of 10 cents will accrue to these opera
tors.
The amount Of wheat in store and
afloat in New York was 100000 BUSH
els, and will be about 100000 by the
close Of navigation, against 2,500,000 to
100000 last year.
Our market during the week has
ruled firm, with occasional sharp fuc-
tuations. The tendency has been up.
and London and Liverpool advices have
been favorable to higher prices, quoting
small advance on winter wheat. Our
receipts have been small, out as moth.
ing has been taken for shipment, the
last few days the amount in store has
increased to $4,000 bushels.
1t is source of qualification to know
that, with the exception Of wheat. all
farmers productions bring high prices.
Barley, even at the decline, is bringing
1925 per bushel. Oats, at So to SIC,
are very high, and corn, at 60 to zoe
Hogs are also bringing high prices. SELL
ing at $3.50 to $3.50, according
to quality. Dressed hogs are
not as yet in demand, but will be later
in the season. In this connection it is
pertinent to remark that as rule live
hogs from Minnesota and Northern
Iowa command the lowest market price,
and average over one dollar per hog less
than the average price.
With ever so little effort the present
bony. long-legged breed of hogs could
be substituted by breed that would
convert their food into pork instead of
bones, and command the highest, in
stead of the lowest market price. The
present state of affairs does not reflect
well upon the enterprise of your farm
ers, and if they would pay more atten-
tion to yariegated farming an overpro-
duction of wheat would be less disas.
trous. The outlook for wheat, although
discouraging from legitimate point Of
view, is somewhat relieved by the con-
fidence which the last advance has es-
tablished, and it looks as though We
had seen The lowest prices Of this crop.
At IS cents here considerable money
would be invested in it for long Geal,
and unless foreign markets should again
decline, we do net expect to see it be
low IS cents until after January, fiat
all. In the meantime something now
unforeseen may come to the r>lief Of the
farmers. 1t is not visible now.
Yours truly,
SHsokDEs, LNDlL0A + Co.