The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-11-14

New York ... .......... .........74A 1875
These figures show an increase of &c at
Minneapolis, &c at Chicago sc at Duluth,
&c at St. Louis and 11sc at New York.
The words shipments for the previous week
were comparatively large, but the reports
from Liverpool were then, and continued
throughout last week. to the effect that socks
were very low at that port. 1t is also true
that stocks in this country are very slow in
the process of accumulation. The milling de-
mand has been very heavy and the price
of cash wheat is consequently held strongly.
The December option attracts to itself con-
siderable interest in consequence Of these
conditions. taken In connection with reas-
onably liberal export demand. Broomhall' 8
reports are. however persistent in the claim
that the harvesting and threshing in Russia
have demonstrated that the yield there has
BEEN underestimated and that the volume
for export will be considerably above the
figures of the estimates of & month or six
weeks ago 1t is also learned that the
Argentine crop is likely, from present pros
poets, to meet the highest expectations, as all
the conditions seem favorable to the harvest
ing of a good crop there. This, however, does
not occur until January, and there are many
possibilities looking to a change in the pres
ent fattering prospects during the coming
two months The receipts of the week have
been uniformly large. There has been no
thus far the shipments do not indicate that
there is heavy buying with a view to the
replenishment Of stores abroad The worlds
supply, visible and invisible, is pretty
thoroughly understood to be quite large, and
in these circumstances there Is no urgency
on the part Of importers abroad to fill their
warehouses with a view to coping with future
emergencies.
The conditions of winter wheat are uni
formly good throughout this country. Mois-
ture has been well distributed and up to the
present time the plant has been subjected to
little freezing weather: and wherever the
low temperature has penetrated, the condi-
tions were such that no harm could possibly
result. This situation is altogether different
from that which prevailed year ago, when
throughout the winter wheat area drouth
largely prevailed, and when the rains did
come they were followed by intensely cold
and freezing weather. resulting in great dam
age in many sections.
1t may be fairly said that the wheat market
at present is normal. There Is no element
at present interested by combination or in
en- individual way either for the raising or
lowering Of prices. This is in direct CON
trast with the conditions which prevailed
last year, when Mr.. Letter held the Deem
Der option with firm a grip. The past
week has been marked. by, pleasant weather
throughout the entire Northwest. The i'm
provements in the country roads has had the
effect of bringing more wheat to the country
elevators, and thence to the general market
It would not be surprising, therefore If the
sum Of the volume of receipts during the
past seven days should prove even larger
than has been anticipated, both in milling
and in speculative centers. The stationary
price, barring the slight fluctuations COM
mon to trading from day to day, which has
ruled during the past months of the crop
year has no doubt influenced a larger de-
gree of marketing than was to have been
anticipated during the week preceding the
announcement Of reliable estimates upon the
European crops
There does not appear to be anything in
the situation which promises a violent turn
in prices either way. The elements of any
immediate advance of marked importanc
certainly do not exist The speech of Lord
Salisbury last week in London relieved all
anxiety existing to the possibility Of war
between England and France No disturb
ing factors are visible anywhere The word
is taking our wheat in moderate quantities.
and there is little likelihood of the demand
increasing to a degree that IL calculated to
create even a temporary shortage Neither
the bull nor The bear finds it profitable to re-
main long in the speculative market, and
this is a reliable indication that practically
normal conditions prevail
The Northwestern Miller, in its review Of
the week, says:
The weather in the Northwest during the
week was favorable. and the deuveries 30
wheat by farmers was fair. They are. how
ever. more disposed to hold their grain, pay
ing storage it to the elevator men, than
TO sell at current prices. At about 500 per
Blu for No. ! northern, they are free sellers.
Reports from the northern part Of North
Dakota, whore there was excessive rain. are
that threshing is progressing favorably, and