Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-03-04
Foreign Money Market.
RENTEs-112f 77he.
Weekly Circular of j. n. Drake s. Co.


CHICAGO, March Wheat has ruled strong since
our last with continual heavy purchases of cash and
options by the few, and general tendency to sell
upon the part Of many.
The feeling widely prevails that a gigantic manip-
ulation Is in progress and that the market is in po-
sition of great danger because of it. Wall street
parties known to be heavy holders, and there is
the constant expectation of attempt to unload.
While we concede the danger Of furry by an at
tempt of heavy holders to realize, have not been
such persistent and urgent advocates for the song
side from 50 to Csc with manipulation as the ground
work of faith.
Manipulation has been collateral influence only
and have rested main faith upon the merits of
the property We the opinion that there is not
sufficient wheat in the world for the wants Of the
world at present values, and confidently believe
that surface appearances delusive as to the real
situation. The American farmer has since last har-
vest had every nducement to encourage him to mar
ket his property. Wheat has offered him relatively
more money than any other farm product Country
roads have been exceptionally fine. The agricul-
tural bureau at WASHINGTON confirmed the estimated
enormous production of 1873. Wall street manipu-
atlon Of breadstus has been heralded far and near
and the commission mere ant has urged the coun-
tryman to market his surplus on manipulated mar
kets. The result has been since last July the almost
universal report of the willingness of the farmer to
scale gigantic as to challenge the pride of every
American at the greatness of his country. New and
unexpected avenues Of consumption have opened,
and without surfeit the continent from the Baltic to
the Mediterranean has been taking surplus and
continues to take it. We have entered the second
half of the crop year, and after 12o rise values
and fine shedding for the farmer, receipts at the
primary markets falling off that our stock in
sight begins to decrease. We firmly Of the con-
Wcton that the farmer has in large part marketed
his surplus and here is the key to the situation. Re-
ceipts at the primary markets the past week were
1,054 900 bushels, and for the past four weeks
4,o61,ooo bushels, as compared with the previous
four weeks 5,5l5 1000 bushels. Exports from the At
lantic seaboard last week 1,547,752 of which
100000 went to Italy, Span Portugal France, Hol-
land and Belgium. Of charters made in five days in
New York, aud yet cleared 5os,ooo bushels were
for the continent, with only to Great Britain.
With continuance Of sRch rapidly changing situa-
ton foresee nothing bat depicting stocks and
rising values, for it must not be forgotten that taking
the stock in sight in this country and the stock aoat
the and the granaried stocks of the United
Kingdom, we have not within several million bushels
! much wheat as in 1875 when France large
exporter. With reserve supplies in this country
which we claim will astonish the trade by their nea-
| greness before August and with demand so uni.
versai and continuous, but reterate our opn
ton that the short side is the dangerous side of wheat
| irrespective Of cGques or Wall street operators.