The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-05

comparative quotations in the markets nam
ed, as of Aug. q and Sept. respectively.
The market in New York was closed Sal
urday:
Sept. g. Aug 81.
Minneapolis .57A go
ShlcaSo ...,................6ZA Oh
Duluth .....................6O A C3
New York Friday) STA 6SAs
These figures show a decline in Minneapo-
lis OF 2s4c Chicago 1%c, Duluth 2%c, ST. Louis
11sc, and New York 1Ac.
There has been no apparent reason for the
decline beyond the simple patent fact that a
great American crop has been garnered. and
that the world, from present appearances, Is
not likely to call so heavily this var upon
this country as last for supplies. The set
Ting down process and experience are whole
some factors, and 1t is not al likely that any
material advance Will occur until the world s
crop can be more accurately determined IN
the direction of shortage than seems now
probable. The Russian yield Is a doub full
quantity, but judging from reports that Gem
daily from that country there is likelihood
that the output for the benefit OF the world
beyond the borders Of the empire will be
quite limited.
The decline may perhaps be fairly attributed
directly TO the large receipts during the week,
and the lower cables from Europe which in
dictate the existence of less uncertainty in
those markets than has hitherto prevailed
There is decided weakness in all futures, net
outstanding the fact that up to the pr sent
time the export demand has been well sus-
tanned, although the figures do not psral. 81
those OF 1897 at the same period. There has
been much talk of the Withholding of wheat
by the farmers, but investigation Of this sub
ject goes to establish the fact that owing to
hA OIL
milling stocks much wheat has been market
ed in these localities which has not been
accounted for among receipts at primary
points. There has not been that rush to sell
which characterized the marketing of stocks
IN 1897. Farmers are evidently willing to
let go OF limited amounts Of the product, even
at the present low quotations, in order to le-
a!ize cash for the payment of harvest help
era, If nothing more.
Aside from the undetermined quantity of
Russian stores and contributions to the
worlds supply, 1t Is announced on the au-
thority of Broomhall, of Liverpool, that
France Is likely to develop into an incon-
siderable importer of wheat throughout the
coming season. 1t is significant fact also
that the same authority, which has appeared
IN somewhat of a panicky role In the past,
now speaks with confidence of lower prices
from this time onward to the Christmas sea-
son. The conditions in India and Argentina
are the hopeful quantities in the market of
the United Kingdom; and reports from those
countries are quite favorable. In so far as
the results there meet or surpass expecta-
tons they, in the came degree, depress
prices here; for the crops of the nations
named supplement those of our own In the
date Of harvesting.
The distribution of our own wheat ap-
Tan rad TO
closing days Of last week showed receipts in
dicating more free marketing not only of
winter. but Of spring wheat, and If this dis
position is maintained through the month of
September, quotations will naturally descend
In the scale. The harvests have been gath
cred with little or no break in the way Of
damage. The yield developed from the
cut Of the thresher will unquestionably be
less than the enthusiastic experts of two
months ago figured, but, notwithstanding
this fact, it may be set down as a positive
quantity in connection with the crop of 1898
that whether the wheat be marketed tardiIy
or rapidly the hope Of obtaining the exalted
figures of 1897 must prove a guide that shall
lead only to barren realization.
The Northwestern Miller, in Its weekly re-
view, says:
The only apparent reason for prices being
so much lower this year than a year ago is
the larger crops in Europe and this country
owing to the shortage in the supplies for
began to work on the new crop q month
earlier this season than usual, requiring
practically a thirteen-monthg' consumption,
Instead Of twelve months. When that con-
dition is taken into account, there does not
seem to be very much reason in the lower
prices at which futures are selling now,
December a fraction over soc, and Nav
contracts being made at 61ssc. The average
price IN August for No. 1 northern wheat
during the past ten years is Tic, against
65c now. There have been but three sea
son during that time that cash wheat in
august averaged lower than present prices.
there were large lots Of wheat carried over
from previous crops. But in the years
named the futures We're selling down to
a a, present figures. Traders have come to
country and a full crop in Europe, there
must necessarily be low prices, regardless of
surrounding conditions; But. with the low
state Of old supplies, the early beginning Of
consumption on the new crop and the very
large demand for it. which may be expected
to continue during the entire crop season.
suppose that traders have made mistake in
their calculations of the range OF prices for
the season for 1889. 1t Is true that harvest
is progressing well in the spring wheat Sec
tons Of America, and reports are of fair
progress in Europe. At the same time, the
sloWness Of movement is such that it be-
COMES dlItoSt certainty tnat there will not
be an early marketing Of the crop, and at no
time does there promise to be a distribution
greater than sufficient to meet current re-
quirements. The Northwest crop this year
promises to be 200, OCO blu, but with the re-
quirements, the arrivals during the early
part OF the crop year will be none too large.
The following are the figures Of the Gin
cinnatt Price Current in regard to the COM
parative wheat receipts coming down to so
recent date as Aug. 20.
Receipts Of wheat at winter and spring
grain markets for nine weeks, july IN
Aug. 20, with comparisons, in bushels. com-
piled by the Cincinnati Price Current: