The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-07-04

| as follows
July l. June %.
minneapolis ......................69 A 66h
Chicago ......................7 oa CGH
Duluth .........................7o ss 67h
New York ........................75 "
These figures show an advance at Mime
apo.is, OF S9sc; at Chicago of 41ac; at Duluth,
OF 5tsc; at New YORK, 4Mc; and at st. Louis
of &c.
The excessive rains which have visited the
country In almost all sections, east of the
Rocky Mountains, have created much I'M
certainty as to their general effect The win
ter harvest is We'll under way in the south
ern and central portions Of the country, and
ii all accounts are to be relied upon, the
yields are not up to the earlier estimates of
statlstlclans. In Europe, too, the weather is
pronounced unfayorable. The bears have
been active in the confidence that there was
too optimistic view taken of the estimated
volume of the new crop, and there is no
doubt heavy sales were made on this theory.
AS soon as the market began to realize the
erect OF the reports of damage which began
to come in. the bears naturally ran to cover
This, OF itself. was sufficient to start an up
ward move and considerable advance was
| scored Meanwhile. however, the bulls
ev1nced their lack of confidence by holding
Off. when the rise began, to take on a degree
a lansing
into weakness. which. ahowever was only
temporary.
1t is quite certain that the condition of
things in Europe is of very unsettling char
acter. to say nothing of the uncertainty ex-
lscing mere in regard to the general outcome.
The Cincinnati Price Current has gone on
record by estimating the yie:d as equal to
! II net in excess of the volume of 1891, which
was approximately 612. 100000 bu. 1t must
De remembered, however, that heavy sur
Plus was held over from that year to meet
the new crop, and this acted as dead we ght
in the effort in 1892 to get the prices started
in an upward direction That condition does
not exist at the present time inasmuch as
the elevators and granaries of the entire
country are practically empty, and the new
wheat will be called for as soon as Ii is
ready for the market On the other hand.
TOO. 1t Is not at all Likely that farmers will
rush their wheat to market as soon as the
thresher has completed it's work. as was done
last year. AT the close of the harvest in 1897
the farmers were pretty POOR lot of men. as
rule. and were eager to get their cash in
TIER hands with as little delay as possible.
lhen, again, the few who have endeaycred
10 struggle along and await higher prices
were compelled to- market their grain with
| unusual promptness by the agents of farm
machinery companies and the like repre-
senting their debtors
France has restored the duty on grain as
on July l. and it is now understood to have
been the policy Of shippers to get as much
OF UT product in to the French market as
possible before the order should go into eff
fact 1t now developes also that Mr.. Letters
holdings of cash wheat, which passed into
the control of Mr.. Armour, and which it was
thought would be marketed here, did not ex-
ceed probably more; than 1000, 600 or 2 so
CoU 'pus9and 1t is said that from !, 500 Coo to
2.0O0Ot0 Blu were marketed by the banks and
local institutions holding grain. All that
which was in transit at the time of the fail
ure-and the volume is said to have been
conslderable-is now in the European markets
and 1t is supposed considerable had been found
its way into France prior to the restitution
of the tariff; hence this Is comfortably OUT Of
the way. Liverpool is meanwhile as f1uctuat
ing as 1t mas been from the very beginning Of
the crop season. and it appears difficult to
understand just what the sentiment over
there is
The heavy rains in the Northwes, have had
the effect of lodging wheat in some localities
and there are also some reports from the
Northwest OF rust as well as indications Of a
very meager filling of the ears. These con-
d1tions will have their effect in the aggregate
yield of The new crop. With the uusettl;np
not impossible that the bulls are justified in
their attitude of confidence that the present
| year is to be a repetition Of last; that our
Sranarles are to be the sources of SUNNY
Tor the world. and that prices by the middle
OF August viii be on the gradually advance
| ing scale The present quotations are an
preaching the figures which will form a
reasonable starting point. July closed in
Chlcago at TIC, as against 68a4c one year ago
| Ihls lhulcates pretty. close approach to The
| prices or the same options in their resnec
tive years. 1t is hardly reasonable to be-
lieve that the yield will come any where near
to what seems to be the excessive estimate
OF 7O0.000,O 600 bu And if this is the case GER
| tainiy a good outlook exists in the drection
! of high prices.
The following Is from the review of the
Northwestern Miller in its issue of June 30:
| TOO much wet weather west and southwest
was complained OF, and many reports came in
| OF Damage caused by excessive heat for two
| or three days in the Dakotas, with some, com
plalnts coming also from parts Of Minnesota
II Is 100 early yet to make reliable estimates
| OF damage, If any really occurred but there
Is no question but that some injury resulte
from the great heat on one two days. Still.
the chances are that there will be nearly COM
| plete recovery on all lands sufficiently moist
! On some Of the drier ridges and sandy fat
lands the growth may be considerably re-
| tarded. Reports from abroad indicate too
much wet weather at several important points
on the continent, Great Britain feeling it con-
siderably also according to the latest ad-
! vices
Harvesting in some portions Of the winter
wheat belt Is said to be delayed by unfavor-
able weather and many reports say that from
later experience in the harvest fields there are
indications that the yield will not turn out
as large as expected. Indications from the
Pacific coast point to better results than were
thought likely month or two ago. The
weather in the last month has been more ia
| vorable in California; and the crop seems to
| be coming out better than there was reason
to expect, from the severe drouth sustained
the fore part of the season.
| Regarding the wheat crop, the Cincinnati
Price Current has this to rsay;
1t is fair to recognize the position of wheat
reserves in this country at the close Of this
month as considerably lower than year ago.
II 1t be assumed THAT THO difference rs APP
proximately S,00O,o00 BID, and that the
that the year has furnished $50. 900, 900 hnsa-
els for consumption and expectation. The ex-
ports will show about 21O, 900 900, Implying a
remainder Of S65, 600 600 for domestic uses, Of
which about %, coo, coo REPRESENTS seeding leav-
ing 100000 for food and other purposes
If the rate of all consumption exclusive Of
! seeding which was introduced several years
ago by the statisticiah Of the department Of
agriculture, 4 % bushels per capita. be APP
piled to the population, the result would reach
quantity above indicated Under ordinary
| conditions this would furnish ground for the
view that the crop estimate is too low But
from the known displacement of wheat by
| corn and other products to large extent
the past year. it does not appear unreasonable
! to recognize 310000,0 900 bushels as a fair ap-
Proclamation for wheat consumption, imply
ing a curtailment Of Z per cent. This sup
| r1n M ~ thn