The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-02

ngs in the wheat market were concerned,
may possibly become historical in that the
high score OF s1.S5 was reached for the May
option In Chicago. The following Is a COM
parison between the closing prices for that
option, in the markets named on Saturday,
April 23d and 30th respectively:
April 80. April 2S
Minneapolis ......$l IS1a 81 %
Chicago .......... 20A II
Duluth .......... Iot2 lVB
81 LOUIS ........ VSra Vo12
New YORK ........., lS1a IL
These figures show gains during the week
Of size at Minneapolis; 64c, Chicago; 5%c,
Duluth; Sc. st. Louis. and re. New York.
The $1.25 touchdown in Chicago occurred
Tuesday. Transactions at those figures were
rot considerable, however; but the re-
manned sufficiently long to put bitter taste
in the mouths Of the BEARS
The cause is not sufficient to find. During
the past month the foreign buying of our
wheat and -four has been very large, un-
questionably in apprehension of our war with
Spain and the possibilities of trouble in the
process of shipments. The week just closed
was practically the first which revealed the
actual existence Of war, following the declar-
alton by the president; and there was a
general scurrying to- get contracts in proper
shape to provide against any break in the
guarantee of supply for European bread
eaters. With the sudden upward rise, the
bears became panic-strlcken and in their
efforts to cover bid the price up The whole
affair started with the high Liverpool cables
OF Monday and again Tuesday. The world s
shipments Of the previous week were shown
to be only about 100000 bushels, and of this
volume the United States contributed upwards
of S,5o0000 bushels. The general domestic
The receipts at different Northwestern points
were Unexpectedly liberal; but these same
markets gave animation to the bullish ele-
ment Cabled orders came thick and fast,
and foreign buyers were the most excited
traders in the field.
The natural reaction followed, but July
remained above the 90c figure; and there 1t
will probably remain to the end, with a con-
stantly aspiring tendency. The deliveries dur
ing the month on the May option ought not
to be accompanied by any startling sensa-
ton. A good many bears have made their
settlements, and 1t is doubtful If very con-
siderable short interest exists. One other
thing must be expected, namely, the final
cleaning up all the Northwestern eranaries.
No. l northern wheat can now be sold for
$l.00 per bushel at the local elevators of near
ly every section Of Minnesota. This high
price must result in bringing out the reserve
supplies; for with the pending favorable crop
conditions 1t would seem like an approach to
idiocy to held on in the spirit of greater ex-
pectations.
Mr.. Letter has thirty days in which to
close up his gigantic undertaking in con-
nection with the May future. He has prob
ably sold much of his May holdings, and
certainly has disposed of much July, which
ne bought in order to sustain the market for
May, during the raids upon that option a
few weeks ago. July Is not ordinarily a
popular option, at best, because of the over
tapping OF supplies, namely, the liability of
selling orders being filled from the carly
threshing of winter wheat in the Central and
Southwestern sections of the country; and,
while unfit for immediate milling, 1t is avail
able for delivery.
The situation is as difficult and complex
as 1t has been since the crop year opened
last September. Argentina Is not contribut-
ing to the European market anything like
the volume anticipated. India, too, seems to
be disappointing to the English importer;
hence the justifable uneasiness of these mer-
chants, especially in view of the existing
war, and the conditions growing out of 1t.
Even admitting what now seems to be evil
dent that the worlds supply is sufficient to
work Of distribution, in view of the well and
long recognized shortage in Liverpool as
well as other European markets, might create
considerable confusion. Only four months
remain for the exhaustion of the present sup
ply before the placing Of the wheat to be
harvested the coming season on the world 8
markets. The following views from the
Northwestern Miller are pertinent in This
connection:
It is probable that this advance will
orlng larger shipments from all countries,
and whether there will be much further
advance, is certainly question for con-
sideration. It seems to be believed pretty
generally, with very good reasons for the
belief, that there is wheat enough in the
world to meet requirements until new
crop is harvested, If the quantity at hand
IS properly, distributed. The matter Of
transportation comes in here, and the
question creating most interest now is the
one of transportation and the possible in
reference with it, arising from the pres
e 81 war: These high prices will draw
tries of the South where the grain has
been recently harvested. So much of that
will come forward, during the high prices
of the new crop year, that the usual pro-
portion for shipment, during the fore part
of the new crop season, promises to be
greatly diminished. Such a condition will
part of the season, and will tend to hold
up prices later than usual in the new crop
year. There seems to be good assurance
that full prices on the crop of 1893 may
too bear Of wheat at that time for early ac-
emulation. Without such accumulations,
It is well understood, that there will be
little to depress prices. Traders, too, will
become accustomed to trading on the high
er values, and will be less afraid Of them
than they are now. The growing crop, in
all sections of the country, has been well
spoken of during the week, with the ex,
ception Of few points where real dam
ages had previously occurred. Reports Of
the growing crops Of Europe are also ia.
vorable as to prospects there.
The Cincinnati Price Current gives the
figures Of total receipts during the past
forty-two weeks, or since the last crop be-
gan to move. at all primary markets, as
200 600 bushels, or a little more than one
third Of the yield of 1897. Comparison Il
made in this respect with receipts at pri-
mary markets during the same length OF
time Of the great crop Of 1892. This latter
has gone into history on the basis OF
612,000,000, and in the forty-two weeks Of
that crop year 209 600, 900 bushels were thus
rsosived. The expert demand that year was
Dry heavy, but it is shown that this year
the volume has been quite as large, namely,
100000 bushels per month.
In regard to reserve supplies, the Orange
Judd Farmer says:
The demand for our reserves Is very pro-
nounced, and conservative members Of the
trade believe the available wheat LIST Of
next July will be very small. The farm
reserve March following the bumper crop
ably an underestimate at 1000, 900.
Orange Judd Farmers March / estimate
was lb7 GOO, goo, and certainly there has
and whiting down Of these farm stocks
the past two months. The visible supply
Is now down to- 27,0OO.oOo. the smallest at