Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1894-03-16

which place is situated on Lake Superior,
relatively to Montreal the same as Duluth
is to New York, and the conditions sur
rounding its transportation to market rela-
lively the same. A glance at the state of
the Duluth market about the close of navi-
CATION, November 18th, shows that No. l
hard sold there for 60c, and supposing that
the price at Port Arthur was the same, as
all other conditions are the same, it does
not take a very powerful microscope, to see
that he has carried his wheat three months
M has paid thereon elevator and storage
charges, insurance interest on original in
yestment, loss in weight, and finally sold
for the same or a little less chan he paid
for it three months ago, and to see Incl
dentally the kind of a boat that the Mani
toba middleman is in.
From the San Francisco journal of Com
merce we extract the following: "* * *
Not, indeed, fer its actual extent i X * X
but because such a thing as a decline of
wheat, when the market was below a dol
ar a GENITAL, or 60c a bushel, has never be.
fore been known On this coast.
at is hard to believe that the market can
go any lower than it is now,b but none can
tell what a day may bring FORTH"
From the Mark Lane Express of the 18th:
"Russia has come down to a guinea (59c
per buy for hard Taganrog wheat and Aus
tralia to 25s 81 (75Mc per buy tor new crop
x x X and is a double record of depres-
sion, neither Russian nor Australia's car
goes having ever before been sold for these
prices. The effect on California, of which
l,497, OO0qrs (11, 1916 900 bu) are on passage,
has been to lower the selling value to 26s
(74Mc per bu) and, as the grain was bought
at about 2Ss (SOs4c per bu) the loss is el49,.
900 %($71O.O00) on this single speculation"
StraWs show which way the wind blows
and, considering that a cargo of San Fran
cisco wheat is 1870 days in transit from
there to London, and that there has been
a decline of 9 cents a bushel in California
wheat since January 10th. with prospects
of a further decline, it is plainly apparent
that the California dealer is in a leaky YES
sci, too. 1t is estimated that the new crop
in Australia will be about II, 900, 900 bushels
of which they can export about II, O37, 500
bushels. Argentina has just harvested a
crop, from which they expect to export
56,0O0,00O bushels. and taking these two
counties alone, whose grain raising faciIi-
ties are of comparative recent date, and
therefore have never cut much OF a figure
in the wheat markets of the world, nor been
a very important factor in its prices, we
find that jointly they will export about TO-
100000 bushels, which nearly equals that
marketed by Minnesota and the two Da-
kotas, and to give a simple illustration of
the increased growth of wheat production.
l will cite the case of the Argentina, it's ex-
ports to the United Kingdom of Great
Britain only, We're: Crop year, 1891, 2,47S,-
456 bushels; crop year, 1892, 3,466,O96 bush
els; crop year, 1893. 7,745,5S7 bushels.
Australia is passing through an epoch of
financial depression that has simply par
alyzed all branches of business, financial.
mercantile and agricultural, which will
take them years to restore to a healthy
basis. Argentina is doing business under
a system OF deprecated currency, which. if
not restored soon, will result in ruin and
disaster to that country, gold having risen
IN value 5 to Z per cent in the last month
and as writer in the Liverpool Corn Trade
News says: "But a day of reckoning must
come. Argentina cannot go on forever
with a currency SO deprecated, compared
with that of other nations, to whom she is
so largely a debtor. 1t is the aim of its best
statesmen to return it to a specie currency
as quickly as possible, and when that day
comes, though ultimately it will be for his
lasting good, the Argentine farmer will
have a rocky road to travel. compared with
the halcyon days Of 1892 9 2-999, unless wheat
e worth much more than at present.
These W causes combined will necessa-
rlly oblige them to put their surplus upon
the market for a realization as soon as
possible after harvest, irrespective of the
market price or its intrinsic value. So it.
will be observed that the Australian as we'll
as the Argentine man is not embarked in a
very safe boat either.
L have in the foregoing statement of facts
and figures attempted to show such as nav
be interested. three things and they are:
First-lt does not and will not paw. as
long as present conditions exist, to raise
wheat, and particularly hard wheat, for a
foreign market. This is proven by the
fact that during this whole crop wear
prices at home minneapolis and Duluth)
have been and are now, far above an ex-
port basis, and it follows that the surplus
ovec and above what is required for home
consumption, OF hard wheat must be sold
at a loss.
Second-While the farmer has lost
money this year in raising wheat, it is also
apparent that the exporter, or middleman.
has lost too. But this difference exists:
The farmer assumes that every mans
hand is in his pocket and that every n
makes money upon his products and he
alone is the loser, and attributes his i'll
fortune to every one and everything but
the right one; the other says nothing, but
keeps at it, hoping for a luck yturn of the
card that will recoup him for his former
loss.
Thlrd-The absolute impossibility, and
lmprobability, Of the existence of what is
generally known as a wheat ring or "com-
Dlne," as | imagine that 1 have shown by
facts and figures as plainly as is possible
in an article Of this length that by a con-
current chain of circumstances, the chief
OF which is ov~erproduction, that raising or
exporting wheat this year on this western
hemisphere has been a losing business all
around.
HENRY CLEws weekly review of bust
ness says that to close watchers, the pro-