St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-30
THE LOWEST NOTCH.
Wheat Drops to a Figure
With Little Profit to the
Grower.
The Bottom Knocked Out OF
a Republican Campaign
Argument.
Collections at Once Show the
Result Of This Great
Depression.
What st. Paul Merchants Have
to Say OF Fall
Trade.

Talk about demoralized wheat mar
kets! The markets last week beat the
records. and this decentralization affects
every business man as we'll as every
farmer in the West. The extremely
low prices this season. as compared with
last season, have been potent factor i'll
restricting collections and in limiting
Western trade. which under general
conditions would have had much
greater extension this season. Present
prices for wheat are lower than they
have been at any time during at least
nineteen years, except in August. 1887,
when the average range Tor that month
was Cos to CO., cents.
Wheat at the Bottom.
With only an average worlds supply
this year prices went down To 69l5 cents
Der bnshel for No. , wheat in Chicago
last week-25l5 cents per bushel lower
than the average of October. 81. "a fair
month for comparison. no notable man
ipulaliOn, and prices ranging from 9212
TO 90 cents and 49, cents lower last
week than the top price of August, 81
Sl.13 per bushei.
Demand MADE these prices in the last
q
average Than the first half of that year.
The mercantile report of X. q. Dun
d Co. for the past week said:
Wheat is selling at the lowest price
ever known in New \ orE. Many years
ago il touched 76 cents in one day, but
tie quotation is now 1913 for October
delivery" Yesterdays quotations for
No. red and No. ? northern Wheat III
New York were 1872 and IA cents per
bushel.
The GLOBE has contended correctly
ever since last January that another
cause was having
{ Damaging Effect
upOn the wheat markets and that it
would continue TO make declining prices
and TO impOverish the wheat growers OF
the West. That cause was the Wash
burn anti-option bill. which was evil
IDENTIFY introduced in congress for
the benefit of the Northwestern
-four kings and their first cousins
the British stockholders in American
flour mills. 1t is believed that a part of
the deal by which the BritOns bought so
much stock in these -four mills was an
undertaking TO reduce the prices of
wheat III this country as much as pos
sible. The results thus far further this
belief. The mere Introduction of such
out OF the market-men who had helped
previously 10 carry" the haryests of
this country.
Competition thus driven out. the
handling of wheat fell ali the more into
the grasp of interested parties. and the
BritOnS viii buy some more when they
think the hammeTing operation Is about
through with. AdViceS Yesterday said
that million bushels OF wheat had
been taken during the day for foreign
shipment. and that 4 very large proper
ton OF the wheat OF tho Northwest had
passed out of nrSU hands and into the
control Of the elevators. The market
ci'sS+'i a 60 C. for October practically
BpOJj in Chicago.
A Hen buyers are scared out of the
markets by the possibility OF passing
law that would declare their business
illegal, their money and
Competition Is Removed
from the work Of handling the crops.
! he miller takes on a sanctmoniouS air
and says:
We want TO stop the selling of wheat
short in Chicago. We're afraid prices
may be reduced"
Now what benefit is it to the miller to
stop the decline? Don't he naturally
want 10 buy wheat as cheaply as posi-
'
il he stops the general public short in
their desire TO compete for the wheat
which has an intrinsic value he limits
the demand and secures the crop for
milling purposes and British specula-
ton al lower figures. During the con-
SideratiOn of the anti-Option bill in con-
ETess wheat declined as much as five
cents per bushel III one day, with no
other notable reason for such decline
When the anti-option bill was
sprung. the GLOBE took the position
that II would reduce the farmers
t0il-wOn earnings and add to the profits
OF great capitalists. The facts stare the
reader in the face and it is about time
that a TevUlsiOn of feeling brought
about a change. As for the great cities
OF the Northwest they stand on a firm
financial footing and will not suffer
from the capltaliStic attack upon the
huSbandmen of the surrounding terri
tory as much as might be expected. but
il stands these cities in hand 10 uphold
the interests Of the farmers and to seek
fora change when those farmers are
being heeced through the connivance
OF Republican lawmakers.
In this connection a GLOBE reporter
saw James - Fitzgerald. Fitzgerald IL
Smith. commission dealers III stocks.
grain. etc. and drew from him the fol-
lowing: "There is no question but that
the anJl-optlOn agitation has had great
deal 10 do with the decline in the prices
of wheat as compared with the prices of
r. year ago. just TO explain: We had a
good many customers who stopped trad
ing when the bill was before congress.
They were not inclined TO trade while
such a disturbing measure was under
consideration. When congress adj
jOurned some of them again bought and
sold. Ii il was thus with us. what must
j. have been III the great Eastern mar
kets?''
FFOEn Last Years Harvest
Among the enterprises that have been
brought to a satisfactory stage of devel-
Opment here this season is the mauu-
facture OF brick. and the demand for
building material is such that the MAX
FRS are enjoying more TRAN an ordinary
share of success. As stated in the trade
review last week. several millions of
brick are being used in build
ingS HOW under construction here.
and it has been demOnsu ated
that the clay at hand for that purpose
makes as good brick as can be found
anywhere. One establishment on the
West side has half a mile of clay banks
that are practically ineXhauStable, ana,
though it is but little known to many
millions of brick per annum. New
enterprises in various departments of
business are located in and around the
city, and when their products are
summed up in the review of the bust
ness of '92 they will make a grand total
Of wealth added to the city's business.
The investments in such enterprises
and the numbers Of employees added to
The forces mere will make very salts
factory subject for study.
General Views.
Among those who talked on business
matters were the following:
Fritz Koch, President Twin CITY
Brick Company-We have just refused
an order for 100000 brick. simply be.
cause the demand is so good that we
san't ill the order at present. We are
making 10000 brick per day. and have
six kilnS in one of these kiinS we can