New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1880-01-28
London Letter.
Irregular Correspondence

London, England, dec. 18th, 1879.
The thaw which commenced on
Saturday, accompanied by a little
rain in the night and on Sunday,
does not look like lasting long, as
this morning is clear and bright and
we may expect a renewal of frost if
we do not have the unsettled wealth.
err predicted in a telegram from the
United States. Autumn, sown grain
has scarcely made it's appearance
above the soil, and the cold has been
in some measure serviceable to farm.
ers in checking the development of
vernin and improving the condition
of homegrown wheat, which has
been freely thrashed to furnish grow
ers with the funds requisite at this
season, but, unfortunately, with very
poor results in point Of yield. On
the other hand roots have in many
places been seriously damaged, as the
snow has disappeared and exposed
them to the vigor Of the tempera.
ture. Great restitution prevails
amongst the poorer classes, who are
suffering sadly from the privations
entailed by sickness and want of
employment. The past disastrous
season has been absolutely ruinous
to the agricultural interest; indeed,
it is hard to find a parallel to 1879,
ayear which, having produced Meth
er wheat, hops, nor fruit, leaves the
country nearly drained of money,
and farmers prey to the most dis.
NAL forebodings. If brighter pros.
poets do not await them in the fu-
ture, and an abundant harvest in
1880 cure them of the heart sickness
of deferred hope by bringing back
at any rate some Of the money which
has been flowing so freely into for
eign pockets, emigration will be the
only alternative. The first six
monts of the past year were marked
by great inactivity in the grain trade
and comparatively slight fluctuations
in the price of wheat; indeed, it was
not until the end Of September that
miIlers began to pay much attention
to the reiterated assurances of an un.
precedentedly bad wheat crop in this
country. While other grain export.
ing countries were but furnishing US
with their usual quota of supplies,
America was shipping in: enormous
quantities, paralysing speculative ell.
terprise, and rendering millers care.
less of increasing their stocks. It
was not until the fact was well
known that the wretched results of
the home-crop would necessitate an
Importation Of something like 1000
200 qrs. more than is required IN
ordinary seasons to meet our require.
ments, that anything like substan.
tlal advance in value took place,
but the turning point once arrived
at the improvement was steady and
lasting. Slight intermediate huctu-
atoms have occurred, but speaking
roughly, the quotations of to-day
show an advance of 10 s. per or. in
the value of wheat since the first
symptom Of a rise was discernible in
September last. A combination of
strong capitalists IS now practically
in possession Of the bulk of the
American surplus, and prices are be-
ing forced up on the other side, not
only without any corresponding ad.
vance in this country, but with a
strange Indifference on the part of
English buyers to SO important a
movement. At the present time
American quotations are IS. per ar.
above the level of wheat values in
London.
No doubt a good deal of uncertain.
ty attaches to all speculative move.
ments, and there are those who an.
ticipate speedy collapse of the one
i'll question, but the fact cannot be
overlooked that the position of Anne.
RIGA is exceptionally strong, and en-.
ables her to embark upon her present
venture with unusual chances of nj.
innate success. Concerning the state
OF the trade during the past week
little can be said, as, from holiday
reasons, business has been almost at
a standstill. In a few retail sales
Of wheat which have taken place.
previous prices have been repeated,
but as there has been more maize of.
fering both on spot and near at hand
the sellers have had to submit to a
reduction of fully 6 d. per or. Oats
have favored buyers to a similar ex.
tent, while other feeding stuffs have
ruled dul] at nOmina]lv iato ratio,