The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-06


| time looked as though it was a barrel With
out a bottom. The power of Mr.. Letter was
practically withdrawn from the market. July
was left TO float and general stump re-
suited. particularly in Chicago. The price of
! this option at the close of business Satur-
day. May %. in the markets named below
was follows
Minneapolis. $141k; Chicago. 81 .0dh: Du-
luth. 81. 40: ST. Louis. Ole: New York, 81. COS.
Last Saturday July closed in Chicago at
s2&c. and in Minneapolis at S1.33. Iris is
now cash wheat. and speculation turns to tn
| September option as the next feature CT in
terest in this line The closing prizes of
september on Saturday last. June 4. in the
markets named below. were as follows:
Minneapolis .. 79%
Chicago 1000, ..... 1881
Duluth S07s
St Louis T5R
view iork -.....-. ACKNOWLEDGEMENTS IS
The price Of wheat at this time for Saptem-
Der delivery. looks high, notwithstanding
| the fact that the public has been accus-
toned to seeing three figures and some of
these representing pretty considerable
value for this cereal for the last several
months The reports from all parts Of the
country regarding the growing crop of
both winter and spring wheat, with a couple
OF exceptions. indicate if conditions continue
TO tho maturity of the plant and it's safe
passage through the rlpening period. one of
the most. if not the most abundant, yields
that the country has ever enjoyed The ex-
ceptions are in Western Kansas, where
chinch bugs and rust are said to prevail to
degree which threatens a considerable
area. Fhe other exception is in North Da-
kota, where the Rocky mountain locusts have
put In their unwecome appearance 1t is
argued. however. on investigation that the
damage in Kansas will prove but slight; and
/ To th<r
| oence Is expressed that, by the prompt appli-
cation of advanced scientific methods for tho
treatment of this pest. the territory which
ne Will be capable of invading will prove
somewhat contradicted
Under such promising conditions, therefore
ana growing prospects, speculation in this
future will be like a voyage of a shin at
sea In a dense fog, and it will be only the
Dest haV1gators who will prove capable of
Ioreseelng the outcome. heavy crop here
may be supplemented by an equally heavy
crop abroad. and upon this possibility the
price IN August and September will depend
Meanwhile the public may be prepared for
all sorts of bearish rumors as to the thin
ness OF the crop, or its damage from ex-
cesslve rains, or from drouth or from hail.
hehce tnls option, probably more than that
OF any other one in the crop year. Is the
most uncomfortable with which a trader can
associate himself; for it is clearly playing in
the dark and against enormous odds either
to buy or sell at the figures now prevailing
The market Is settling on a new basis and
this settling process must continue until
something like correct estimate of the vol
ume or the yield can be made The statistf-
clan Will soon begin his computations and
his fancies and his dreams will be the bull
and bear pabulum: for it Is season of the
year when, both these elements sit down at
the same board to participate in the same
feast. Each In his turn becomes nauseated;
but year after year thy both go through the
same form, and would almost fret themselves
to death if they did not have this source of
diversion with which to occupy their minds
In the tedious hours of daily trading
Already the bulls are a little disturbed by
indications of an early winter wheat harvest.
During the past week there was delivered
botht.in %StstI5ouis and Chicago several car
loads of wheat the result of early harvest
ing in Texas. AS the crops in the states
farther northward develop, it is apparent that
the stories set afioat early last winter and
late in that season to the damage FROM
in the first instance, drouth during the au-
tumn months, and in the second instance
the effects of rain and sleet and freezing
weather, unaccompanied by snow, were great
ly exaggerated. Those who have Travelled
over large sections of the winter wheat Sec
ton unanimous in their statements that
the stand could not be better, and that owing
to copious rains. followed by good growing
weather, the plant is fully two weeks in ad-
vance of the past few years.
The clearances were very large during the
week. and the export demand continues
strong This fact will have considerable to
do with maintaining prices during the next
five or six weeks. The tone of the foreign
buying is exceptionally good for this period.
The scarcity of cash wheat has rarely ever
been equaled in the Northwest at the begin
ming of June Within the past two months
farmers stores of wheat were pretty gener-
ally marketed at the high prices with the
result that only minimum volume-less than
one million bushe.s-could be assembled to-
day in country elevators, while the receipts
at Minneapolis and Duluth at this time are
approximately only about one-eighth of those
of last year, well Of the two or three
years directly preceding. To supply the de-
mands Of millers and to meet the wants of
foreign buyers there must be considerable
scratching for cash wheat. Argentina, from
which source forty millions of bushels were
promised. after the harvest in January last
has practically petered out, and the shipments
thence to European ports will probably not
exceed from twenty-five to twenty-eght mil
lion bushels.
The Northwestern Miller in it's issue of
June 3, had this to say regarding the general
outlook:
Reports from France received Saturday
ebay 2D were of bearish nature. They in
Dictated that the prospects for the growing
crop are better than ever before known, and
that the chances are that France, this year.
will be an exporter instead Of large buyer
as was the case the past year. The recent
cold weather and rains in many portions of
Europe caused more or less anxiety as to the
possible effect on crops. 1t is to be borne
in mind. however, that the plant had very
good start and that little cold weather,
that would cause it to root deeper would be
more beneficial than otherwise. Such reports
were especially noticeable as coming from the
United Kingdom and from SPAIN France and
Germany In Italy tco there has been some
complaint about the recent weather but no
information is received showing any particu-
lar inquiry to the grain crops in that
country. The spring sowings in Russia are
we'll spoken of. and were conducted under
good conditions, the weather on the whole
being seasonable. A larger acreage was put
in, except in provinces where good seed was
not easily obtainable. AS a larger part of
the Russian crop of wheat Is of spring growth
a favorable seeding time Is an important
matter in the prospect for full harvest
The recent conditions of weather in this
country have been considered generally IA
vorable for the wheat CROP but it is alto
gether probable that too much rain has ia len
in some localities. While the result of this
excess of moisture may not be noticeable at
present there may be great danger that later
on rust and consequent blight may come of
it. Rust is even showing itself now in sew
eral portions of the Southwest and brighter
days and drier weather are especially needed
to bring about the best results. There is
more danger even now of too much wet
than of to much dry weather in the spring
wheat section Of the Northwest But a
strong root has gone deep into the ground
and the plant is in unusually good condition
to withstand the effects of possible heat and
drouht liable to come in later in the season