Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-10-15
Weekly Circular of j. n. Drake s. Co.
CHICAGO, Oct. II, l87S.-Wheat has ruled lower and

Weekly Circular of j. n. Drake & Co.
CHICAGO, Oct. IL, 1878.-Wheat has ruled lower and
quite feverish during the week. Under the pressure
OF hol ers to 1ealize upon their cash property, We
have seen the lowest price for several years, No.
cash 79Ac and No. at SIC. 1t cannot be gainsaid
that these are low priced quotahonsj but lethargy
prevails notwithstanding, and there are not q few
who maintain that we shall yet see decided recess
sion in values. The chief arguments OF the shorts
seem to be that by reason Of speculation, No. Is
sustained far above its intrinsic value compared
with choice winter wheat, and that the premium Of
12hc for No. over No. is out Of all reason. That
No. by screening and blowing can be nade to
every purpose OF the miller at $3.50 under the price
of No. 2. This opinion is confirmed by several
prominent millers Of acquaintance, and the fact
that shipping demand, quite fair for No. g. is al
most NIL for No. 2, goes to confirm it. They further
more argue that the distressed condition Of the COM
mercial worl is eectual bar to any material rise
in Values and the spring wheat farmer who has held
sellers, are now compelled TO meet the market to
realize money for their engagements which fall due
toward the close of the year They point to accumu
and pertinent question, "what are you going to do
with t?". On the other hand believers in the prop
erty, reasoning largely by precedent, say that ire
mendoits Stocks are justified by the price. That
wheat at about 800 here, was never known to be q
"bonanza'' to the short seller, but In numerous in
stances and quite without exception has proved a
t'bonanza" to the patient and determined holder of
the property. That the wants Of Continental Europe
are simply tremendous, as illustrated by enormous
and continued heavy purchases. That the winter
wheat farmer has been free and anxious seller
since harvest and that on the tail of the CROP spring
wheat holders will be the dictators of value. That
by reason of poor duality and deficient quantity, the
deficiency in the -four outcome Of the spring crop of
1878 is full so bushels compared with 1877
and that, aside from the crop scores, inevitable to
each recurring year. we shall find that on the tail Of
the crop, plethora is myth. AS we write, specu-
lators vexed by the popularity Of the situation.
We have the one hand vague hints that political
complications are again rife in Europe, and on the
other that the financial atmosphere Of England la
dense and oppressive, strongly foreboding storm.
The better class Of operators are keeping near to
shore. Receipts Of the Western primary markets for
the week have been 100000 bushels compared
with last week. 1851 900 bushels. Receipts at New
York, Philadelphia and Baltimore 5,ooo OF our
No. spring inspections out of store have been but
1854 bushels. Cash wheat at 8OAc, with inter-
mediate charges 1e l;2c would cost s7Ao alongside
mission on the currency value would cost 3os Cork
for orders; Beerbohms quotation, spring for prompt
shipment 36s@36s Sd, or 1000 per bushel to the
disfavor of shipments.