Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-11-14
VIEWS ON VALUES.

VIEWS ON VALUES.
Opinions of milwaukee, Operators az 20 tho
Future Of Wheat-Ss.1,rosed Deceptive,aess
Of the supply IN Sight-Ihe Bear Side
oft.
MmwAUKEE, Nov. 11.-There is such
very pronounced diversity of argument here
in regard to the future prices of grains and
produce, that to- day q reporter interviewed
q large number of gentlemen of the Mil
waukee chamber of commerce, in order that
the most important facts upon which the
bulls base their beliefs, and the bears are
certain of big break, may be given to the
general reader. The opinions that seem to
most logically based are the ones selected.
"Gov." William Young and Angus Smith
were discovered seated on the secretary's
table, in the chamber, calmly watching tho
antics of the beare, who were getting good
deal the best of the fight in the pit, and were
permitted to fire double shots at the bears
in this way:
"Gov." Young-Prices are high enough
just now, but, in my opinion, the long future
must reach high figure; not less than $3.50
liable, and We are informed that tho Eng
lish crop is not to exceed one-half average,
while there isn't q country in Europe but
what has, comparatively speaking, very
short crop. The cream Of our own crop is
already marketed. You see that our receipts
now are very light; in my opinion they will
continue to be lighter and lighter from now
out. The Western mills want and need
about all the wheat that is left in the north
west, and they will take it if it is not crowd
ed on to them too fast. Prices can't be got
down any lower on the real facts of the situa-
ton, and it is only a question of time when
q legitimate and steady upward movement
| will begin and be maintained. It is certain
that the amount of wheat in the northwest
| has been greatly overestimated. Mr. Smith
| can give some figures in regard to winter
wheat.
Angus Smith, look for much higher
prices than we now have. My information
is to the effect that at least IS per cent OF
all the winter wheat raised has been market
ed, and in Ohio the amount that has come
forward is at least 80 per cent. The amount
in sight is large of course, but it only leaves
so much the less to come forward. The
wheat is in hands that can afford to hold it.
The winter wheat was rushed forward very
early and in enormous quantities, and that
is what mostly accounts for the unusually
large quantity of wheat in store. r-..
Just then MIR. Alec Med. Young came up
and said:
Our European advices are extended, and
they all agree that the English and CONT
mental wants have been underestimated.
They are not only oil short Of wheat, but of
other grain, roots, and food supplies gener-
ally. Beacons6eld has just answered the
complaints of Ireland by telling them that
England is even worse off than they are.
The bear side was defended by j. B. Oliver
| in this way:
My idea is that there is too much wheat
1t is almost national calamity to have the
bull feeling SO general and predominant as
it now is, for it will result in this country
losing its best customers. England is even
now getting about one-half of her supply
from other countries, when, if our prices
had been kept down to reasonable figures,
she would be taking it from US and we
would not now see our grain idle and accu-
mulating in every storehouse in the country.
There is to-day no more legitimate demand
for cash wheat than there is for SO much
sand. I think we have seen the highest
prices We shall see on the present crop.
There is so much in sight that all England
will have to do now it to wait and let it pour
into her lap at her own price. If prices
had been kept down to reasonable figures,
the wheat would not have poured in
as it lhas done, and much better
prices for it Could then have been obtained
from the countries that are in need Of it..
The hard times on the other side are against
high prices-rather than in favor, as the
bulls agree-for they cannot afford to eat
wheat flour at present. OF course there is
large shortage, but it does not approach
anything like, or near to, famine. The
truth is, the alarm does not come from the
other side, but arises in this country. The
high rate asked for carrying the wheat is also
| strong argument against even the main
tenanoe of present prices.
Alex. Ray Quill 1.-The ''visible supply" ap-
pears just now to act as bugbear upon the
market. The chronic bears, who agreed
that wheat was too high at &c cents, are now
resting their case on ''the vast accumuls-
tions," eto. In my opinion the argument
is weak, because it must be apparent that
the present large accommodations at all points
of concentration are but the result of an un-
preoedentedly large movement from first
hands, and is not to be
attributed to any diminution
in the foreign demand that is absorbing our
surplus rs rapidly ss transportation can be
secured to move it. The large amount in
sight In no way changes the situation as to
supply and demand; the free movement
spoken of simply showing that larger per
oentage OF the crop has been marketed thar
is usual at this time, averaging both winter
and spring wheat, and it is probable that
considerable more than one-half of all the
wheat has been marketed. Europe stands
ready to..absorb the surplus wheat, and when
IN kh1~o ,ksn L. Ill -
IN her food supply of over 100000 bushels,
During the past week the receipts at the win
ter-wheat points show decrease of $4,000
bushels; and 1872 900 bushels less than for
the corresponding week in 1873. The re-
oeipts Retailing off very rapidly at the prin-
cipal markets, Milwaukee, Chicago, Toledo,
Detroit, and st. Louis, and during the past
week the exports from New York alone were
over 100000 bushels.
j. B. Steever (bear)-The amount in sight
is larger than the world ever saw before at
any one time. The high rate of storage is
enough to make it evident that prices cannot
keep up. At the present rate it will cost
thirty cents to carry the wheat until next
May. Last year there was nothing bat
wheat to put money into, aud this year bust
ness Is booming, and money is seeking and
finding other channels. We have seen our
highest prices.
J. A. Brown (bull) AS near as we can get
at it fully one-tifth the spring wheat has
come forward, and the remainder is in the
hands of those who are able and determined
to hold it. The winter wheat has come for
ward astonishingly, and at least IS or 70 per
cent. is already marketed. England is not
getting as much as she ought to from other
countries, and all Europe is short on grain
supplies than it has been before IN twenty
fveyears. Europe is not only short of
wheat, but of all kinds of grains, potatoes