The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-21

year. But there have been many bear
factors recognized The Argentine
| news, which, at this season, must al
! ways, of necessity, be important if
true, was to the effect, among other
| things, that the stocks in her ports
were 5,V00,OO0 bushels, as against $4,000
| pushels year ago. Our own weekly
primary receipts were g 500, 600 bushels,
mhlIe those last year were 100000 less.
ne Wofd shipments for the week
were reported at 100000 bushels,
against 3,3S7,00O bushels last year,
WhlIe theEVolune on passage increased
l. fooVVV pushels; as against a decrea Sc
OF SSO,o0O bushels in 1897 There was
an increase in European stock of $780,
00O pushels, against q decrease of / no
wv pushels last year. Yet, in the face
OIL tnese hSures, which under ordinary
CONDITIONS would be accepted as bear
ISh III their quality, May wheat kicked
u me e. peam on Saturday in Chicago at
?I-o9' WITH indications that this morn
upwards. 3
FROM the very beginning of the pres
eht crop year campaign, the English
traQe journals have been persistentlv
puIIlsh. Ihefr -statisticians seemed TO
nave gained a much clearer idea of the
NoIIq shortage and the American
supply than our own.
So recently as in its issue of Fob .
Tue LONDON Corn Trade Journal freely
hectares that within the following three
LlolthS the course of supply and de-
mana is likely to be such as NAV leave
t tIIe power OF fixing the price in the
naH r OF the seller" The bear element
III lineage: Which, by the way, is Just
now the highest market in the world
has been conscious of the foraion neri
tatlon over the possibility of slJDDlvino
ms shortage, and it hence seems all
Ihe more lncomprehensible that IFS rem
ieSeHIatIVeS have persisted in being
tossed IN the air by following the tao.
oics oL taxing a seat between the horns
W t5Ie pun every time he lowered his
head Tor fresh movement
Inc real situation in regard to vbaa4
may pe larry and conservativeIv nro-
ttouAced = 4l1m in it's present strene-th
9eFeral months ago, before the rooi
IoIeigh condition of things was under
stood ana the movements of Mr. lei.
@Ilu MI. Armour were comprehend
60; I!leIe was the appearance of arti-
ilclallty IN the peTsistencey of the rise
IN the lace of the enormous and mn
Icoheu Tor receipts. All this has dis
appeared With, perhaps. not more
,tftII zen per cent of the crop of the
No invest unmarketed with the in
SalIate foreign nav still absorbing on,
so 90 aS dt the rate of from 5000 600 10
week -
great money power in control of evl
eFythihg' there is no force to compel
permanent lower range of prices. 1t
Is 700 early 10 measure as 0uan+it,,
OF value the condition of winter wheat
interest ard71S pr primarily centers, just now,
t'IouiIu me question of supply for oul.
own seed and consumption between
this time and the marketing of the
next crop, beginning in August. No
matter what may prove TO he +ba vol
ume OF the Argentina surplus. there is
1i1a authority for the statement
lnat the effect of shipments of that
crop TO european ports will not real
ly be felt until May or June. Mean
while e., exports from the United states
are likely to continue; and. as the Vol.
ume of the visible becomes loss AMI nj
less, week by week there is every
pIooaoillty that there will be panicky
PERIODS IN the market in which con-
siderable flights may be looked for ana
~ may not be too much to share in
the bel!et expressed by Mr.. Armour
mat N;5O may be realized before the
close of the crop year.