The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-14

These figures show declines of &c at
Minneapolis, 15sc Chicago, 2asc Duluth,
INC st. Louis, and 25sc New York.
The fact that the loss of only 13sc at
Chicago, where the raid upon Mr.. Lei
ter occurred, was the net result of that
peculiar operation is the best evidence
of the inherent strength Of the market
that could be afforded.
There is no longer any question con-
corning the scarcity Of wheat. 1t has
simply come forth during the range of
the higher prices, and the board has
been deceived throughout by the sur
prising increase in the visible supply
which was, week by week, for so many
weeks, revealed by the records.
1t was in the nature of things I'M
reasonable to suppose that, in view of
the need of money by the farmers and
the high price ruling, any large pro-
portion should be withheld from mar
ket.
Meanwhile the volume of exports was
being constantly increased over that of
last year. Between Jan. l and March
4, the amount was approximately 3d.
100000 bushels, or little less than
100000 bushels per week, as against
% 500, 900 for the same period last year,
or about 100000 bushels per week, and
an excess of 100000 bushels during
the nine weeks of 1898 as against the
same PERIOD or 1881.
Those figures tell their own story.
The wheat has gone out of the coun-
try, and we must wait for a new crop
to grow and be harvested before there
can be any considerable recession in
price looked for The amount Of wheat
on passage now is figured at about
Al 100000 bushels, which is about
double that of the same date in 1897.
Under these conditions it is not sur
prising that the bears have failed once
more to scare Mr.. Letter. The elevator
men and the railroad officials agree
that the wheat has been marketed and
little remains in the hands of the
farmers. Yet it is said, and with ap-
parent knowledge Of the facts con-
trolling the situation, that the short
interest in the May option is between
100000 and 100000 bushels. 1t is
true that the end Of May is nearly
eighty days distant, but with the cash
stock being gobbled up by the millers
and by Mr.. Armour, there is certainly
little comfort left for the bears.
There are some statistics which are
anti-bullish, but the price is unyield-
ing and proves its ability to resist all
attacks.
In this connection the following sue
cinct and comprehensive statement
from a trade letter published in the
Minneapolis Journal, last Thursday.
presents the situation in an interesting
and intelligent manner:
1t is now estimated that the Northwest
will lose fully 1900, 900 bushels of wheat to
go to Chicago. These conditions will finally
cause more or less uneasiness among our
mlllerS. AT the present time there is in
store in Minneapolis about 1000, 900 BUSH
els, and in Duluth about 5000 900 bushels
In country houses there is not to exceed
100000 bushels, and in farmers hands
there certainly
bushels. On crop of 120, 000 600 bushels
which many claim the amount raised
1t would be nearly 80 per cent, and we be-
Ileve no one will claim that farmers in the
Northwest now own more than 80 per cent
of their last crop. But even on a crop of
40, 100000 bushels it would be % per cent,
and we doubt if any bear would claim that
more than % per cent of his 14O, 900. 900 crop
is still held back. Now that makes a total
of wheat in all positions in the Northwest
of 60 900 600.
Now let us see what the requirements
must be I'D to another crop.
In the first place Minneapolis mills will
require 35,CO0,G0O bushels to grind. Duluth
mills will need 100000 bushels, and the
bushels There will be required
for seed at least 15,OOo,O0o BUSH
els, and then the 4, 900 00O bushels to be
shipped to Chicago. This makes total Of
$4,000, 600 bushels wanted in the Northwest,
and we can only find 60 900 900 bushels to
meet it. There is shortage of a. 0OO. 900
bushels, the best way it can be fixed
The shortage will bring about one or both
of two things either our mills must close
down or our prices must be advanced to a
point that will draw wheat here from Chi
cago. This will necesstate an advance in
our cash wheat to at least cents over Chi
cago cash wheat. In May our cash wheat
will be May wheat, and in Chicago their
cash wheat will be May wheat. Hence our
May wheat should rate stronger than the
Chicago wheat The probabilities are there
will be wheat shipped here from Chicago.
nd nj hat no mi lie will taH
output. They will ship it in to keep the
wheels going. and they will curtail the out
put as a result of the higher prices. The
only possible conclusion to be arrived at
from the above is that MINNEAPOLIS May