The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-02

The wheat market curing the ClOSlii6 "eoh
of the year recorded quite an advance over
the closing quotations OF Dec. 20. and not
withstanding the holidays. tracing has been
exceptionally active.
The following ere the prices OF the May
option at the close of business Friday. Dec.
%. and Saturday. Dec. 81. In the markets
named:
Dec 81. Dec. p.
Minneapolis 5000 S0.68N
chicago $3.50. .....-.....-... .LiB no o0s -
a. .''..''...'..''' .'''''' 1gz gaH
81 Louis .........-...........' .,o% ' ~
NEW YORK .................... .foN .'oIA
These figures Show a gain In Minneapolis
CT 2%o; Chicago. &c; Duluth. 9ssc; st. Louis,
SIC; New York. 2i2c.
At the opening Tuesday morning. after
three holidays, prices were unexpectedly
strong There was an unlocked for decrease
in the visible supply, and commission houses
had heavy buying orders. The tone Of for
oign cables reflected considerable strength.
The same conditions prevailed Wednesday
and Liverpool, as we'll as Paris cables lndl-
Gated that American wheat was In good de-
| nland. simultaneously, however. rumors OF
the probable outcome OF the harvest in Ar
genuine were circulated by the bears. Some
of the estimates of the surplus for export
were as high as $4,000 900 bushels. The re-
ports from that country during the growth
of the plant have certainly not been OF a
kind calculated to fill the breast Of the bear
with hope, and the sudden change of base
from gloom to enthusiasm ought not to be
regarded with much concern, so far as the
effect on the prices here 10 concerned The
fact is, figures pertaining to yield are more
completely founded on individual guesswork
| than those received from any other country.
The dismal failure OF last year in the ex-
PLANTATION of surplus OF 100000 bushels for
export is not forgotten by traders. and the
consequence was the report had no percep-
tible effect upon quotations. The scalpers
turned q few honest pennies on the strength
of the news. but that was all. Buying or.
deTs for export account were recognized at
every turn. Realizing sales by bulls OF the
| week previous caused a little shading off,
blu. when the fact became known that the
| clearanoss for foreign ports gave promise Of
| a weekly average OF about 100000 bushels
per day, there was general Strengthening of
| hands all around
Thursday there was not much activity In
speculative trading, but the general tone Of
| the market was strong Liverpool cables re-
| fected greater ease there, and on these there
| was momentary tendency in the
| markets in Chicago and New York TO
| droop, but the Northwestern receipts proved
| to be exceptionally light. and the reports
| from the Northwestern wteat area indicated
l Wv
| vators.
| Fridays market opened with a bulge. The
| demand was good, and long stocks were Of
| fered freely. but prices were well sustained,
and anything coming along was taken UP at
good figures. Bulls were thus enabled to
realize profits without producing any effect
| upon values. One reason for this, end per-
| haps the main reason was the falling Off In
| Northwestern receipts-a condition naturally
49,
| holidays. Then, again, the severe cold
| weether. which interfered with country de-
| liveries had it's effect. The cables from Gu
rope were meanwhile indicative Of strength
| there.
| Saturdays trading was sluggish. Liver
pool afforded no support to prices here. But
the weakness did not dernorafize the holders
OF long lines Of stock, who showed they
were In no hurry to get out This fact
caused prices to strengthen and promise was
Afforded Of a strong opening this morning.
| White the exports continue liberal and the
country receipts SO meager, there ought not
| to be any danger of marked declines; but
! 1t iS fair to assume that, with the depart
ure of the holidays and the advance in
prices. much more wheat, comparatively, will
| find its way to the market from the North
| west in January than in either November
! or December. While prices are not hisn
neither can they be regarded as low; but
| It is becoming mere and more apparent that
| foreigners ARE not buying as yet for replen-
| tshment OF stocks, to any large extent.
| just what their policy In this regard may
| develop into. the next two months must de-
| termine There Is no likelihood that they
| will secure their supplies at much lower
| figures than those now prevailing. and, I'M
| less farmers shall, next spring, advertise TO
| the word their purpose to increase the wheat
| acreage OF the country during the next
| crop year, prices ought to advance not strik-
| ingly, but moderately, from this time onward
| to the 1st OF August next The condition of
| in the way of wild flights In prices need be
| anticipated.
The Northwestern Miller, in Its issue OF
last Thursday. says,
| While wheat receipts at country points last
| week were moderate they are expected to
| be light from this on. OF course, higher
prices were they realized, would tend to
| here will doubtless soon fall off, as they
| have for some time been maintained at
| large volume at the expense Of stocks in
| country houses Since Nov. l. the stock in
| Minneapolis public HOUSES has increased
nearly 4.000,090 bushels. 1.20O.0 600 Of this hay
| ing been added the past week. The stock
| now is 100000 bushels, compared with
| 6,27S.000 in 1897; 600 in 1896, and 49,
| $4,000 in 1895.
The receipts of late have been SO large that
| there was O surplus over the requirements
| of millers, and this has been bought and
placed in store by the terminal elevator
| companies.