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

turn on Saturday.
The following figures are the prices of De-
cember option In the markets named below
and on the dates given.
Oct. o. Oct 10.
Minneapolis ... 65A 61%
Ch1cago .......... ................o 1B of3s
Duluth ........... ............... 15A 621A
81. LOUIS '................... ..IdH oo4
new YORK ........................l uB
These figures show an increase of 33sc at
Minneapolis, SAC at Chicago, 3Ac at Duluth,
SIC at st. Louis, 41sc at New York.
Three elements have entered into the mar
ket of the past week first wild and fanci-
full suggestion of the possibility of be-
tween Great Britain and France. Second,
extremely wet and cold weather in the North
west, resulting in undoubtedly large damage
to wheat that was 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 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-
hension is traceable, for it's foundation. to
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
fer the pretended war scare. England and
France are not at all likely to engage in hos
tilittes over the complications in the S0udan.
Such a contest would be folly On the part of
France for, in the initiative she would find
herself in 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 SGT down
as a fact, therefore. that the talk Of the pos
siDi!ity Of war between those two nations
has no foundation outside of the wheat bull
clique In Chicago with possible ramifcations
in New York.
The weather Of the past week in the North
west has been very unfavOrable for threSh-
ing. This work is carried on out or do5r5
and it cannot be done IN wet weather. The
storms of rain and snow have been p7ema-
ture and extremely severe for this season.
There is no doubt that a great deal of wheat
WI
threshirg has b9en retarded. This must
have its inevitable effect upon marketing,
which will probably appear more conspicu-
ousIy during the next TWO or three weeks in
the shrinkage of receipts both at primary
ard terminal points below figures that might
properly be regarded as normal.
Furthermore, the fact is pretty clearly de-
termired 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 to
indicate Those farmers who have private
facilities for storing wheat are evidently In
clined to refrain from forwarding supplies
beyond the volume sufficient to meet their
immediate cash requirements.
The reports from the European pogting
countries are not favorable to a large crop
next year There has been much suffering
both on the continent and Cn the British
isles, as well as in the territory north of the
Baltic from drCuth. Some relief in France,
Is reported, however, we'll 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
ume of the crop harvest. 1t has In very
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 ard that there is little ikeli-
hood CT a 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 50, but
speculation seems to be lacking in snap. The
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 it's issue of last
Friday:
Were there not an unusual lack of spec
ulative interest on the part of the general
country, 1t is felt that there would be a
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 good many places,
and added to the unfavorabenesS 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 Dakotas-
will certainly require revision: He is con-
fident that not to exceed 1s5, eco 900 Blu 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 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.