The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-21

New York 49,. ..............1O1ss SIS
These figures show advances of 17sc
I'm Minneapolis; Use. Duluth; $3.50, New
York; and declines of 1lsc, Chicago, and
&c. st. Louis.
This mixture of advance and decline
reflects the artificial character of the
price: and it may rightly be said that
for the first time during the present
crop year the hand of the man1pulator
is plainly discernible.
When the December option closed,
after the bulge 20 $l.09, much uncertain
~ existed everywhere as to the volume
OF the worlds supply. Exports were
being made in extraordinary amounts,
and there was some doubt as 10
whether or not Argentine's crop would
yield a bushel'of surplus. The price APP
peared to represent actual worth and
the bears were justly timid in their
operations.
During the past two and half
months conditions have materially al
tered. in that the visible supply has not
decreased in anything like the proper
ton expected, while Argentina's sur
plus developed a probable minimum or
30,O00,000 and a possible maximum or
10000 600 bushels.
The May option has almost two and
a half months to run; and it must be
confessed that with the visible supply
twice the volume that ought reasonably
to be expected. the bull clique in Chi
cagO would seem to lie carrying pretty
heavy load.
The operations of the past week
clearly demonstrated the fact that the
May option required strong support;
and this was given to ii, day by day,
at the hands of Mr. Letter, who was
obliged to take large offerings at $1.O4
the price at which the peg had been
driven in.
The clearances have been fairly lib
eral during the week, and he is I'M
doubtedly selling much of this wheat
and getting it out of the country; but
when he buys at $1.04 in order to sus-
tain the price, he must necessarily alb
breViate his average profits and hope
to recouD by sales of his new pur-
chases at much higher figures.
Just what his holdings amount to is
problematiCal. 1t is estimated that he
will require &C. 100000 bushels in order
to command the situation: and also that
during the remainder of the life of
the option 10000 coo bushels additional
OF contract wheat will be forthcoming.
The drive by the bears during the
week was against July, which was low
cred seven points. Meanwhile, May
continued firm, and on Saturday took
a leap to $107, apparently due to the
attempts of some shorts to cover, but
sank at the close to $1.03, or an entire
point from the figure at which it had
been maintained throughout the as
saults upon its neighbor of July.
The latter option is evidently lack
ing the support of Mr.. Letter, who
probably has about as much as he
cares to handle in looking after his in
terests in May. Indeed, it will be re-
membered that in his interview with
The @ o b e representative several
days ago. he frankly stated that he
was not 'bothering with July"
The weakness of this option seems
legitimate, and the price more nearly
reflects the market value of wheat, per-
haps, than the figures for May. The
constant inflow of wheat to the visible
supply, in both hemispheres, together
with the superlative weather conditions
for winter wheat and the advent of
early spring weather in the Northwest,
where, at many points, seeding is al
ready in progress afford strong bear
factors.
4 little surprise has developed also
in connection with Australia, which
has begun to export wheat in a small
way, whereas that country was thought
to be rather straitened in the volume
necessary for home consumption. The
fact has also developed that India has
been a contributor TO the worlds sup
ply to the amount Of about go 900 bush
els weekly since Feb. l.
1t is evident everywhere, however,
that the prevailing high prices are
causing eranaries the world over to
be swept cleaner than they have been
for years.
The war talk apparently has never
entered the situation; and the cereal
Is simply sustaining itself, fiuctuating
from high to low, and low to high, on
its own merits as a staple product.
That July should have descended the
scale of prices under the circumstances
IS not surprising, for 1t has been sub
ject both to liquidation and raiding,
and this with the accompaniment of
bearish news from every quarter.
But it is the contract wheat which