The Saint Paul globe., 1898-03-07

nearer futures. 1t is certain, however
that ne wants the wheat bad enough
10 Duy 1T even at the present high
prices; and it is unlikely, with the
means at his disposal for obtaining
fairly accurate knowledge resnectine.
the yield, and his acuteness in esti,
mating reserves, based on the scale Of
weekly receipts, that he has been ot,-
Grating on the bear side. His renortsd
experience regarding deliveries on Tho
December option is still fresh in the
public mind. and it does not seem nos
s1ble to suppose that he is eoinp
through second era of penitence In
connection with any other future. 1t ls
possible, however. that his bullish talk
mas been tnsincere, and that he was
selllng on the bulges meanwhile. only
10 md himself caught at last; still. as
sald pefore this is altogether unlikely
Ihe demand for cash wheat is strong
and constant and the mills are stead
liy grinding. 1t was said during the
closing days of the week that Minne-
apoIls was buying wheat in the state
or washington, while it is known that
southwestern wheat has been coming
here for some time.
The exports since July 1. 1897 ainoun+
to 148,0O0,000 bushels, or an average of
18,5O0,OOO bushels for the eight months
closing with February. The prospects
at the end of the week were that there
would be another decrease in the yis-
ible of 1,500, 900 apparent on the reports
TO issue to the trade at the opening Of
business this morning. But the high
price is constant source Of temptn
t1on to the bears. and a few are left
VINO hammer at the top of every bulge
regardless of the volume of the clear
ances or the decrease in the visible.
Ihese gentlemen certainly represent a.
class who are content with mighty
hat
to increase with the scoring of every
new record breaker in the maximum
price.
Just now the long looked for break.
which failed to come on time in prom
er proportions during January. is daily
expected. The failure during the past
fortnight to make any impression bv
the attack on July has been discour-
aging, but support is looked for now
on the expected announcements from,
day to day of increased shipments from,
Argentina and the improving condition
OF winter wheat reported from all
points both here ard abroad
There remain fully six months bef1ra
the volume of the coming crop, winter
and spring alike, can be estimated with
reasonable accuracy and before much
Of the former can be marketed Owing
to the high price of wheat there has
undoubtedly been some displacement
by corn, and with continued high
prices during the coming six months
there is likely to be proportionately
larger amount. One authority names
16,OOO,000 bushels as already consumed
here in this way. OF course this repre-
sents a contribution to the general bulk
of the wheat supply for the world at
large. Foreign stores are growing lean.
but the tonnage af1oat will be con-
stantly making up the recurring de-
fciencies.
By May Therefore. conditions should
be pretty accurately gauged: hence
unusual interest must necessarily
center around the experiences of that
option With all the visible contract
wheat in Mr.. Letters control and much
of this in constant motion to the sea-
board and af1oat beyond, it is obvious
that price much below that of the
present cannot nationally be expected.
With Mr.. Letter and Mr. Armour still
Industrious buyers it is fair to assume
that the figures will not descend very
precipitately and only temporarily. il
at all. The market, as a whole. has
certainly lost none Of the bullish fea-
lures and elements which have char
acterized it since the beginning of the
crop year.