The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-27

Chicago ...... 900. ..........6 6A 81
Duluth =. =. ................671s 6Sss
81. Louis =. .... ..............65A 64A
new loIh -..-...,---... ~ 1913
These figures show decline at Minneapolis
Of nc; Chicago. of &c; Duluth. of &c; New
York. of 1%c, and a gain of sc at st. Louis.
The chief occupation of traders during the
week has consisted of computing Mr.. Letters
additional losses, which are said to be one
million dollars in excess of the amount ex-
isting at the time of the transfer OF his hold
ings to Mr.. Armour. it is an interesting fact
that Mr.. Letters collapse has excited not
little sympathy in the agricultural community,
and there is danger, Ii he is not very care
full. that he will find himself canonized as a
martyr by the farmers of the Northwest, in
that he engineered prices to so high a scale
that a good deal of the money realized On the
crop did actually find its way into the pock-
cts of the producers, while he found himself
at the close OF his great deal PROSTATE and
helpless at their feet.
The transactions during the last fortnight,
and since Mr.. Letter forcibly retired, indie lte
very clearly that the spirit of the ball ele-
mont has been curbed. and that no one has
much heart in attempting to force the Sep
teTnter OF ton upward The critical psriod of
the crop is now at hand and every day will
engender conditions in localities which will
OF those who operate upon the theory of
further decline. There has, unquestionably.
been a superabundance of rain in many parts
OF both the winter and spring wheat belts.
There are reports OF rus. from scme locali-
ties; from others come stories of the serious
lodging of grain the result of storms. The
chinch bug, as well as the Rocky mjunta
locust is playing its part, but so far as
the most reliable Information extends the
damage inflicted by both of these pes.s h
been infinitesimal. 1t is rather interesting
TO note the varying estimates of the statisti-
clan, yet it is pretty safe to predict that they
will bear liberal discount from the Thoman
figures, which range considerably above the
Teo o50,000 Blu limit. While it is probably true
that within large percentage of the spring
wheat territory the plant has zen abu dant-
~ supplied with mois lure, there are ev dences
that the growth has been rank as to ma
tci.ally diminish the chances OF a wholesome
filling OF the ear. period of fully thisty
days must elapse before anything IKE really
accurate basis of calculation as to the v, lume
of the Vi Id be found. TIE acreage is
pretty wCil known, but there are likely to be
many surprises as to the amount OF produc-
ten II is is especially true in portions Of
both North and South Dakota. The stand OF
the wheat is reported generally as very
healthy fer this season Of the var. Mean
while the price of the September option con-
tiEues TO decline to a normal figure and un-
doubleday under the reasonable apprehension
that, in any event, the crop in this country
will aggregate in volume at least that of
1857. Reports from foreign countries are in
the main good, though in some parts of
France serious injury has resulted from rust
Accompanied by these reports of rust how
ever, there comes another to the effsct that
the crop of that country will exceed the re-
quirements for home consumpti n. The Rus
Sian yield is expected TO be large. Manitoba
mas an increased acreage of 200 $50 this wear
over last and everything there points to an
exceedingly satisfactory crop Meanwhile tn,
RECEIPTS of wheat at primary markets are
gradually diminishing week by week. Accord
ms to Be- rbohm's latest views Argentine has
practically stopped shipments to the English
market. The fact is pointed to that present
stock in Europe are extremely low and that
In France the demand for wheat of the pres
emf crop year is growing more and more
limited. because of the fact that large pur-
Grasses have been made in behalf of that
country for delivery July 1, and these car
gees are still afloat, while their volume is OF
such proportions that the d. mand will ha
fLlly supplied until the growing crop is avail
able. Shipments, therefore, from this coun-
try to European ports are likely to show a
considerable falling off within the next six
weeks or two months
The Northwestern Miller, in it's issue of
June "a, says:
Some bad reports of the crop have com,
In during the past week, but they ara not
Wei authent Gated, and prospec seem to
De Ftlll good for large harvest. Locus
OF tie Dakotas, but organized and scientific
ehor's are being put forth for their ex er-
mination, with hope of full success. Still. SOM
likely n a1f AZ
be confined locally, so that no very great
area may be affected. Prospects in other
countries are also good, in the main. Al
though prospects are satisfactory, and a
large crop may be harvested yet with the
small supply of old wheat now in hand. the
accumulation of a large surplus is hard y
TO be expected for the coming year. With
out such surplus, it may be reasonably
presumed that prices will be well ma ntained
Tor the new crop. Surely, there Is no rea-
son to expect such prices as have ex sted
during about half of the present season, for
these were purely speculative, and on.y DOS
sible by reason of the small supply of VIII at.
Dealers in wheat and -four as well are now
determined to keep down their stocks to the
lowest possible point until new wheat a. d
-four. with new prices come on the market.
preston will prevail for some weeks yet.
GRAIN TRADE AND CROPS.
Agricultural conditions have not chang
much the past week, in general characters
tics. The late correspondence reflects less
complaint from rains in central regions with
out ability to overcome as yet the unfavorable
condition of the corn fields which are suf-
fering frcm growth of weeds under the lack
of opportunity for cultivation. Further west
ward there continues considerable compla mt.
Taken as a whole this crop is probably
not any more discouragiDg in position and
outlook than was reflected by the situation a
week ago, while 1T is not just fable to saw
that important Improvement if any is shown.
The position admits of production equal TO
the average of good and locr croI s,
feature of TIE situation IS that she latens IS
of the planting and the hindrance TO cuItiya-
ton are serving to bring the work of over
coming the growth of weeds at a time when
farmers will have hay or wheat harvesting
to attend to.
. 1t appears likely that the rains have 70
more or less extent prevented the fulIness
of yield and quality of wheat which would
have been realized under other conditions
There are already int nations from various
localities where harvesting operations have
begun or are in progress that the WELD 50
comparison with recent expectations This
is likely to continue in evidence and viii q
the winter wheat crop, on the enlarg d SRA
should be expected to be CT large proportions,
it is too much to place the high estim ties
upon it which some sanguine Observers have
suggested.
In most of the spring wheat regions the con-
ditons have continued favorable and the
previous high expectations are well main
tanned.
In the wheat trade there has been ap ar mt
uncertainty of sentiment, and considerable
from the low point of the week the Oh caeo
market closed 4%c lower than a week ago for
September delivery.
1t may he assumed that If the spring wheat