The Saint Paul globe., 1898-02-14
BEAR ELEMENT PUZZLED
1T CANNOT FIGURE HOW WHEAT
PRICES CAN DROP NOW
of the "BuIIs" on the Market
"Bear" Reports Were Critically
Scanned-But No One Was Scared
From the Appearances.

The conditions governing the wheat
market during the past week have
contributed little in the shape Of CON-
fort to the bear element. There were
some short sales in Chicago several
days ago, when the price was ranging
around 9S1a cents. There was prob
ably some considerable profit taking
for long account, according to the re-
ports, but it is notable that long wheat
ceased coming out after the price de-
clined two or three points. This prov
ed that nobody was scared; and the
closing upon Friday, at 977s cents, in
anticipation of double holiday af-
forded the best evidence that the bears
were unwilling to take the risk Of a
bulge before Monday morning should
come around.
Much is said in the daily market
dispatches about the uncertainty
surrounding wheat at the present time.
The fact is there has rarely been a
time when so much certainty Of a pc
culiar kind existed, namely, that wheat
is really scarce, and that those who
want it must pay we'll for it; and that
is just what the gentlemen engaged
in the business are doing. There was
plenty of bear news, of certain kind
all the week, but it had no effect what
ever upon the price. Reports of con-
tracts for delivery of Argentina at
European ports were current, but these
were expected, and the effect has been
thoroughly discounted ever since it was
determined that the Southern hemi-
sphere would, in spite of floods and
drouths, locusts and rust and other
Affections, really have a surplus for
contribution to the bread-eaters of the
North But, granting that this will
prove to be as much as 40,000,000 bush
els, considerable time must necessarily
be consumed in delivery. Meanwhile
consumption of the worlds visible from
the crop of 1897 is rapidly going on.
Shippers are just now concerned over
their ability to supply the demand dur
ing the months which must necessarily
pass before the new crop of the north
ern hemisphere is harvested, to say
nothing as to what the volume of that
crop shall be. Wheat is known to be
worth today every penny for which 1t
sells in the market, condition which
does not always exist. The high prices
have assuredly had the effect of bring
ing wheat from the hands Of farmers
and to an extent greater than realized
by the mass Of operators. That some
remains to be marketed is true, but it
is the judgment of the most expert
enced men identified with the handling
of grain that the amount forthcoming
as the season advances will be found
to be much less than is generally est1-
mated.
It is unquestionably true, also, that
Minnesota farmers, particularly, are
lust now engaged in cleaning up their
granaries of the stock they withheld
last autumn in anticipation of very
high prices during the winter months.
This is a factor which ought ordinarily
to assist the "bears" and annoy the
'.bulls;" but so voracious is the trading
world that these supplies are constant
ly absorbed in larger or smaller vol
ume from day to day without causing
any perceptible substantial decline un-
der the weight of offerings. The one
surprising fea ture of the history OF TINS
latest crop market has been the per
sistent increase of receipts at central
points. over all expectations and above
every estimate associated with the vol