The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-13

| The prices for the same option on Saturday.
| June 4. were: Minneapolis $l.33 Chicago,
| 92Ac: Duluth, s1,SO; st. Louis, s37c; New
York. $102A The prominent option is now
September. which Saturday last closed in
the different markets named below and on
| the Saturday preceding. June 4. as follows:
June IL. June A
| Minneapolis ... ............74A i9A
Chicago 1873 1874
| st. Louis .7l% 75%
New York .....................i o12 %
These figures show decline of sc at Min
neapolis. 4Bc at Chicago. 51sc at Duluth, Acc
at st. Louis. 61ac at New York.
| From all points of the compass reports are
coming forward to the effect that the present
| prospects indicate fourishing condition OF
! the wheat plant as the result of the copious
| rains with which the country has been visited
| during the season. In some quarters there
| apprehensions that the rank growth will
! be productive of a surplus of straw and a
| deficiency of grain. These are apprehensions
| that are usually given expression to. under
! similar circumstances. and whenever a
| wealth of rain happens to descend at an op-
| perfume time to afford comfort to the indus
| trious and patient tiller of the soil. Such
| opinions are usually formulated in the louEg-
| ing rooms of brokers' offices. where the bull
! representatives wont to congregate The
| facts are the rainfall while abundant, has
| been quite providentially distributed thus far.
and it might be well to wait and see whether
| the blessings which may have been prayed
| for and granted in such fullness are destined
to be source of good or ill fortune to the
| husbandman.
/ 1t Is only natural that under such condi-
! tions and with prices declining after so ram
pant an advance as has been witnessed since
| last August the bear should experience lit
/ tie bit of passing comfort and a sense OF salts
faction. The bull ought not to begrudge him
| this period of delight because the former has
! been very sober animal with good reasons
| for his sobriety, during the past ten months.
/ Cash wheat has not been in overwhelming
| demand. doubtless for the reason that with
j the forwardness of the crops and the indica-
! tons that these to be abundant, accom-
panied by the weakness Of the September OPP
j ton, miliers are beginning to feel easier re-
specting their ability TO secure enough of the
! seasoned wheat to carry them over until they
can begin grinding the new crop.
Clearances continue on large scale, and
| it is evident that the Liverpool stocks, which
under ordinary circumstances do not amount
| in volume sufficient to maintain supply be-
| yond period of ten days or a fortnight, are
I still in a precarious shape as to volume.
; Under normal conditions the milling de-
I mand for wheat during the month of June is
| not large. The immense output of the North
western mills during April and May. the
> result of the Scare, is likely from pres
| ent appearances to insure a sufficient supply.
added. to what shall be ground during the
| coming two months, to carry the trade, over
| the intervening period, both for domestic con-
! sumption and; for export. Taken altogether,
| the indications are that there is decided
| ease in conditions regarding both wheat and
! flour; that the speculative era for this crop
! year is at an end, and that the coming two
months will be a period of waiting. The re-
! action has been wholesome one all around.
and in view of the magnitude of the trans
actions it is creditable to the trade generally
| that so few failures have resulted. That OPP
| orators On the bear side have lost heavily
! there is no question; but there were periods
of 1uctuation in the progress of the market
which enabled the bear. provided he was not
! chronic fool, to retrieve his losses and shape
his operations along the lines OF judic0usness
| and commln sense.
| There was break of Ice in the July
| option in Minneapolis late Saturday, but there
| was a subsequent recovery of 3a points at the
| closing
! The Northwestern Miller of Thursday says,
in regard to the situation:
There is much mental speculation as to the
| conditions governing prices, but calculations
the result not altogether Satisfactory
to millers. The stock of wheat in the North
west is not large enough to keep millers 60
| ing through the season. Mllers are, in
many instances, idle, lacking demand fol-
their product at prices to justify grinding
| wheat at prevailing prices These prices are
| some soc per blu higher than contract prices
| for the new crop futures. New winter flour
i will soon be in the markets from the South,
and. at the lower prices 1t can be onered at,
| the spring wheat product is at great dis
| advantage The situation is quite unsatisfac-
| and n
! ing the remainder of the season.
Crop conditions are satisfactory all around.
with the exception OF reports OF rust in
Kansas and some other parts of the winter
| wheat states. How troublesome this may
become will depend largely upon future con-
ditions. With sunshine and fairly cool
of harm will be done by the late rains through
| the winter wheat belt. Spring wheat is grow
ing finely. with good prospects IN an quar-
| ters Reports from abroad indicate good con-
| dition generally. with the situation promising
a large crop for the world.
The Cincinnati Price Current of Thurs lay.
! June 9, expressed the following views regard
ing the outlook for the growing crops:
The week has been characterized by lack
| of needful moisture in cons derable portions
/ of the central region, east OF the Mississippi
river with more than sufhciency OF mois-
| ture in portions of Iowa, KanseS, etc. Crop
conditions have not yet been disturbed in
an important degree, but apprehensiors Rave
! arisen as to the effect of the dry We ather on
the belated corn crop, and OF the excessive
! moisture and warmth in other localities on
| the ripening grain. 1t is not so much wi at
has already occurred what might follow
this preliminary feature of an unfavorable
| shaping of conditions that at this juncture is
! somewhat disturbing the sense of COM
placency that previously attended the outlook
! of leading crops.
The drawbacks to the winter wheat crop,
in the way of bugs, rust. etc., reported here
| and there do not imply much of curtailme mt
! of yield except locally to moderate extent
| of area, so that there is no occasion for re-
gardng the outcome of this crop with less
of expectation than heretofore. The spring
| furnishes little occasion for unfavorable COM
| ment or disappointment
Commenting on the recent break in wheat
| and Mr. Letters withdrawal from the market
the Breeders Gazette Of June says:
Letter let go May 81 and the price Of whea,
broke 500 in day; and L. stood Sl,o at the
s9s9 notch Of du tine t Teek MAY DEAL below 10.
! wheat was held to be unloaded on the "bull
| leader at the last minute at the conclusion
of the deal, but he deemed it to his interest
to buy it cheaply and he let the price down
with jolt. The fine crop prospect helped
| greatly. Some recovery was made, and de-
spite the promise off, huge yield the foreign
| demand is expected to hold the price we'll up
A glimpse Of the enormous volume Of this
| trade is afforded by the fact that at the close
of last week. with No. red bringing $1.15 II
elevator, the foreigners had taken 1924. 49t
against 2, 165, 7S7 for the same week last year
while from Pacific ports five times the vol.
ume Of trade was done compared with last
very slightly just now. and the market Il
running along on supply and demand basis
with large demands from across the water
| but Russia and India are beginning to poul
out the grain in astonishing quantities.
Flour fell in price when wheat tunfbled. Il