The Saint Paul globe., 1898-10-17


ST. Louis ......................6 .68A COZ
New York .........................71 69b
These figures show an increase OF 1Ac at
Minneapolis 23sc at Chicago; 15sc at Duluth; ;
21ac at st. Louis; 2%c at New York.
There is no doubt that the farmer of the
Northwest is disposed to realize on the ex-
listing prices rather than to depend upon
premiums that may be paid for futures. The
receipts, however, up to the present time are
not equal to expectations. But so delicate is
the machinery of speculation adjusted, at the
present time, that the bull operator hesitates
to advance the price lest the invitation to
market stocks will be generally taken up,
while the bear looks with deep concern upon
the ever increasing demand for export which
has a habit Of putting In its appearance whsn-
ever prices incline to shade off little. The
situation is anomalous in this respect. While
during the closing days Of the week the clear
ances from Eastern ports exceeded in volume,
a coed many previous records, sudden drop
in quotations from Liverpool had the effect
Of throwing both elements bull and bear
alike, into a condition of uncertainty out Of
which little in the way of operating results
can be expected. Late reports from Europe
are to the effect that the drouth prevailing
over England and the northern sections of the
continent OF Europe is retarding the prepara-
has not already taken place; and that in the
more northerly regions, where the winter
wheat has been sOwn, the plant, far as
developed above ground is meager, showing
that termination has besn imperfect, and
that it is delicate owing to the lack of moist
ure. In France the drouth is so severe that
sowing, In many localities, has been delayed,
while IN other sections farmers have availed
themselves of the moisture afforded by the
dews of the night to plant their seed early in
the morning in order that it might not be
altogether wasted by drifting from the soil
under the influence of the strong winds.
Spain has been more fortunate and rains in
sufficient volume have fallen to admit o. the
preparation of the ground for seeding. Fine
weather has prevailed In Italy, but Hungary
is still suffering.
Little reliance can, as yet, be placed upon
the condition of things in Russia. where the
movement of the crop is very slow, but the
belief prevails that there will be surplus for
export a little in excess of that of the last
crop year 1t is unquesionably true, however,
that Russia is an uncertain quantity and that
the country has suffered much from drought.
Within the winter wheat belt OF the Uni ed
States the seeding seems to nave bsen accom-
piished generally UNDER satisfactory Condi-
tions, and the development OF the plant is, in
most localities, highly satisfactory. The con-
ditions are far better this year than last.
Rain has been mere generally distributed and
a more wholesome roofing of the plant has
resulted, whereas, IN 1897 the droughts and
the Nsrce winds drove much of the seed out
of the ground after sowing, before it had time
to germinate, and the plant where it was
permitted to come forth, was, over large areas
frozen to DEATH as the result of rains follow
ing the drouth and which were accompanied
by intensely cold weather and slest.
The Northwestern Miller, in It's review OF
Thursday last. says:
The feeling is now becoming more gener-
al that the usual conditions will hardly de-
velop this season before the close of navl-
cation. There Is an active demand for ship
ment. with a prospect that it will continue
while the lakes are open. After that it may
be that conditions will change and offerings
above the demand for grinding to create
surplus to go into store. When that tm5
comes, if the situation should be as expect
ed, the premium on spot wheat over futures
cannot be carried in store except at some
cost. Elevator people will not buy wheat
10 put It into store without seeing their
way clear to make expenses, at least In the
event Of this change being realized, mod
crate surplus may be accumulated. Still.
with the disposition there is on the part of
farmers to hold back their grain, and with
their greater ability to do so, it does not
seem probable that the arrivals will be large
during the winter, compared with the amount
farmers have to dispose Of, nor as compared
with the sales of previous years. The in
dications are that there will be q steady
movement from farms throughout the year
that will but little more than meet current
demands for cash wheat for shipment and
consumption.
There is still, it is reported, considerable
disposition on the part of farmers in the
Northwest to sell off at the current premium
all the wheat they have that they are not
abe, to hold in granaries, and to buy De-
oember against it. believing, as many of
them do, that the December price when that
month comes, will be as high as cash wheat
is now. Many farmers have built additions
to their granares and with their improved
financial condition, it appears that they will
be able to carry the remainder of their crop
to such period as they may DESIRE before
selling 1t. There were farmers who had,
when the high prices existed several months
ago, the surplus on hand from several pre-
vious crops, which they sold, realizing good
profits on the venture. Enough Of these
permeete the whole farming community
with a feeling that it would be wise for
them to do the same thing this year.
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