The Saint Paul globe., 1898-08-08

neapolfs and Chicago marke.s. The TO lowing
shows the comparative prices at, the closing
last Saturday with those of the week b, fore
in the markets named below:
n,.ou Aug: 6. July 80;
chiapoiis chip ..'... '......-........oo 61is
Duluth ........ ...........e9 GO 64A
~. LOUIS .....'................. MA oSts
New York ........ ................7SlA 69B
These figures show an advance at Mime
apols of 45sc, Chicago of 41sc. Dulu.h of
49sc, St Louis Of 5hc, and at New Yo;k OF
4ssc.
The reasons for this advance are found to
exist in the lightness of the receipts at l.
mary points and the evident indisp positioa OF
farmers to precipitately market their s.oc- 8.
Threshing in the winter wheat sections has
been going on very generally, but there is
no haste manifested to get the stock in the
market Notwithstanding the gradual ad ance
which has taken place during the past TO. t.
night.
The market in all the principal centers
opened Monday with conditions favcrable to
the bull element. Early in the week came
reports to the effect that the an icira ed
disappointment in the yield in Russia Lal
influenced the government to prohibit ex-
ports from that country. AS a temper ary
advantage to the bulls, the news worked
very well, but, inasmuch as this is a s.ereo-
typed report due about this season of every
year, and there being reliable foundation
for its circulation at this time, the effect was
merely trifiing. The reaction occurred from
higher prices about the middle of the week,
on lower cables from Liverpool, togeth with
exceptionally favorable crop reports from the
Northwest. Later, however, there were init
| mat ons OF damage to the Russian crop, end
thls condition Is supposed in limited way to
exist, though to what extent Is not known
The bull element have also some advantage
In raising prices, because of the uncertainty
winch seems to hang over the prop C of
the corn crop.
Harvesting has been advancing rapidly in
South Dakota. where the yield. it is thought.
Will prove to be very much larger per acre
than for years past. Severe storms are re-
ported to have affected injuriously perhaps
as much as 10000 acres in that state Ex-
animation of the heads of the wheat gather d
IN many sections indicate a fa.riy healthy
growth of the ear and plumpness of the grain
there being far less shriveling than was
, earlier predicted. Although the drouth in
the extreme western portion of South d.
kota, as well as in North Dakota, has been
broken by these storms, they have ccme at
time when they interfere with harves q.
Inc RAIN fall has, in some quarters bean
SO persistent and heavy as to saturata tn q
grain in the shock and cause some danger
of sprbuting .
AS yet there is nothing definite obtainable
regarding the Russian crop and it's probable
yieio' and upon reliable news from this
source the future prices in this country
largely depend. Reports from France indi
cate very satisfactory condition. as we'll
as on the Continent generally, with few ex
ceptions.
Inc cnlef element entering into the possi-
btlftles OF higher ranges of price exists in
the uncertainty as to the disposition of the
Northwestern growers to forward their grain
to the market. Speculation upon this noint
IS variable. The elevators are emptv ready
to receive anything that comes along. but
vi lne other hand, 1t is said that the pc
cunfary condition of the farmers is one of
SO much comfort that. they will be ant IN
be d1latory in coming forward with their SUD-
plles' Inc rising prices in the St. Louis
and Kansas City markets toward the close
OF the week were accepted as indications first
OIL disappointment in the volume of the
crop, and, secondly, in the evident withhold
ing OF the grain at the present time by the
armers in those winter wheat sections II ,s
probable that both elements have much to do
with the advance, and the situation there
iore' Is one OF equal uncertainty with that
prevailing this time last year. The bears
are easily frightened and go to cover upon
the slightest indication of a rise. which fact
demonstrates their lack Of confidence In low
n,
| ticeable that whenever the bulls have an on
portunity to realize upon an advance Of n
point or two they take advantage Of a
nlgneSt price to do so.
There is a good demand by the m;lIers for
all seasoned grain. They seem ready to buv
vi with A. an unusual n, readiness at this period
unusual demand for flour existing as con-
pared with other years.
The Northwestern Miller, in its review of
| Aug. 5. says:
The movement of new winter ,yboo+ L. 49,.
so large as was anticipated, but it is ex-
pected to increase from now on. The visible
supply sup 2 decreased 2ss, 600 bu during the week,
and now amounts me to only about 5000, 900 bu,
against 100000 bu last year. 4s, 900 COO IN
1896, and 10000, 900 in 1895. This strong de-
crease IN n tn the visible supply brings out sharp
~ the 1act that old stocks are greatly ex-
hausted. In view Of this, it is believed there
will be rapid distribution of the early
onerings S; from the new crop. Such distribu-
and there will hardly be any burdensome
amounts 70 carry at any place. Then. too.
1T IT. is felt that cash purchasers of new wheat
Will be more disposed to buy readily from
large arrivals than they now are to take
hold OF the same amounts of old that are
coming in. Spectators do not want the old
at the prices, because they expect Steady
declines. Millers want no more of 1t daily
than Is needed for present USE for. as the
tendency now is to decline, they expect to
| ceeding day. This condition tends to re-
move all speculative ideas from the market
and the trade Is waiting for the new crop
movement.
Inactivity necessarily creates depression.
which, experience shows, always exists when
there 1s no market corner to support values
There being few buyers, the small offerings
that are made by producers and by those
contracting from producers, or by those ex-
| pecting to buy at much lower prices when
| the grain moves, ends in there being few
purchasers on speculative account When
the situation changes and the new crop be-
gins to move freely, such activity, If prices
are low. will bring into market small specu-
panies, too, will want all the grain they can
get to store in their houses which are yerg-
ing on emptiness.
There is a great difference between the
demand for grain to fill houses entirely
empty or houses half filed. as they were Ii,
near 100000 bu per week to grind
which, with the shipments required by other
mills buying here, will leave little for ele-
season of the year. Seeing this, elevator man
ayers at terminal points will move actively
to create a surplus in their storehouses TO
earn elevator charges. With all these demands
upon the first marketings the trade is like
ly to become impressed with the superior de-
mands, which, in turn, will naturally excifa
prices, and there is reason to believe that
markets are now practically on bottom values.
COMPARATIVE WHEAT RECEIPTS.
| Receipts of wheat at winter and sprins
grain markets for five weeks, July / to Aug.
1, with comparisons, in bushels compiled by
the Cincinnati Price Current:
s. ss,,5s Louis 5syS 3Ss, rs lsss
Te'eSi psroit asss sSSS 13sssSS$ issSS$ 1 SS SS
| Kansas City -. 1979'0O0 26aS G60 AZ 0O0