The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-23


past two weeks have demonstrated beyond all
question that the world Is bare Of wheat and
that the United States is the principal source
OF supply. Argentina, from which so much
was expected, has simply fattened out The
original claim was that 100000 bushels
would be forthcoming.
The closing prices for July wheat in the
following named markets on May IA and May
Fl. respectively, are given below:
N,nneaDo,,, Nay n 20, q. May E a H.
SH.caSo ''.'..... l.lI12 1.utk
Outqlh ............ ........ I.04t2 14U
~. Aouis ...'............'.... !.VOk ~
New York neutrality-suspicious.. 1.18A 1.11!a
These figures indicate gain Of 1870 at
Minneapolis, 7c at Chicago, 14&c at Duluth,
10kc at st. Louis and 7c at New York
From this time forward the spirit of the
market is likely to be dominated by the
prospects concerning the forthcoming crop.
Our exports Of the crop of 1898 continue
well up to the record which has been made
since last September. There is no doubt Of
the fact that California Is in pretty had shape,
owing TO the lack Of rain fall at a very
critical period of the condition of the plant.
In the Northwest the reports are very favor
able indeed, to the growth and develop
ment of the stem end the weather conditions
during the past week have been highly favor
able.
In Chicago, the price of wheat has huc-
tuated simply along the lines of requirement
Of the commodity. Speculation and manip-
ulation have played very small part In
the dealings Of the past week. Englishmen
understand now very fully the fact that
there Is no cause for anxiety in regard to
transatlantic shipments. The cables from
Liverpool have been strong, indicating that
which has already been conspicuousy made
thnk Hv0 n1ctrrp &C. 4
On the other side of the occau, and that re-
lance is placed chiefly upon the American
product. India is sending something forward
now and then, but i'll no great bulk. The
harvest there has not proved to be of the
volume expected. Our own crop which re-
mains to be grown and harvested will neces-
sarily play a great part in the worln's sup
ply of wheat. The indications are that a
much larger acreage has been sown, but SO
far as the yield is concerned much is de-
pendent upon the weather The rains in the
Northwest during the past week have been
most welcome. They were timely and re-.
suited in much good to the growing grain.
The export business for the Fast week has
removed about four million bushels of this
old wheat; and those who are dealing in the
July option have good reason for standing
out firmly against short sales. There is no
doubt that wheat will be scarce the world
over from now on, until the gathering of
the new Northwestern crop in August. To
sell short under such circumstances would
seem to be an act of folly.
According to the report of the bureau of
statistics, breadstuffs exported during the ten
months ending April 80 were valued at $751;
go, 3S3, against an amount valued at $l65, 972,-
273 for a like period ending April, 1897. The
value of the breadstuffs exported in April was
$27 427, 1885, against $12, 5S4 for April, 1897.
The exports OF the various grains for the ten
months ending April 3d. compared with those
exported in the same period of the previous
season, were follows Wheat 121. 2ss. 766,
against 70,244,03O bushels; corn, 161, 655. 443.
against 1874 63O,126 bushels; oats, s., 1858.
against 2S,267,s66 bushels; barley, 1881. 214,
against 16, 442, 1888 bushels: rye, 1872. AIT,
against 6,1S4274 bushels; wheat -four, 1924
SIS against 12,S25, 1923 barrels; corn meal, 7C5,-
53S, against 365,676 barrels; oatmeal 67,O61,-
444, against 40, 389, 957 pounds. The amounts
exported in April, compared with April, 1897,
were as follows Wheat, 10,9S9, 351, against
2,547, G97 bushels; corn, 22,749506. against 49,
9a5, 1896 bushels; oats, 4,344,O4 against 2,223,-
9s4 bushels; barley, 479,0O0. against sos
bushels; rye, 1127 2S9, against 445, $50 bushes;
wheat flour, 1,19S, 14l, against S3o,S7S barrels;
corn meal, 46, 1856 against 25,351 barrels; oat-
meal 0501, against 4,790,S95 pounds.
The Northwestern Miller in it's last week s
review said
The receipts so far on this crop in Mime
apolis and Duluth have reached 10S,00J,00O
blu, some 25O00,000 have been ground in the
interior and 100000 and more have been
sown. showing something like 146,0O0,00)
handled from crop claimed by very many
at ,OC0 bu. or less. At the rate wheat
is coming in now, one would naturally sup
pose, if not informed of the situation. that
large amount still remains in farmers
hands to be sold after corn planting. Such.
however. is not the case, for the big prices
have drawn out more than would otherwise
have been sold until the results of the new
crop were better established.
The American Elevator and Grain Trade Re-
view has tho following to say about Mr..
Letters connection with the market:
Some European newspapers. and some Of
our own, for that matter are charging Lei
of bread and consequently for the bread
riots in Spain and Italy. This is drawing
1t pretty strong on Mr.. Letter, who has
/ sold millions of bushels of cash wheat for
export to Europe at less than ruling prices.
This was simply business on Mr.. Letters
part but it disproves the proposition that
he was the sole factor in high wheat prices.
Peoples memories are short Last summer
and early fall everybody was a bull in SEN
timent, even in Europe. Excessive prices
weer freely predicted for the future Few
were willing to back their sentiment with
their money, and those who did generally
got out when the market showed a profit.
Mr.. Letter hung on; perhaps he got in so
far that he could not well let go. Be that
as it may, he hung with a tenacity that
brought him out all right. He simply acted
on what was general belief in this coun-
try and Europe last summer that wheat
would reach high prices before another har-
vest.
The Cincinnati Price Current on Thursday
referred to the crop prospects as follows:
For the most part the weather conditions
have been more favorable the past week
and vegetation has made good progress gen.
orally. In some sections there has been fur
ther delay in corn planting operations from
excessive moisture, but there Is little of
discouraging comment as yet concerning the
crop other than the necessity of some re-
planting and Of lateness of planting These
conditions may be largely overcome but at
the same time they are liable to count more
or less against the crop.
The prospects Of the wheat crop continue
bright. Even in California where a very
low estimate Of condition has been oficially
promulgated. there is locally a more hope
full view of the situation and the rains there
during the past week are expected to be
somewhat beneficial. In the Northwest the
seeded grain is making a favorable start
and the situation is regarded as encour-
aging.
UNION STOCKYARDs.