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


the condition of the crop, and the cable quo
tations did mot afferd much in the way of
encouragement towards higher prices. The
closing on Saturday showed a striking degree
of weakness, cash wheat falling precipitately
cents per bushel. This incident was due to
the reported consignment Of large shipments
of the new crop of the Northwest to milling
points.
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. 49, Aug. 6.
minneapolis .-.s.... ..............6 53s 664
Ghlcago :. -...... .......... e5as 6sRi
DuiuCh .6b12 by
new YORK ........ -........,.u1S 1872
These figures show "a decrease at Mime
apolis of 1ssc; at Chicago of 25sc; at Duluth
of 212c; at st. Louis of nc, and at New York
of 2ssc.
One. factor which has been utilized during
the week in the interest of the bull element
relates to the possibility Of hostlities between
England and Russia. Yhis 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 graRa4fes of
Europe have been practically bare of wheat
for some time past, and the large EXPORT
shipments of July indicate that there was
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 question
which can be just as easily determined in the
closets of the premers of the two nations in
Volved. What may result later along in con-
nection with this subject is a matter fer 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.
Returning now to our own country, we find
the conditions existing are alnlo5t identicslly
those which prevailed 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 a 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 abli-
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 1t is said
! that India will supply 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 it is a
generous year so far as yie-d is concerned
ana 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
afford to operate 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
he gathers his crops, is not likely to occur
at the present time. Those who have wheat
and are able to store it viii be art to take
advantage OF their opportunities and not dis
pose OF their product until they shall be
pretty thoroughly informed as to the condi-
tion Wh1cn prevails throughout the world
concerning the demand for the cereal. There
VIII be no Inspiration for scare lest value,
Shall decline to the point of loss of marpi,
above the cost of production.
The Northwestern Miller in IFS review ~
Aug. u says
Cash markets in the East and also in the
! southwest are strong, as result of winter
wheat farmers selling slowly -appa reniIv not
o osians 70 dispose OF their wheat at present
prices. Inc movement OF new winter wheat
was very small during the week. compares
WIN lornef years. As a consequence the
! ViS dd supply decreased THIS week nearly
! i,OyVtC0 Blu. Threshing returns from msny
! iocallties In winter-wheat states continue ia
/ snow reduced yield from that anticipafed
In Michigan however, the best crop for years
/ been secured -
! The export demand for the week was good
| and 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 shcrt IN
terest IS said to have been materially reduced
as rule, yet bearish. The light movement
1 and strong cash demand still tend to keen
/ them from heavy dealings on the short side.
49,, ae ca rams during the week caused let
! up IN harvesting in the Northwest besides
I DONG some injury TO wheat This was one
! or the chier causes of the advance for it
put the wheat IN condition that would make
1t unit for some time for milling Millers
who previously to the rain were practically
out or the market suddenly became active
buyers OF anything that could be obtained
! at al suitable for milling purposes and that
would carry them along few days The
I weather this year is similar to that during
I 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
/ farther north, where the later harvesting is.
the shocks became wet and were very diff
1 cult to get into condition again Consid-
+. cradle grain stood all winter in shock, while
much of that stacked was put in such poor
! condition that a 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 large
crop of wheat and of fair to good quality
COMPARATIVE WHEAT RECEIPTS.
Receipts of wheat at winter and snrins
grain markets for six weeks, July to Aug
8, with comparisons, in bushels conDllefl
by the Cincinnati Price Current:
1898. 1897 1896.
St. Louis II, 1856 900 1872 GOO 8 O9S. cor
Toledo -. {, 079, 600 800 coo 1.656'f0l
! Detroit So, 600 230. eco Alb Coz
Kansas City .......2, 763. 600 4246 600 SO. 90
i Cincinnati 1O4,oO0 $4,000 III ,001
Winter wheat .7,s77,OOo S,SSs. OCo GIGS go,
Chicago -. L, 501, COO /, 53S O00 s391. coz
/ Milwaukee ;. 49,. 100000 s32 COO 81 .(of
| Minneapolis IL ,e26, coo 491S 900 q 3at O0f
/ Duluth 49,. ...... 592, coo 1880 coo 6O13 Coz
Spring wheat "A 1853 COO 10 GAG COO IA so Cor