The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-26

tween Saturday, Sept. II, and Saturday, Sept.
| "a, in the markets named below:
Sept. "a. Sept. II.
Minneapolis .......... ..........641s 6l4s
| chicago .......... .............6694 62A
Duluth ............ .............0!A ooA
| 81. Louis .......... ............6S 0o7s
| New YORK ........ ..............1474 tU14
These figures show an increase in price at
Minneapolis Of &c. Chicago, 112c; Duluth, &c;
New York, 41Ec, and a decline of sc in St.
! Louis.
There was considerable strength developed
IN the early part Of the week. The demand
for cash wheat was coed and the foreigners
| appeared to be in the export market to a
! degree that was hardly looked for
| 1t is quite certain that in the winter wheat
| sections the farmers are practicing consider
able conservatism in the matter Of marketing
| their grain. In the Northwest threshing has
not advanced as rapidly as usual. Much Of
| the grain is In the shock or stack, and, heavy
rains in some Of the most important sections
having interviewed between the stacking and
the threshing periods, large areas of stacked
wheat are not in proper threshing condition
1t must needs dry out before going to the
machine.
The receipts Of Northwestern wheat have
faen remarkably light this far Compound
reasons are advanced for this fact. The pre-
vailing theory of conservatism in the way
Of marketing does not find much support
in view Of the fact above noted that thresh-
ing has been delayed necessarily on account
CT wet weather. Complaint is now heard from
elevator managers that they cannot secure
cars sufficiently rapidly and in adequate sup
ply to move the grain as fast 1t is offered.
This is an absurd excuse. 1t is we'll known
that the railway lines have been for weeks
preparing to respond to this demand, and
their eagerness to secure traffic is not at
all likely to be eclipsed by their desire to
see the price of wheat advance. The rail-
ways secure no more for the transportation
of grain when it is $3.50 bu than when 1t
Is 69c. The movement of this crop is in many
sections a main source of revenue to the
carrying lines, and 1t is not at all likely that
cars would be withheld at such a time
when 1t is known that every grain-transport-
ing road OF the Northwest is abundantly
supplied with all the equipment required for
this class of service Some better excuse
must be supplied by the bulls for failure to
get the wheat into the market than one so
fimsy as that noted.
Foreign conditions of crops are still an
undetermined quantity. Later reports would
seem to indicate that the French shortage
heretofore talked Of was mythical. Here IL
what Beerbohm had to say in his London
List of Sept. 9:
amount of caution, but the absence of any
pressure to sell new wheat In any direction
Is beginning to make itself felt, and the
opinion Is gaining ground that the period
OF overwhelming supplies from the undoubt-
edly large crops Of 1898 is being indefinitely
adjourned. This is not f1cult to understand,
because, as we have frequently tried to point
out, q comparatively abundant worlds crop
Of say 1925 to $50 million quarters, COM
pared with requirements of 80 to 315 million
quarters coming at a time when stocks of
| old wheat are practically down to all ire
! ducible minimum, is quite another matter
to similar size crop coming upon big re-
serve stocks as in 1894 and 1896. In other
words, the surplus from the 1898 crop, what
| ever 1T may prove to be, will be easily sWal-
lowed In partly filling the gap made in the
past two years in the worlds reserve stocks
This indicates a confidence that owing to
the thorough cleaning up Of the granaries of
the world there will result a disposition to
hoard supplies for future emergencies The
| effect OF such a maneuyer, although intended
| to deal more particularly with other crop
| years than the present, will necessarily be
! felt now. 1t is the rush to sell at the
| close of the threshng period that has SO
! much to do with the knocking down of prices.
! Why should not the farmer hold his wheat
for subsequent sharper demand just as a
| well-to-do dealer either in merchandise or
real estate holds on to a good thing when he
| recognizes it?
| The Northwestern Miller, in it's issue of
Sept. 2S, says:
The situation of the country is very well
! illustrated by local conditions during the
| week. The arrivals were larger than usual
| this season, and yet, instead Of an increase
! OF supplies, there was q decrease of some
| 10000 bu. Decreases in local supplies are
! not uncommon, but there having been large
! stocks left over in previous years. moderate
| decrease created no surprise and little con-
sideration. But, with supplies small as
! this season, consumers are led to calculate
! how they may find in the near future the
| position OF stocks as related to their own
requirements. The end Of the week found
! supplies down to little more than 800 600
! bu, an amount equivalent only to four days
! local consumption, for our mills are run
ming at a rate Of 225,OO0 Blu daily and may
be expected to equal that activity through
the entire autumn.
| If there should come a ralnstorm or any
accident OF weather to check receipts it is
plain that local supplies would very soon run
out. The premium paid for spot wheat
anove wheat for more distant months is
! nigh in all parts Of the country for de-
! spite the extra premium paid in this mar
Ket' large amounts from sections that usua.-
~ come here are going to other places,
It follows, therefore, that this situation Is
! general and not one of locality as many
dealers at the different points seem to sup
pose. While the same active demand holds
out IT may be expected with good reason
| that prices of spot wheat will for a long
time compare favorably with December and
May prices. 1t may be that, when specu;a-
tlCn once again enters the breadstuffs mar
ket, as it usually does a little later than
! this in the season. the situation may re-
verse tta ana futures take their old-time posi-
cash demand for current use will eyidentiv
be excessive during the greater part of this
crop season, for, with no stocks to build
upon and farmers selling as little as pos
sible, Shere will in the near future be a
natural curtailment of deliveries. That will
! tend TO keep strained demand for spot
! wheat. II there had not been such seyers
losses by persons who held future wheat
! on the late deal there would be less ten.
! dency at the present time 10 hold off from
! speculative buying. AS it is, to hold off ia
the rdle, while spectators attention Ia d.
! rected to other channels of trade.
|
HOLDING BACK OF WHEAT