The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-24

days to stimulate the price, though reaction
came on Friday with a renewal of an upward
turn Saturday.
The following figures are the prices Of De-
cember option in the markets named below
and on the dates given.
Oct. o. Oct. Is.
Minneapolis ............ ........ .65A 619s
chicago .......... ............... Is b47S
Duluth :........... .............59A 621s
81; LOUIS %s,- ..................:..... 6SA
New YORK ........................76 IT'S
These figures show an Increase of 37sc at
Minneapolis, SIC at Chicago, SIC at Duluth,
| 313c at ST. Louis, 41sc at New York
Three elements have entered into the mar
ket OF the past week first, a wild and fanci-
full suggestion of the possibility of war be-
| tween Great Britain and France. Second,
| extremely wet and cold weather in the North
| west, resulting in undoubtedly large damage
to wheat that stacked Third the de-
velopment Of hesitation ON the part of farm
ers generally to sell their wheat at the
| present prices. Furthermore, the export de-
! mand has been a little more sharp than was
anticipated.
The European dealer is terribly apprehen-
| sive in view of the short supplies existing on
the other side of the Atlantic that something
! POLITICAL or otherwise, is likely to occur and
| which he calculates will have a tendency to
advance prices materially; and this appre-
the smallness of held-over stocks and the in
| ability to make much progress in the way
| of replenishment in view of the continuous
demand for milling supplies
! There does not appear to be any foundation
| for the pretended war scare. England and
| France are not at all likely TO engage in hos
tilites over the complications in the Soudan.
Such contest would be folly on the part of
! France for in the initiative, she would find
! herself in a corner and helpless in her at
| tempts to accomplish anything except her
complete ruin as a republic. In the second
place England does not want a war on her
hands at this juncture in the political affairs
/ of the world. Her material interests are too
| wide spread and complex to admit OF en-
barkation in a war with a power like that OF
| France, in view of the late alliance between
that country and Russia 1t may be sst down
as a fact, therefore. that the talk of the pos
sibility of war between those two nations
| has no foundation outside of the wheat bull
clique in Chicago with possible ramtfcations
| in New York.
The weather of the past week in the North
west has been very, unfayorable for thresh-
/ ing This work is carried on out or doors
and it cannot be done in wet weather Inc
storms of rain and snow have been prema-
ture and extremely severe for this season.
There is no doubt that a great deal Of wheat
has been seriously damaged. Certainly
| threshing has been retarded. This must
have it's inevitable effect upon marketing,
which will probably appear more consptcu-
ously during the next two or three weeks IN
the shrinkage of receipts both at primary
and terminal points below figures that might
/ prCperly be regarded normal.
Furthermore, the fact is pretty clearly de-
termined that marketing of grain is not go
ing to continue on so free a ratio during the
remaining weeks of the calendar year, as the
| marketing of the first few weeks succeeding
the close OF the harvesting period seemed 20
| indicate. Those farmers who have private
| facilities for storing wheat evidently in
clned to refrain from forwarding supplies
beyond the volume sufficient to meet their
immediate cash requirements.
The reports from the European importing
countries are not favorable to a large crop
! next year. There has been much suffering
| both on the continent and On the Bri ism
| isles as well as in the territory north Of the
| Baltic from drouth. Some relief in France,
is reported, however, as well as in Italy,
| Hungary and England; but beyond these
areas the complaint is general that the rains
| are insufficient In India the conditions have
| improved during the past month. The same
is true both in Argentina and Australia.
| From various points, however. the reports
are in line of disappointment as to- the vol
few instances even approached expectations
or the estimates given by experts.
| Nevertheless, it must be borne in mind that
| the crop of the United States is unprec-
denteGly large and that there is little ltkeli-
! hood CT q continuous demand for export to
anything like the extent realized in the clos
! ing months of 1897 and the earlier months of
| the current year. The milling demand is
we'll sustained and likely to continue So but
| IotiO on 20 ho loo in Dbo
bull is tired. He fears that any stimulation
! that trading on his side is likely to impart
| must have the effect of bringing wheat to
! the market in so abundant supply that prices
| cannot be maintained. The bear is tinid and
| will continue so until more is known as to
| the volume of the European crop, and until
| the contributions from India, Australia and
| Argentina can be more accurately computed.
| The following are the views advanced by
| the Northwestern Miller in its issue of last
| Friday:
Were there not an unusual lack of spec
! ulative interest on the part of the general
/ country, it is felt that there would be
! higher market. Quite general rains have pre-
! vailed in the Northwest during The past week
| and have not only made roads bad and cut
! down farmers deliveries, but probably done
more or less damage to wheat in stack in
| the northern part of North Dakota. Snow
! accompanied the rain in a good many places
and added to the unfavorableness of the sit
uation.
A conservative elevator man who has been
! travelling for a week in the Red river valley
| and seeking information from every posi-
Bile source, says that the wheat crop in the
! North is quite spotted and that the original
estimates Of the total yield for the three
states-Minnesota and he two Dal1otas-
! will certainly require revision. He is con-
fdent that not to exceed 1S5,OO0NOO bu Will
| be secured, if that much is. However, he
thinks that the exact yield will never be
known, owing to the thorough cleaning out
! OF supplies last year as a result of high
prices. Unless very high prices are again
! realized more or less Of this years crop is
sure to be carried into other years, so that
marketings this year are unlikely to be a
fair index of the true yield The farmers,
with their new creameries and good prices
! obtained for coarse grain and other articles
| they raise are in an exceptionally strong
| position to hold their wheat If so inclined
! and that inclination is natural to them.
| COMPARATIVE WHEAT RECEIPTS.
Receipts Of wheat at winter and spring
| grain markets for sixteen weeks. July L to
| Oct IT, with comparisons, in bushels, COM