Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-01-07
Weekly Circular of j. a. Drake s. Co.

weekly Circular of j. 81. Drake & Co.
CHICAGO, January 4, 1s79.-Wheat, after rul-
ing lower under influence of liberal receipts
from the recent blockade, and heavy deliveries
Thursday, now gives symptoms of recovery de-
spite cables of most discouraging tenor. The
| report of stocks in Liverpool indicates de-
crease az compared with last year of about
| 1000, 900 bushels, and in London decrease of
| about 1900, 900 bushels with report of light
| stocks generally throughout the kingdom. As
| Stunning that total stocks in the United King
dom show decrease of like proportion, say
As per cent, the total decrease of stocks in the
kingdom would amount to 5,841 ZOO bushels.
The decrease in the stock OF -four would make
the total decrease equal to over 5000, 900 bush
| els of wheat. The increase of the stock on pas
sage as compared with last year is 4,20O, OCO
bushels, and the increase of the visible supply
in this country 7,250,000 bushels. This would
give total increase Of the recorded stocks Of
5,45O,0O bushels as compared with last year
When we compare wheat at gold value, &c this
year, with lO7 gold value last year; spring
wheat off the coast ia England at 39s with SIS
I'd last year, we have the following result:
With the continent taking the major portion Of
| our exports, and probably to continue as a large
| buyer up to harvest, we have, with 5,45O, OOO
increase in the visible supply of this country,
| the stock ahoat and the stock in England, o
decline of 25c per bushel and lbs Sd per quar-
ter as compared with last year. We have val
liable letter from one of our friends on the sea-
board who is largely engaged in the continental
| trade. He says: Our friends all along have
estimated the deficiency Of France at sixty
million bushels, and the crop of France now
| looks worse than it did year ago, and with
less acreage planted" He closes the letter
after saying that the French farmer has been a
| reluctant seller, and that France must have
bought in Europe and America about enough
| to supply herself, II expect fair continental
demand this spring, although nothing vigorous
until after January 18TH With short fall
| Ing Oft in receipts at the primary markets of
this country, with an export movement which
| in three days of the past week took over ZOO 600
! bushels of wheat from New York alone, the de-
| crease in the visible supply will be not only
gradual but rapid. Taking it for granted that
England must ere long appear as liberal buy
er, nothing appears to US more certain than that
present values are too low unless the continent
| withdraws, and notwithstanding the repeated
! assurances for months that she is over buying,
| the assurances have proven 80 false, and she
] has continued SO largely and necessarily, that
we dlscredlt these assurances and must con-
tlnue to do 80 while we read the latest record of
New York freight engagements. Charters in
two days 1850 quarters to the United King
dom and 7,OOO quarters to the continent. We
maintain our previously expressed opinion
that the trade in general have been greatly mis-
led by the heavy receipts Of spring wheat dur
ing the past three months, and that he who
| estimates tho spring wheat crop by the forced
| movement of those months will lament a mis-
calculation which, if we are not mistaken, will
grow the more apparent as we advance into the
second half of the crop year. The receipts at
the primary markets for the week have been
,489, 600 as compared with last week 1856, 600
| bushels. For the past four weeks the average
receipts have been 1,638, 900 bushels as COM
pared with the previous four weeks 2,477, 900
bushels