The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-06-06

ed the wheat trade remarkably dull
and almost stagnant. Notwithstand-
ing adverse weather and light foreign
shipments for London. trade has been
continuously lethargic, and the
amount of business SO insignificant as
to furnish no index of prices. Eng
lish wheat at country markets declin-
ed first, but farmers, were not to sell.
Much of the inactivity has doubtless
been owing to suspense about the
eastern questign. AS few days will
probably determine the course of af-
fairs, a movement in trade, even if
downward, may be expected soon.
The glowing reports of the winter
wheat crop have been sent forward by
parties interested in breaking down
the price of wheat in the markets of
the world. We do not believe they
will be justified by the event. Here
is a sample item.
The st. Louis Market Reporter
says: ''The winter wheat harvest has
begun in southern Illinois; an Alexan-
der county farmer IA heavy shipper to
st Louis) expects to have the first of
his crop on the market here by the
10th OF June, and the grain on his
farm las on several other farms ad-
joining) is very fine in quality, but
will be about one-third less than last
years in amount
Surelya crop one-third less than the
crop Of last year is not Of such char
acter as to justify the glowing reports
alluded to by the Mark Lane Express.
We copy the following from the
Minneapolis market reports of the
Pioneer Press of the 28th. inst.
WHEAT-Receipts for the week,
l2O,4 bushels against -, 800 bushels
the corresponding week in 1877. The
exports from New York for the week
were 100000 against 81 .645 the cor
responding week in 1877. At the
mills the price paid was uniform up
to Monday morning when it dropped
&c, ana IN the evening further de-
cline OF &c was noted, opening this
morning ut 94c for No. l. and Ole for
No. .. In eastern and lake markets
almost panic transpired and de-
cline OF several cents is noted, No |
going down to Sl.00 at Milwaukee.
1t is difficult to account for the large
decline, us up to last evening evening
European markets had ruled steady,
in the main only declining LAID per
GENITAL during the week, with exports
from New York of over 100000
bushels. Whatever the cause of the
decline In American cities may ha, G
been. its effect on European markets
is LnfavOrable to holders of American
wheat either in European warehouses
or in transit, and will tend to depress
those markets. Its effect is apparent
this morning rs shown by cablegrams,
showing that yesterdays operations
has unsettled prices in English mark.
cts. OF course John Bull will not
purchase American wheat for use in
June and July at Sl.47 l.2 gold, the
quotations in Liverpool yesterday,
when the same wheat can be purchas.
ed in Chicago and Milwaukee at 81 .O1
with an Sc freight to New York, and
l4al6c freight from New York to
Liverpool. The sbulls" have been in
the ascendancy for long time, and as
between the option dealers it may be
no more than fair that the "bears'
should have a little now. bat the eff.
feet Of the great decline in American
markets before there was any marked
shrinkage In values in Europe. and
while they were taking a million
bushels OF American wheat each
week will be take thousands of
dollars from the holders of wheat in
America and put into the pockets of
European dealers and consumers.
Itseems to us that the farming com.
munity ought to demand and enforce
legislation that would prevent anyone
selling wheat unless he really has the
wheat on hand. This gambling in
"options is, as shown in the forego-
ing article. ruinous to the producers.
Thousands of able and wealthy men
by betting on the market are con-
stantly at work to break down the
price of wheat. and by their arts they
make more money out of its depre ci-
alton than the farmers make who
raised it.
The farmers do not possess the pow.
er Of cooperation which characterizes