The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1877-09-05
Foreign f'sma and.

Upon a foreign demand depends any
considerable advance in the price of
wheat. Il is slowly on the rise; ut Ver-
million on Saturday 7s cents WAS paid,
and 1t was thought 80 cents would be paid
this week, at that point What occasions
this rise there we are not apprised. II
must be the demand for milling purposes,
as there is not any appreciable advance in
Chicago or Milwaukee markets. There
seems to be general impression through
out the country press that there will be
sufficient demand from abroad to call for
all our surplus wheat, which fact, If .oc-
curing, will Of course cause wheat to
rise. August Goth, dispatch was sent
from London, stating, that "raln had fall
en- iii torrents all over North Scotland.
without intermission, since last night
Harvest reports from all quarters are most
Responding. The floods have caused
great damage in South Wales. he wealth
er IN English mldlands and elsewhere, is
very bad" ~, a
+ The Times, commenting on the change
in the bank rate, says: Independently
of possible further withdrawal Of gold by
the German Government, the bank ',ad to
consider more what is likely to be the ex-
mort Of bullion to America in the future
than wha: has actually been sent thither.
Bills sent in for discount Yesterday were
probably negotiated in anticipation Of
Withdrawals Of gold today for that quar-
ter, to NEE: grain shipments. We must
take a very much larger quantity Of grain
from the United !Stases thin pe h1oe re
CURED in former years, and zoe. n.4st pay
u much higher price for 1t, This being
the case, the bank has no other course but
to place itself in strong defensive posi-
tion, in good time. If the bad weather
continues, the position can easily become
serious for the bank Of England, for the
exnort of gold in that case, looking at the
comparatively small general imports of
the United States from Europe, soon runs
into many millions sterling"
If the above view IS correct, then the in
dications are certainly in favor Of an al
vance in wheat 1t is also believed by
many, that our crop has been overrated;
Int 80 tka$ t1nn E,r 1noc
sown than formerly, although the yield is
large, and that as threslling progresses, tue
fact is developed that the yield will not
be as great as anticipated, notwithst1nd-
ing an occasional unusual production per
acre. Some also attribute the present low
rate, to the action Of spectators at head
quarters, and not to the large surplus,
claiming that if farmers can combine and
hold on to their grain, they will get q
higher price. Ole thing certain Is, that
after The crop Of last year hal gone into
the hands of these grain men in the cities,
wheat went up from $l0O to $l.Sj per
bush.l and flour rose, in ten days, from
So to $l2 barrel. Sure there was the
pretext that the Russian war would occa
sion large foreign demand. Prices
stood very near these same figures until
the certainty Of a large crop Of this year
had become established; then wheat went
down to 81 cents bushel, and fl Dur to
less than five dollars a barrel. Some also
attribute the actions of the Board Of Ma
tional Trade, jnst closed at Milwaukee,
was but another step towards perfectin g
another corner on the present crop of ~.
as upon that of last year, and advise pro-
ducers to hold on to their wheat, rs it will
surely rise so that at least the average
price will net tho farmer one dollar per
bushel. &y st ar,al
In our view, the chances are in favor Of
an advance to those who can carry their
grain, but in this county. justice to the
merchants and others who have helped
and carried the farmer during the last
two years, will compel the majority Of the
farmers to sell as soon as they get their
crop to market; and but few are able to
hold on and out of debt. The further one
is from Railroad now. the more he feels
the depreciation. How the late Russian
reversion will effect matters, it is nard to
tell One thing certain, if that war is
continued, there must be demand for
our surplus grain. This temporary de
feat or repulse nf the Russians MY posi-.
bly, ,llshearten them from prosecuting the
war further, or it may be the means OF
their only snspending further operations,
until they can more fully prepare for fur
ther and prolonged war.
That the bottom price has been reached
we fully believe, and : steady but sure
rise will occur. Such are the signs of the
times, as we read them.
Republican County Convention.
r>amr%,, n ha hold