The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-11

These figures show gains of ~ cents
at Minneapolis; 1 cent, Chicago; IA
cents, Duluth; III cents, st. Louis, and
IL cents, New York.
The real strength OF the wheat, as
a staple product, distinct from it's spec
ulative associations, is demonstrated
by the fixedness Of the price, both for
cash and options. during the past week
of extraordinary excitement, resulting
from the threatened conflict with
Spain.
A month gor more ago there were
croakers among the Chicago bears
who made their sales upon the theory
that war would effect the bloclxading
of our ports, thus preventing ship
ments to Europe and creating a pleth-
ora of wheat at home. If there was
any large proportion Of the cereal
shipped in American bottoms, there
might be some reason for indulgence
in such apprehensions. 1t is not at all
likely, however, that stocks of wheat
in Europe will suffer any lack of re-
Punishment by supplies from this
country, on that account
Mr.. Letter. it is true, is shipping his
large holdings as rapidly as possible
to the other side; but doubtless his
reasons for so doing have reference
mere particularly to a desire to get
the wheat out Of the country, and
thereby maintain Ahe scarcity and the
consequent high prices here
Broomhall gives the amount of wheat
on passage to Europe as AZ, OOO, 900 BUSH
els, an excess of 100000 bushels over
month ago: and the worlds weekly
shipments are running along at an aV.
erage pace of 8,500.000 bushels, at VIII Oh
rate. it is hoped, the European stocks
can be kept up until the incoming of
the supplies from the new crop.
Bradstreet gives the worlds visible
increase cs 1,125,000 bushels, as against
decrease of 100000 bushels the cor
responding week last year. Shipments
are now going forward at a weekly av-
erage of about 100000 bushels from
Argentina. But notwithstanding the
reasonably gratifying record of the
amount of the visible supply and the
volume af1oat, the European supplies
are regarded as critically short for this
season of the year. Thus it is that the
speculative advance in our home fut-
ures is largely due to the continued
strength Of the foreign markets; and
while this is maintained, any attempt
to hammer prices here will prove a
useless expenditure of energy.
1t is becoming more and more evil
dert every day that the July option
is oversold, and an advance Of several
points from this time onward to the
n
ably be anticipated. The bear clement
does not operate with any degree of
confidence, for the conditions have been
so persstently against them and con-
tinue so to be that their only recourse,
if their transactions are rot to be
wholly prefitless, is in scalping
The large shorts in July, it is said,
have been sluggish in covering be-
cause of uncertainty as to the results
n q &c,
that there are some who really believe
that the beginning of hostilities will
be followed by a decline in the price
of wheat. 1t is difficult to COMPREHEND
| their method of reasoning The gen
era1 shortage Of the cereal is indisput-
able There will be just as much de-
mand for bread ard wheat from which
to make it. if war ensues, as if the
peace remains unbroken.
| The grain market cannot be inf1u-
enced by such disruption in the same
manner as. the market for shares
/ Over the New York stock exchange
hangs the sho dow of a possible ma
tional loan of from 5000, 900 900 to $780,
! coo, 0OO The floating of so large vol
ume Of government bonds at say 3
per cent would unquestionably lead to
a temporary neglect Of the market for
| railroad and other securities. While
the issue of possible war between
Spain and the United States can be
| foretold with reasonable certainty the
| effect would be disturbing, and there
| are many who would prefer a govern
ment bond at moderate rate of in
terest to any railway or other secur-
| ity of fuctuating possibilities
/ The news of the week has been ia
vorable, if anything, to the bull ele-
ment, but the reports regarding the
winter wheat justify expectations of a
| good crop, inasmuch as it is shown. by
the advance of spring, that the injury
to the plant has been less serious than
was thought month or so ago. The
market for both July and Mry is
strong and apparently unbreakable.
| Mr.. Letter has held May with deter
mination at $1.04 as the minimum fig
ure and now has the satisfaction of
| noting it's gradual, natural advances.
1t is obvious that July is destined
to follow this lead under the master
full guidance of the man who so sue
cessfully manipulated both December
| and May.