The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-09

Minneapolis .......... 49,. 81 3544 81 1lA
Duluth go. ................ A 13A
st. Louis ............-...... 9S1a 1925
These figures indicate gains Of 241sc at Min
neapolis. 113sc at Chicago, 30Ac at Duluth,
S%c at St. Louis. and 101ac at New York.
The dangerous condition of the market for
the past month has been frequently pointed
to. TIE masterful hand of MIR. Letter has
tightly gripped every source of supply Of
contract wheat throughout the past three
months, but despite the undisputable evidence
of this fact the shorts insisted upon dispar-
aging the existence of such a condition well
as the business judgment of the young oper-
ator. and they have been compelled to pay
dearly for their folly They seek to attribute
this latest flight to the advance CT the and
the European scare over the possibility that
foreign accumuiations would be deprecated
to something like a degree approaching fam
inc, but the fact has at last been demon
strated, even to their sluggish methods of
reasoning. that this country is the one after
all to which the old countries are looking for
their main source of supply.
The week opened with a reported decrease
in the visible supply of 2650,C0O blu. Intor-
nation was forthcoming also from San Fran
cisco to the effect that the prospects were
poor for the new crop. 1t was learned too
that Italy, Portugal, France and some other
continental countries had announced re-
duction of duties. All foreign cables came
higher, but our own markets did not respond
with unusual promptness to the news. Some
fears were expressed. too, of damage by
frost in certain sections. But there was no
doubt sentimental element resulting from
the news Of the victory in the Philippines
lelDed n
this would seem to be an excellent reas9 On
why prices should Decline inasmuch as a.
decisive victory and which would indi-
cate speedy termination of i1ostilities ought
to relieve anxiety abroad with respect TO any
possible disturbance in export transportation
A reverse at Manila or anything tending to
the continuance of the conflict wculd natu-
rally lead to the placing of large orders to
insure against the unpleasant contingency.
An early closing of the war and return to
ante-belium conditions ought to be calculated
to throw upon our market the great volume Of
wheat thus bought during the scare for &C
cumulation= unless the shortage is so con-
siderable that the supply is necessary abroad
which is probably the underlying cause of
the great advance, no war.
Mr.. Letter Is reported to have sold upward
of 100000 bushels at different points along
the range OF the higher prices, and again
he evHced spirit of lenency toward the
bears by not permitting excessive corner
to be forced. He has admirably, throughout
his campaign. preserved the life of the goose
that laid for him the golden egg, and right
royalty has she manifested toward him her
gratitude.
No prediction respecting the market at S
present stage is worth advancing. 1t is now,
rNt,f1y hand
cure wheat at any price, and no one can in
telligently anticipate what the next turn is
to be. though. judging from the way in which
the miliers of the Northwest are absorbing
all offerings of July. deliveries under that op
ticn are likely to be exceedingly hard to
make.
The Northwestern Miller in its weekly re-
view SAYS:
1t is realized that large receipts cannot
be long maintained, for it is well under
stccd that farmers are selling very freely
by reason of the present high prices, and
that they will, within a few weeks at m ST.
have disposed of their surplus Stocks in
Liverpool are not only low but thew are
rapidly decreasing, and this induces them
TO exert themselves to maintain their pur-
chases. 1t is noticeable that considerable
contract wheat is still going to Chicago
from various places. Russian shipments
were considerably larger fer the last week
amounting to $4,000 bushels. midas
shipments were reported at 632 coo bushels
with the total worlds shipments SC0j,O.O.
Paris cabled reports say that the advance
there has been mostly On war and that
decline is expected.
The Montreal TRADE Bulletin says:
The engagements of grain from this port
have been very heavy, amounting. it is
said. to between 100000 and 1000, 0G0 bush
els to date Amongst the latest freight
charters were 100000 bushels for Liverpool
fer IS: 100000 bushels to Glasgow at IS
Cd; 10000 bushels to Bristol at IS Sd TO IS
Cd, and leo, 900 bushels to the continent at
As Sd to As Cd. now asking As Cd. These
are good paying rates for shipowners, but
exporters, of course. think them too high.
shipping agent. however, stated that
owing to the immense amount OF Amari-
can produce likely to be exported via Mon
treal in consequence of the war, the chances
were that ocean freights had not attained
their highest limits. 1t is reported that
May and June space is nearly all taken
up on the regular liners. 1t is also stated
that large quantity of grain has arrived
at Kingston, and that the amount in Parry
Sound elevator and ahoat for shipment via
that port and the Canadian Atlantic is
fully a million bushels. Everything. there
fore, points to rushing business being
done by the St. Lawrence route and tha
owners of stock in the Montreal Eevating
company are to be congratulated on the
prospects OF further splendid profits, espe-
cially as it is now understood that no op-
position company is likely to antagonize
them this year. 1t is said that the COM
pany intend putting on new elevators. with
the latest improved appliances in order to
afford the trade every convenience.
AS an illustration of the erroneous opinions
prevailing to the effects of the war. on
prices, the Toledo Market Report of May Sd
says:
That part of the provocation for higher
prices of wheat, based on our war with
Spain, has received quite a check by the
naval battle at Manila. OF course this is
only an incident in the contest, but the de-
cline abroad shows how mucn dealers over
there were influenced by the war There
was no real reason for the large advance
on this account, the great rush to buy and
force the purchases on TO the ocean put I'D
the price Of ocean freight &c to SC a bushel
There has always been reason enough for
good prices without this war stimulus. but
1t was made a convenient element To scare
the young-headed dealers. The advance in
prices has started farmers sales and the
interior warehouse stocks and the receipts
are very large. Toledo has on track 476
cars in two days. 1t all tends to Chicago
from here, and the bulls un there may get
all the wheat they need OR family USE
The Modern Miller has this to say in re-
gard to the outlook for tho -four trade:
The -four trade throughout the country is
greatly improved insofar an domestic trade