The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-13
MINNEAPOLIS GRAIN.

MINNEAPOLIS, Aug. 12-The market for
today was one of the most active and eX-
cited wheat markets that has occurred for
many a month. The net gains were not phe-
nomenal, but the suddenness Of advances and
declines were of the exhiliarating sort, and
sufficient to make the onlooker thrill with
emotion-a sort of patriotic feeling-and
deep longing to be in the fray. An advance
of 31sc for September wheat was scored quite
early in the session. jump from soc to S31sc
for September wheat is reminder of the cd
days, when prices jumped around from to
10 points in a minute or two. The cause for
this extraordinary action on the part of the
market is not far to seek. 1t is fully aseer-
tanned that Europe will require at least u
per cent more than usual to see her through
the crop year. 1t is also beyond peradven-
ture that the surplus of the United States
is the only granary in the world to draw those
supplies from. 1t is also beyond doubt that
the aggregate surplus subject to export from
the United States will be much smaller than
for years. Hence the present anxiety of i'm
porting countries to secure-whle it is yet
time-sufficient for their prospective wants.
There is such a thing, however, as pressing
an advantage gained too far, and we believe
that the present radical movement will show
later on that all favorable conditions have
been fully discounted for fully. sixty, days
ahead. We believe the property is good ult-
mate.y, but in the meantime the interest
must be paid. We hear mutterings already
that if the foreigners insist upon delivery of
September wheat bought that prices for Sep
TENDER wheat must advance to a still higher
plane; on the other hand it is argued that the
QelIFery or these purchases Will not be in
sisted on, and that the probabilities are all on
the side of easing up, and a consequent
enhancement in values for more deferred flu
lures. Importing countries not yet in
the throes of hunger, they have simply acted
like the fruga. housewife-secured their SUP
plies and perhaps little more than will be
actually needed, and be in position to help
out their neighbors who have been less provi-
dent.
The news of the day was confined almost
entirely to cables and market quotations. OPP
a a uvIQ ot
to gossip about ifs or butts" First cables
quoted Liverpool 1 penny higher; second ca
bles added I'D, and third cables reported a
slight recession with the market nervous
Paris cables quoted wheat 80 to rs cent:mes
higher and somewhat excited, and Antwerp
121a centimes lower. New York reported six
loads taken for export, which is very light
compared with several days past. Clearances
from the seaboard aggregated 602G0 bushels
of wheat and -four. Crop reports are not quite
so bad as they were yesterday, and generally
report some Improvement because of more
favorable weather 1t is generally conceded
now that large portion Of the crop of South
shrunken and not up to grade. The Price
Current, in its review this morning SAYS that
the wheat crop has not deteriorated during
the past week, and sticks to the statement of
a good average crop.
September wheat opened at SO%c. against
Soc Yesterday; advanced Nc dropped to soc,
advanced with many ups and downs to S31kc
dropped to S21sc, gained Ac, sold at S1sSc
gained nc, declined to S1kc and firmed I'D to
Size by H:5o a. M, and remained steady up
to noon.
December wheat opened at 1880, against
1870 yesterday; declined to 7Sa4c advanced
to S2Ac, dropped to SOC, frmed up to SO5kc.
declined to 79%c, frmed up to sO4c. sold at
1870, advanced to S0Ac, declined to 791hc, and
advanced to S0Ac by 11:50.
Offerings of cash wheat were light and all
eagerly sought after at 1Oc premium over Sep
TENDER for No. l northern. Low grades sold
well. Sales were made as per statement be-
low. Receipts here were Sc cars; shipments,
240 cars.
During the last hour of the session the
market was again very strong and active on
late private cables. Liverpool reported that
the French were repurchasing cargoes of
wheat. London reported large sales of car
goes to the continent. The latest Paris cab. es
quoted August wheat as worth s1.51A per bu
These statements are rather sensational and
coming so long after these several markets
closed should be received with reserve. Sen
TENDER wheat closed at Size and December
at S0Nc