Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-06
Weekly Circular of j. H. Drake & Co.

weekly Circular OF y. Ii. Drake u Co.
CHICAGO, Aug. 3.--Wheat, under the influence Of
adverse crop reports but chiefly clique manlpula-
ton, has ruled decidedly higher and at times much
excited. The recent overwhelming defeat of at
tempt to abolish rules regulating corners
not to have deferred the powerful combination
who carried market to S1.lO bid on the last day
of the month, and Milwaukee to $780, Crop reports
have been very conflicting and has been quite i'm
possible to reconcile the wide variance in statements
from Minnesota and Iowa on any other hypothesis
than that the accounts of total destruction, crop
of straw ETC., etc., have from parties inter-
ested in depressing railway stocks in New York and
advancing wheat here We doubt not that in certain
localities in consequence of severe local storms, ir
reparable damage has been done and that the hot
sun and moist weather have bighted and rusted
much wheat; but DISTINGUISHED parties assure that
the exaggeraton of damage has been of the most
IRENE and barefaced sort. Diamond 10" Reynolds,
| just returned from Minnesota, than whom
honest and intelligent authority could be cited, says
that fields prairie lands Winona, in the heart
| OF the worst damaged district, which We're supposed
| to be blighted and hardly worth the cutting, are
yielding beautifully. One tract in particular which
was thought to have less than ten bushels has pro-
duced twenty-five bushels, and that the farmers gen.
orally much more hopeful, and he feels confident
that the yield will be far above the estimates.
| One OF our friends submits the following figures:
''Asde from California, the winter wheat crop of the
United States is 66 per cent OF our entire crop The
average year is OF 1912 per Cent.
| The average yield for ten years has been eleven
| bushels per acre. This year it is sixteen bushels or
371s per cent increase, which is total of 100,
crop of winter wheat alone, 20 per cent. over
age crop of both winter and spring With "a per
cent. the usual proportion of spring wheat and
fourth increase in acreage in 1878, is 81 per cent,
total of 1917 per cent. Now, granting that one-half
of the total crop of spring wheat is curtaied so per
cent, we would have 30 per cent net of the spring
wheat crop, total result of both winter and spring
wheat of 1872 or 81 per cent. above average CROP
We give the foregoing without comment, save that
we thoroughly satisfied that ability to export,
leaving California out of the question, is largely in
creased over last year, while Europes wants are
greatly diminished by better crops. private cable
sent us from Liverpool predicts full average crop
of wheat in the United Kingdom this year. BY
clique manipulation and exaggerated reports Of in
quiry, farmers may be induced to withhold supplies,
and temporarily may see higher range of values,
but for the future we can to change
previously expressed opinion. Cash wheat at CSC
for new No. ., with intermediate charges &c, would
cost $l.O7 alongside ship. With sail fregh.s IS and
per cent. commission the currency value, would
cost 42s ed Cork for orders. Beerbohm's quota
ton, fair spring for prompt shipment Supposed to
be old No. y, $685. or about l0c per bushel to the
disfavor of shipments Of new No. @ Old No. 9
quoted at S1.06 would cost 45s 3d. 1sc per bnshe
| to the diSfayOr of shipnlentS.