The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-15


The following figures show the comparative
prices at closing OF the September option last
Saturday with the figures of the week before
in the cities named below:
Aug. IS. Aug. 6.
hiuHedPoAS o09S oo1A
chicago .659s 68H
DuI9th ..... ...........66!s g.
New York =. ........ .n1s 7sls
These figures show a decrease at Mime
apolis of 1ssc; at Chicago of 25sc; at Duluth
of PIC; at st. Louis of &C. and at New York
of 2Ac.
One factor which has been utilized during
the week in the interest of the bull element
relates to the possibility of hosilities between
England and Russia This news coming i'm
mediately after the suggestion of the week
before that Russian ports might be closed
against shipment of wheat from that country
had the effect Of stimulating the belief in
immediate higher prices. The granaries of
Europe have been practically bare Of wheat
for some time past, and the large export
shipments of July indicate that there was a
lack of reliance upon European sources of
supply. So far as hostilitIes between Russia
and England over the Chinese railway scheme
are concerned, there does not appear to be any
foundation for apprehension that the nations
will attempt to spill blood over a question
which can be just as easily determined in the
closets of the premiers Of the two nations in
volved. What may result later along in con-
nection with this subject is matter for sub
sequent consideration. The wheat crop of Rus
STA is just now unknown; so also Is that Of
the continent of Europe and fortnight must
elapse before any correct idea can be obtained
as to the probable yield for consumption by
the people in this section of the earth.
OFT IrDi mo no IN try nd
the conditions existing are almost identically
those which prevailed a week ago. A great
harvest Is being gathered. In some sections
there are evidences of blight in the filing out
Of the ear. but in all sections there is
in the aggregate splendid average return
promised. This may mean much or little to
the farmers. The prices Of the future are
yet to be made by the demand and the abili-
ty of, the world to furnish the supply. In
dia and Argentine are always to be taken into
account at this season of the year, inasmuch
as their harvests do not occur until the
winter months of our altitude. It Is said
that India will supply a good crop. That of
Argentine has not yet been sufficiently far
outlined to warrant fair estimate as to the
results.
The assumption is a fair one that the
winter and spring wheat belts in the United
States in the present crop year will supply
an enormous surplus. Without manipulation
or speculation there is little probability OF
any great advance in the price of wheat
being realized. The farmer will simply have
to rely upon volume produced rather than
prices possible Of attainment, but 1t is a.
generous year so far as yie.d Is concerned
and there is no doubt of the fact that much
good will result from a quiet Withholding Of
stocks from the market by those who can
afIord to operate on this line. The rush to
market, which so often is witnessed In the
Northwest and due almost wholly to the
poverty OF the farmer at the time when
ne gathers his crops, Is not likely to occur
at the present time. Those who have wheat
and are able to store it will be apt to take
advantage OF their opportunities and not dis
pose OF their product until they shall be
pretty thoroughly Informed as to the condi-
tlon which prevails throughout the world
concerning the demand for the cereal There
VIII be no inspiration for a scare lest values
shall decline to the point of loss of margin
above the cost of production.
The Northwestern Miller in it's review of
Aug. IL says:
Cash markets In the East and also In the
southwest are strong as a result of uyintor
wheat farmers selling slowly apparentlv not
caring to dispose Of their wheat at present
prices. Inc movement OF new winter wheat
vas very small during the week, compared
with former years. AS a conseouence the
Visible supply decreased this week nearly
LOCO eco bu Threshing returns from many
localities in winter-wheat states continue tn
snow reduced yield from that Anticipated
In Michigan, however, the best crop for years
as to quality and quantity, IS said to have
been secured ~ nav
The export demand for the week was good
ana foreign markets responded fully to the
advance In America. Sales for EXPORT how
eVer' were restricted to a considerable ex-
tent By the small offerings. The short in
terest Is said to have been materially reduced
during the past few days, but with traders
as a rule, yet bearish. The light movement
and strong cash demand still tend to keen
eh9m from heavy dealings ON the short side.
Heavy rains during the week caused a let
up in harvesting in the Northwest, besides
oolng some injury to wheat. This was one
OF the chief causes of the advance, for it
put the wheat in condition that would make
1t unit for some time for milling. Miuers
who previously to the rain were PRACTICALLY
out OF the market suddenly became active
buyers of anything that could be obtained
at all suitable for milling purposes and that
would carry them along few DAYS The
weather this year is similar to that durine
July ana August in 1891 and 1895. In both
OF these years large crops were raised. with
very full kernel. This promises to be the
case again this year. In 1891 heavy rains
came about the. middle OF August In the
the shocks became wet and were very diff,
cult to get into condition again. Gonsid-
cradle grain stood all winter in shock while
much OF that stacked was put in such poor
condition that great deal Of it was damaged
before it was threshed in the spring. Since
the heavy rains the weather has been fine
with cool nights and not too warm during the
day, so prospects have improved. What new
wheat has come in is Of good quality and
dry. With favorable weather during the NEXT
two weeks, the Northwest will raise a large
crop of wheat and of fair to good quality.
COMPARATIVE WHEAT RECEIPTS.
Receipts of wheat at winter and spring
grain markets for six weeks, July / to Aug
8. with comparisons, in bushels, Compiled
by the Cincinnati Price Current:
1898. 1897. 1896
st. Louis ..........1 1876 900 1872 GOO 09S COo
Toledo ........3, $4,000 1885. COO 1'e56'C05
Detroit :. ......... 545 900 230, goo 41S.GO1
Kansas City .......2, 1884, 900 4,246 900 S22.00l