St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-15
The RUSSIAN UkASE.
Prohibition Of Rye Exports
Affects the Markets Of the
World.
False Notion Of European
Consumption and Natural
Necessity.
Prospects Of a Great Home
Crop Growing Brighter
Every Day.
European Comment and Sur
mise on the Decree to
Hold Rye.

HNEw YORK, Aug. Little prohibit
Gion of exports of rye by Russia. be-
cause of the official declaration that
famine is impending, has suddenly
affected the grain markets of the whole
world. Russia usually exports 50,00O,OOO
bushels of rye, and men reason that
other grain in large quantities Will be
required. Not enough attention Is paid
to the fact that European consumption
may be greatly reduced by high prices
and speculation. but we 90 on the theory
that every person must have so many
bushels or there will be starvation.
Before the year is over this notion will
probably be corrected. Wheat rose 81
cents on moderate dealings, and a heavy
operator at Chicago went down. Corn
rose 81, and oats 215 cents, with small
sales.
Crop prospects grow brighter every
day, and with the assurance that the
country will not only have enormous
supplies of grain. but market for 1t at
good prices, business Is improving
throughout the North. The movement
begins close to the farms. Country
merchants are buying more freely, and
the purchases are felt by Wholesalers
and manufacturers.
At Chicago an increase IS noted IN
almost every branch of trade except
cured meats. At St. Louis business Is
increasing in almost all lines, and at
KansasCity the cattle and packing trades
are light and wheat is not moving
freely, but the general trade is imprOv-
ING and health. At St. Paul business
is unusually brisk. The South is
in a very different condition. The
great surplus of cotton last year and
the prospect of an equally large crop
this year threaten a lower price than
producers can stand, and trade and col
lectionS are both poor in that section.
There is distinct improvement in the
demand for cotton goods, hich mills
can now produce with profit at lower
prices than ever, but the manufacture IS
much embarrassed by comparative scan
tineSs of orders for the future. The
monetary uncertainty operates to pre-
vent large commitments III advance.
Speculation in stocks has been dull
and tended downward. but oil has ad-
Vanced 1O14c for the week. Exports of
wheat for the week have been three
times last years and Western receipts
average about 100000 bushels daily.
L
August, though higher in London, and
sales of lake copper are reported at
11.95 cents. Labor troubles in the Omaha
smelling works have advanced the price
of lead to ~ cents. The advance in
prices during the past week has aver
aged nearly 2 per cent for all cOmmO-
ditIeS.
The money market here continues
easy on call, and commercial paper is
rather more salabe here and in other
Eastern cities, but there is still sense
of uneasines>. Foreign trade continues
to improve, for. while imports decline
largely, the exports for two weeks of
August have exceeded by nearly 10 per
cent those of the corresponding week
last year. If Europe is able to send cash
for all the food it will require this year,
it is probable that this country will not
lack money long. The business failures
occurring throughout the country dur
ing the last seven days number, for the
United States and Canada, 227, as COM
pared with total of 231 last week. For
the cores bonding week of last year the
figures rate at 175.