The Saint Paul globe., 1898-02-28

These figures indicate a decline of
&&sc at Minneapolis, 312c Chicago, 31ac
Duluth, 4c st. Louis and 4c at New
York.
The fact should be recalled that the
prices of a week ago were the closing
at the end of a week of universal
excitement, during which the price of
May reached $1.09 The fact that those
figures were touched momentarily in
the frantic efforts of the shorts to
cover did not establish the legitimate
market worth Of the commodity. The
fact that within the past week. under
the influence Of abnormal conditions
especially favorable to operations for
the depression of the price, these were
the lowest figures scored, affords tan
giblc evidence that the market value of
wheat the world over at the present
time is fairly represented in the figures
of Sa turday'S closing, above given.
Speculative trading, both in railway
shares and in cereals, has been carried
on during the past week under extra
ordinary circumstances affecting not
alone real values but the judgment of
men dealing in them. Every morning
brought it's fresh supply of news re-
garding the tension which exists in the
relations of our government with that
of Spain. There probably never has
been time since the end of the rebel
lion when this country appeared so
near 10 pdIllClpdllOu III ACTUAL w OIL ciS
the present. Undoubtedly the cooler
headed and more conservative element
of the pople do not believe that war will
ensue; but there are thousands of other
who imagine they already smell burn
ing powder and they are hopping
around and jumping about and asking
the Judgment of other people, as fool-\
ish as themselves, what the effect Of it
all is going to be on this and that Sc
curity and commodity. In their uncer-
tainty they rush to market and sell in
the belief that in that way at least,
provided they really have something to
sell, they are sure of being on the safe
side.
This is what has taken place in Wall
street, with the consequent result of
heavy liquidation and declines in prices
in prices, understand, not in values,
for the shares Of the Southern Pacific,
for instance, and many other roads that
might be mentioned, are worth just as
much as they We're selling for prior to
the disaster to the Maine; and if latest
reports from New York and London
are reliable. the foreigner is meanwhile
quietly and generously picking up the
shares which the hysterical Yankee is
engaged in chucking overheard.
With this condition of things prevail
ing in Wall street, wheat has lost only
about as much during the past week
as it gained the week before. Certain
ly the bear had news enough, not only
in the war scare in the East but in
that pertaining to the wheat supply and
outlook as well, to give him confidence;
but he appears to have been deplorably
lacking in the true quality of nerve
for action.
There was little or no decrease in
the visible, and the foreign quotations
were lower. Though the stores of Liv-
erpool, for instance, were reported to
be as low as 100000 bushels, it was
known that volume approaching 40
100000 bushels was af1oat from which
to replenish depleted stocks.
There We're indications in the foreign
advices that a growing belief exists
abroad that,no matter what the shrink
age in exports may be, the United
States can be relied upon to supply at
the proper time any future deficiency.
The argument upon which this belief is
based appears to be the condition of our
own market, which reveals no prompt
| ness in responding to any advances
which occur.
Now, it is at this point that the eIe-
ment of general misconception of exist
ing conditions enters. There is a tend
ency on the part of some bears to sneer
at the possibility Of Mr.. Letter being
| able to control the market with a mere
handful of from 100000 to $4,000, 900
bushels. 1t does seem strange when the
magnitude of the wheat crop of the
Northwest, say 14O, ,O0S, 900 bushels, is
recalled, but a small key will sometimes
throw the bolts of a very ponderous
door and lock or unlock it at the will
Of the holder. This is exactly Mr..
Letters position, and he seems to be
amusing himself in the pastime. He
can make more money, if his judgment
is correct, and it appears to have been
when wheat was certainly more abun-
don &1oo,,
when it is up and buying it when it is
down. This is an excellent rule of busi-