The Saint Paul globe., 1898-05-16

seem that this covering had not yet been
removed, although Friday and Saturday did
reflect the fact that wheat had for the time
being sprung too high in the air and that 1t
was destined to the humiliation of come
down. The closing prices for July wheat in
the following named markets on May and
IA respectively are given below:
Minneapolis ...... .........a 80 81 35A
Chicago ...... .."......... | 041s ! oSss
Duluth ........ ............ 40 "A
St. Louis w So12
New York .......... 11k 113
These figures indicate a gain Of 31hc at
Minneapolis, loss of 1% at Chicago, 4c at
Duluth, 2hc at st. Louis and 1hc at New
York.
OF course, the advance of wheat during the
past week has been beyond the widest cart
Ter estimates Of those connected with the
trade. May wheat sold in Chicago last
Wednesday as high $1.S5. This Is cash
wheat There has been good deal Of con-
fusion all around, and the only wonder is
that a genuine bear panic did not ensue.
July wheat especially in Minneapolis, has
climbed up to $3.50 per bushel, and there
is a ravenous desire on the part OF millers
to get the grain even at these high hgures.
This is explainable upon no other theory tnan
that the well-posted millers OF the Northwest
understand perfectly we'll that the granaries
are almost stripped clean; that the offerings
are few; that the demand for flour Is over
whelming; that they must exert themselves
to meet the supply and that they are con-
fdent that no matter what may be tho
price of the -four which they produce. there
will be market during the next ninety
days at a price which will justify them II
responding to the figures for the raw mate
rial which at present prevail
The market during the past week has not
been one which can be treated along the lines
of normal business transactions. Wheat mas
been simply oversold by those who did not
possess a grain of the commodity, and with
the demand for export in the grain and the
demand by the millers for grinding into -four,
still to satisfy this export demand the ineyi-
table consequence was the fight which has
been witnessed. What do the traders In Chi
cago care about the possibilities Of next years
crop when they see that everything in sight
is In their own hands and that the world a.
large is crawling to this country for its
bread supply? The United States has rarely
witnessed so splendid an object lesson of its
great agricultural strength in the direction Of
the cultivation Of cereals with which to feed
the world as is now being demonstrated. The
only fear is that the heads of farmers will be
turnedf by this tremendous application for
wheat. and that they will over-produce again,
just as they have done in the past and to
their great disadvantage.
There is practically nothing to be said about
last weeks market except that it represented
a legitimate trade in a commodity which the
world must have and will have and will pay
any price to obtain.
This country has been shipping enormous
supplies to Europe throughout the entire sea-
son. The barriers against the importation OF
xx,l,o 49,
ferent countries Of continental Europe, who
find themselves in condition of absolute
poverty on this score. Russia has not been
able to do all that was expected of her.
While France is large grower of wheat, she
Is never able to get along without call upon
other countries for her supply. Today the
exports of wheat to France are larger than
they have been for number of years. France
naturally depends upon Russia, but this time
she was obliged to look across the Atlantic
for the sources of her bread stuffs Italy was
compelled to follow the example of France
and to suspend the duties, to the end tha.
wheat might enter from foreign sources. The
same is true of Portugal. Beyond this was
the demand Of Great Britain herself During
the month of March this country exported of
wheat and flour 100000, as against 1885,
600 bushels in March, 1897. But there have
been larger expectations even this year than
are represented by these figures. As for in
stance in September last when 26, ,016 900
bushels were exported, which volume has only
been exceeded by the exports of wheat in
August, 1891, amounting to 26, ,270, ,0O0, while in
September of that year 25, ,797 ,O00 bushels were
shipped abroad. OF course the season of
1912 must be regarded until 1t is exceeded
as the banner export crop year of the United
States. For during the twelve snonths in
cluded in that period 225 666, GOO bushes of
wheat passed from our shores to the ports of
foreign countries. The Atlantic exports Of
that year amounted to 1S6, ZOO, 900 bushels. and
from the Pacific 100000. A comparison be-
tween the nine months beginning with Au-
gust and ending with March, 1892 and lSs7-9s
shows that while during this period in thu
former instance $50, 900 bushels were ex-
ported, IN the latter, or say from July 1, 1897
10 March I'll. 1893, the amount was 165. .461. .O00
Which reveals the fact that there W re shipr al
abroad l4,770,O00 bushels more than in the
season Of 1892 than in the same period of
1897-98
But the expectation is that with the de-
mand from abroad from this time forward tn
July 1, the fullest capacity of every shin leav-
ing our ports will be availed of in the trans
portation of wheat from this country tn
Europe.
q
or nothing to do with the striking advance
in wheat. The conditions which prevailed In
December are simply those which prevail IN
day, only, like fever, or physical maladv
1t has grown more intense the loneer n
lasted; and this condition must last until
a new crop Is raised and harvested.
This Is from the Northwestern Miller.
az me ne visible supply is now but about Ia
eoo a ooo bushels, against "a, 900, ,OGO last wear
eS'ooO oO0 In 1895 and G., ,OoO, 900 In 1888. # r.
tn1s small amount In farmers hands with
the small amount in the visible s,rnnlv IN
this country, that causes the princjnia IN ~
terest IN the present situation. No one
doubts that there Is enough wheat. If nron.
erly distributed, to go around but hnIdsrs
are taking advantage of the position to
charge to purchasers high prices for wheat
tney must have for their consumption. In
oSner words, holders have the advantage Of
tne position. and they are using It for the
purpose Of advancing the markers Resco
oI1 lions are likely to come, but that low prices
VIII! again prevail, there is no sort of ra~ so.
TO believe, until we'll . ong to the lat.sn
part, at least, of the next crop season.
Ine same Journal INDUCES in a little nleas-
antry at the expense of the bears as follows /.
ADMIRAL Dewey's bull movement in tbe
fhi!lpplnes seems to have inspired a hulI
ieenng all around and the wheat bulls are
IN absolute control Of the situation. They
nave nave Witn their concentrated and tremen.
uous attack, annihilated the bear feet. ri.
Henced the opposing batteries. and now
seem to be In command of the situation
even as Dewey holds Manila Tust wbat
they will do is beyond conjecture but ~
would seem probable that there are no hiph.
er nights possible. Meanwhile millers gem
orally 90 not know exactly where they are
a md t-4l-