The Saint Paul globe., 1899-02-13

St Louis 80. -. ................76Ss ISIS
New York.. .... ................774 1888
These figures show gains of 12sc in Mime
apolis 1ise in Chicago, 1ssc in Duluth, 114c
in st. Louis, and &c in New York.
The opening Monday firm, but there
were early signs of weakness because OF the
sluggishness of bull trading and bearish
news generally. There was an increase re-
ported in the worlds shipments compared
with the week previous. The receipts at
primary points were not up TO expectations
however, and this fact contributed something
of strength by way OF offset TO news that the
shipments from Argentine TO Liverpool had
been heavier than during the week previous.
The announcement also made that Russia
and India were holding back their stocks, and
that Europe looking almost wholly 10
Argentine and the United States for future
supplies. 1t has been apparent for the past
two three weeks that Russia will soon
have 10 cease exports If the stories concern
ing famine in that empire are to be accented
as reliable. The Indian surplus is not large,
and has not cut much of figure at any
time. The most uncertainty has existed In
connection with Argentina; and it is clear
that shipments thence are being made in much
larger volume than was earlier anticipated.
No reliable figures are vet attainable as to
the probable surplus, but stocks evidently
being rushed to the European markets as fast
as the wheat be threshed and vessels in
which to carry it can be found record of
$4,000 bu for the week before last was re-
corded. which closely approaches the volume
OF clearances from the United States
The same absence of the buving spirit no
ticeable in Mondays market reappeared Tues
day. The opening was moderately strong
but weakness predominated. On Wednesday
lower cables were received at the opening
ard later a moderate break in the share
market OF the New York stock exchange
seemed TO reflect its influence upon wheat
trading. This developed hesitating spirit,
as though operators both sides preferred
TO await developments. The prevalence of
extremely cold weather not only in the
Northwest. but extending with unusual vigor
as far to the Southwest as Oklahoma and
TO the Southeast. with damaging results. to
Florida, caused a feeling of uncertainty as
10 the possible effect upon winter wheat
The Cincinnati Price Current. in its week
ly issue gave some encouragement TO this
theory; but, after all, this is only speculative
inasmuch as the conditions cannot possibly
be introduced much less realized, until the
thawing out process begins. II is at that
period the damage 10 the plant, if any exists
makes itself apparent, and if the thaw is not
broken too severely by freezing weather, the
roots will be exposed to little or no danger
of harm. But whatever of bull nature was
thought TO exist in connection with this scare
was Offset by the marked decline in the ex
port demand which New York wired was
practically at a standstill. In these circum-
stances the bull trading ceased but there
was no disposition manifested by the bears
TO take up the cudgel and attempt to hammer
prices. This was one of the main argu-
ments Of the week to the strength of the
undertone. Friday showed falling e in
receipts, but this was doubtless due to the
continued cold weather. The market was
disposed to 60 up Oh this fact: but LIVERPOOL
cables showed a decline, influenced doubtless
by the increase Of the Argentina shipments
Saturdays reDorts gave the estimate of 90
e0a000 bushels as Aus,raia's surplus. but
these figures have been discounted as the
figures do not vary much one way or the
other from those hitherto sent forward.
There were. however, stronger cables from
Liverpool, and the market of the week closed
fairly steady at quotations.
Inc outlook for wheat is more than ordinari-
ly uncertain at this season of the year. The
great crop of 1898 in this country, has not
been marketed. with much freedom Heavy
stocks must be resting somewhere in re-
serve and these will probably be found In
the private warehouses and smaller elevators.
When once the Argentine and Indian and
Australian surplus be computed with
reasonable reliability, the future price of
wheat can be more easily figured upon
The strength which wheat has reflected thus
far. pending the uncertainty in connection
with the quantities named. affords fair in
dlcaton that in due time. say between now
and the expiration of the May option. a mod
crate advance may be reasonably counted
upon. Prices today in view of all the facts
appear 10 be lower than might Justly be ex
peeted But the midwinter harvests in the
countries mentioned always barrier to
anything IN the nature of a substantial
and prolonged upward movement at this sea-
son of the year.
Speaking Of the market with respect to 1t.
government by receipts the Northwestern
Miller, in its latest issue. says:
The advance and succeeding decline in
wheat appear 10 have had little effect upon
the tanners Of the Northwest; they are ap-
parently as firmly set as ever upon holding
for higher prices. For this reason country
receipts are very light