The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-12
HOLDING THE WHEAT
Present Conditions Are Eloquent Of
Prosperity Among Farmers.
TERMINAL HOUSES ARE DRAWN ON.
Receipts Are Light and Millers Must
Have Their Raw Mia
teriaI.

- -. . = ~ Z d AZ v VI +
Northwestern farmers are pretty indie
pendent nowadays. Every little while
some evidence comes up of the fact that
tne farmers In Minnesota and Dakota are
more prosperous than ever before. Not
the least significant evidence Of the finan-
clal condition of the farmer is found in
the crop movement.
Last summer when it became evident
that big wheat crop had been raised
there was much talk Of the effect upon
prices that would follow when the farmer
began to rush his wheat on the market.
1t will be remembered that wheat sold
here at one time during the summer
maintained all through that the .crop
movement would not necessarily be SO
heavy as to swamp the markets, as al ;
lowance was to be made for the general
prosperity of the farmers.
That those who took the latter view
were nearly correct has been shown
forcibly of late At<least 80 per cent Of
the wheat raised last year has not yet
gone off the farms. The farmers will sell
their holdings when they get around to
it. They are not hard up, and do not
have to sell. II it becomes evident that
the winter wheat crop is beyond danger,
perhaps some will sell who now hold on
awaiting the possibility of damage re-
ports to put up prices. Perhaps ma
terial advance in prices would bring out
the farmers surplus. Perhaps it would
not. At any rate, the farmer is an i'm
portant element this year, and his moods
have to be reckoned with in any attempt
to gauge the future crop movement.
Stocks of wheat in local elevators are.
decreasing this week at the rate Of over
$4,000 bushels days and will probably
show a falling off of $4,000 bushels for
this week. This is because there is not
enough wheat received here daily to sup,
ply the milling demand and to some extent
millers have to draw on the big terminal
houses for their wheat to grind. Mime
apolis wheat stocks, according to indi-
cations ruling up to three weeks ago,
should now be over 100000 bushels. as
the local elevators were filling up at a
rate to have made this figure easily, but
the lighter receipts stopped this and an
other two weeks Of 1t will probably see
the local stocks fall off from the present
total of 1926 900 bushels to under 49,
100000 bushels.
The local grain men regret this very
much for the reason that it was generally
thought that this crop year would see the
breaking Of all records by MINI eapolis as
q primary grain market. On the previous
crop, from Aug. /, 1900, to- Feb: II, 1901,
the receipts Of wheat were 50,280,0 900 bush
els, while on the present crop, receipts
here from Aug. I, 1901, to Feb. IL, 1902,
were 61,570386 bushels. Here is a gain
on a little over half the crop year of
11,289,786 bushels, and with this lead and
the fact that the quantity of wheat yet
! in farmers hands is estimated at 80 to 80
per cent, the outlook for continued good
| bushels in grain received here was never
| better at this date. Grain men do not eX-
pect the movement to get back to its
| normal proportions for the present, as IN
| addition to the other factors that tend to
make light receipts, there is the uncer-
| tainty regarding the pending tax bill.