St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-12-21
"hOLD YOUR WHEAT. T"
What Was the Result OF These
Numerous Bull Wheat
Circulars?
That Side Of the Mapket,SeemS
Unable to Stay on the
Top.
st. Paul Merchants Give In
teresting Views on Wheat
Topics.
Trade and Market Talk Of
Current Business Impor-
lance.

IHClC nave UCCll oO luluOIo VI
war; in the foreign dispatches of late,
and they have been so vague and con-
Trajectory, that il would seem almost as
though foreign correspondents were
either trying to boost prices for certain
of their friends who speculate in bread
stuffs, or else had run out of actual news
and expanded their space with old
fashioned war" talk. A sample of
their kilograms was dated from Berlin
last Saturday. 1t said, in one para
graph:
IF Turkey takes part in the dispute
between France and Bulgaria, as is
stated to be likely, and attempts to
cOerce Bulgaria into according the de-
mands of France, there is no telling
where the difficulty may end"
In another paragraph upon the same
subject, the correspondent refers to an
ESSAY on war;" just published by
"Gen. LesZcynSki, one of the most tai
ented strategistS of the present time, :"
and quotes the general as saying: lat
present, however, see no prospect Of
war"
Notwithstanding such reports as have
been pub !ished regarding France and
Bulgaria, wheat has shown no sharp
advance recently. and on Saturday May
corn declined two cents per buShel. The
bottom is out of the corn corner, and
manipulatOrS are very careful regard
ing bull operations in wheat. With
such large stocks of grain in the cOun-
try and with the quantity lin sight"
showing continual additions, SpecUla-
ton on the bull side has been back
ward. AS soon as the market shows a
sharp advance the bears are ready
TO pound the prices down again.
Our heavy stocks of wheat are not linz
tied 10 the Northwest, they exist
throughout the Wheat-grOwing sections
Statisticians have been in the habit of
hguring on the elevator reports and TAX
ing estimates based on the experiences
of former years. They have been sur
prised week after week this year at the
constant increase in their figures, and
even in the Northwest no man can
closely estimate The amount of wheat
that is still on the fields in stacks, tenn
porary bins and in shocks.
The best days of this years demand
for wheat from Eulope are gone by I'M
less Europe has the war which some
people, for ten years past, have been
looking for. Had the excitement and
European demand kept up during Sep
TENDER and October, this country would
to European parties than it has sold.
The failure of S. V. White, the New
York bull operator, checked speculation
or both sides of the Atlantic. During
the lull the Europeans found other
articles of food to substitute for wheat
and rye, and every week of delay puts
them nearer to the future crops in their
own countries. Their necessities are not
as urgent as they at one time appeared
to be. and they are not disposed TO buy
in such enormous quantities, even
though our prices are much lower than
they were previous to the White fail
ure. The conditions are now de-
pendent almost entirely upon
railroad rates would most likely raise
the Eastern quotations, but they would
not increase the profits of the Western
wheat growers. So far as intrinsic
value goes wheat is the cheapest grain
on the markets at present, but where is
the Napoleon that dareS to manipulate
;he cereal for rise in the face of these
large stocks and of probable bear oper-
atorS at Chicago?
There are we'll disposed men who
advise the farmers TO 'hold their
wheat" and some farmers have been
holding and holding without getting
ahead. The general experience has
peen that those who sold at or near
harvest time, and had as little handling
and shrinkage on their grain as posi-
BILE. have been the best off. The views
of some of the merchants on this point
are worth noting, as follows:
James NJ. Davis, Beaupre, KeOgh &
Davis, wholesale grocerS:
| notice in some quarters disposition
70 advise the farmers to hOld their
wheat. In the face of the immense
stocks / fail to see where they will gain
much by doing so. A rise of a few
cents per bushel soon brings a flood of
receipts from unexpected quarters that
knocks the market down again. The
country has a good profit in the wheat
at the present prices, and by realizing
as early as possible they not only reap
she present profits, but they put the
merchants and themselves into good
position for further extensions Of busl-
ness.
]. j. Phillips, manager for Charles R.
Croft. baking powder, spices. ETC.:
Where farmers are holding their
wheat it is having an influence on the
credit of some sections. If the farmers
delay paying the country merchants,
the latter disappoint their Eastern mer-
chants, and some of the Eastern mer-
chants don't quite understand this tar
diness where the crops have been so
large. Even present prices, farmers
nave better profit in wheat
Iaising than most of the mer-
chants have in the jobbing trade,
and if the farmers speculate with
the crop, instead of paying their bills,
of the speculation. Sech effects are
likely to react in the future upon those
who are holding. The greatest wheat
growers of North Dakota marketed
their wheat early. One of them. Oliver
Dalrymple, probably the most extensive
wheat grower in the world, marketed
100000 bushels, and got better prices than
those of the present. Of course there
are many farmers that could not get
their wheat to market early. but it does
seem as though those who undertake to
speculate on the markets are out of
their element.
Concerning trade in his line, Charles
i. Croft said:
Everything is running smoothly with
US. Trade and collections are very
good. Both are holding up much bet
ter than we anticipated for this month.
We have good reports from both North
and South Dakota, where everything is
promising well. The outlook is SPLEEN
did for 1892.
Among other expressions on the bust
ness situation we present the follow
ing:
William Bicbel, cashier Germania
bank:
Money is plenty in the banks, and the
pleasing conditions of improvement
SIR M0RELL MACKENZIE
Gays III the Journal o: l.sryrCo,ugy. Novem
Der. 1851: Compressed .-asiilics Of Solder
water are now au article a.: commerce a.