The Saint Paul globe., 1899-02-06

st. Louis ........ ...................7 .75M S13s
New York .76ss 71%
These figures indicate decline of 35sc in
Minneapolis, 51sc in Chicago, 4c in Duluth,
SIC in st. Louis 5asc In New York.
AS was stated last Monday in The G o e,
1t was impossible to account for the sudden
upward movement in wheat except on the
bare grounds Of speculation. There did not
appear anything In the normal conditions to
Justify the rise; there has been nothing
cept the operation Of normal conditions to
Justify the decline during the past week. The
market of the world is supplied today with
all the wheat 1t can digest until a disposition
manifests itself to replenish stocks. This Is
the situation. pure and simple. There has
been a continuance of the export demand, in
limited proportions. The average clearances
during the past week have approximated
100000 bushels, counting wheat and -four
within the same range But the fact must
be always taken into consideration that even
on this basis the supply Of the United States
to the granaries of the world will in pres
ent conditions make large contributions with
out depreciating prices in any marked degree,
simply because we have the wheat and our
farmers do not know what otherwise to do
with the surplus, except to hold on to it, in
the face of a forthcoming fresh supply, which
will begin to appear in July, from the lower
winter wheat sections.
The bull element was stifly knocked out In
the dealings of the past week, and this fact
was chiefly due to the conditions above not
ed, namely, that foreigners are buying to
meet their demands only, and are waiting for
the new crop prospects to relieve the situa-
ton. In this connection 1t may be said that
the prospects are not favorable to so large
yield in 1899 as in 1898, so far as this
country is concerned. The figures Of the gov
eminent. in their swelling proportions, are
not justified according to the more correct
and revised views by experts respecting the
facts. There is much winter wheat
under the snow blanket. There was con-
siderable amount Of plowing in the Northwest
for the spring crop; but not nearly so much
as year ago. These facts ought to con-
tribute to the belief that the lower range
of prices has had the effect Of a shrinkage
In acreage in the Northwest-a wholesome
sign-as we look forward to better results in
the market. There is practically nothing In
the situation to Justify confidence in gov
ernment reports regarding large surplus
stock in the coming crop year.
The fluctuations In the trading market dur
Ing the week were constantly in the direction
OF a lower level. The speculative buyers at
the higher hgures were very quick to drop
their holdings and it was evident in this sys-
TEN Of trading that the bullish element in
Minneapolis, where the primary conditions
are we'll understood and appreciated, and in
Chicago. where the spirit often prevails over
common sense, and in New York where the
clearances cut a considerable figure in the
determinations which men reach as to the
why and the wherefore of things, was not
possessed of much confidence in a permanent
evil.
Exports from Argentina have begun in
large quantities just aus they always do in
tne nrst week OF February ON the conclusion
OF the January harvest. We are told that the
volume OF $4,000 bu was shipped in the
last week Of january from the ports of that
country, as against 1000 bu the week previ-
ous. This represented the food and the wish
OF the producers to realize upon the first
fruits of the annual When prices go down
80 sharply as they did last week, In the face
of so large an Offering from speculative
source. does there appear in reason any
basis for confidence SO far as the North
western producer in the United States is con-
cerned.
The Northwestern Miller In Its issue of
Feb. 1. says in regard to the -four output of
the week previous:
The sales of Minneapolis mills proper ap-
proxmated 10000 bbls, against 215,0O0 the
week before and 900 in 1895. The domestic
markets took the bulk of this -four. Foreign
ers were largely out of the market and when
condescending to make BIDS, were all the
way from Sd to Is per sack too low for
ceptance. The common experience was that
the importer and manufacturer were Is apart.
The millers selling -four were frank to say
that they could not buy the wheat and replace
She flour at the prices they received While
there are enough mills shut down to reduce
the output Of the Northwest to a considerable
extent clears are offered by some mills and
they find it rather difficult to sell them at
prices asked. Compared with last Tuesday
prices are 25c bbl higher on patent.
The above statements are significant
far as the productive agency is concerned.
In regard to grain, the same journal, COM
menting upon the same period, says:
The boom was due to increased specula-
ton, the local exchange being crowded from
day Ito day by novices who simply thought
that wheat was a purchase, and acted upon
that belief. The professionals began to real
ize when Toe was touched, the trade gen
orally felt that for some time being there
had been an appreciation in prices fully Off
setting the inherent strength of wheat. There
has been an active demand for cash wheat
from millers, and the receipts were readily
absorbed. =
COMPARATIVE WHEAT RECEIPTS.
Receipts for wheat at winter and spring
grain markets for thirty-one weeks, July
to JAM 80, with comparisons in bushels, COM
piled by the Cincinnati Price Current:
1S9S-99 1898. 1861
st. Louis ...... II, 1896, 900 10,1650O0 1858, 900
Toledo . ..... 10, 442 900 S,905, 900 6,59S, 900
Detroit ....... 3,7260 600 3.668 900 2, ,476, 900
Kansas City :. 23, $4,000 23,834000 6,25200
Cincinnati :. .. 434 900 522 900 745,0 900
Winter wheat. 40, ,758, eco 1904 coo 25. 800, 600