The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-04

These figures show gains of 13sc at
Minneapolis, 1c Chicago 1c Duluth sc
st. Louis, and 1$sc New York
1t is probable that the weakness at
tributed to the pronounced likelihood
of war was more sentimental than
justifiable, inasmuch as 1t does not ap-
pear how the price of wheat, which is
governed at this time especially by the
main question of consumption and sup
ply, can be affected unfaVorably by the
precipitation of war between Spain and
the United States.
IN periods of general political nerv-
business, however, there is always a
disposition on the part of traders to
keep quiet until conditions have be-
come adjusted. This doubtless had
much TO do with the prevailing dull
ness, While the fluttering in Wall street
shares and the feverishness developed
there was, in a measure, reflected in
Chicago and elsewhere.
The conditions with respect to re-
ceipts of wheat and the weather in
both the spring and winter sections
were favorable as bull factors. The
falling off in the former and the shrink
age as compared with a year ago were
most marked and in such volume as to
enforce the conviction that the sources
of supply have been drained to a point
indicating approaching exhaustion.
There is no longer any doubt that
the stocks in country elevators are eX-
ceedingly light. Exports of flour and
wheat are continued from day to day
to an extent which indicate a weekly
absorption by that channel to the
amount of about 4,000,0 900 bushels. LiV-
erpool cables were higher during the
closing days of the week. 1t has been
known for several months that stocks
of wheat at that port were abnormally
low. and the constant drain does not
admit of replenishment in sufficient
volume to make Roadway in the en-
largement of stocks there, hence de-
pletion of stocks one day in excess of
another quickly starts the quotations
upward.
Mr.. Letter it is said by his broker.
Is in constant receipt of bids from all
directions, domestic and foreign, and
at higher prices than heretofore This
statement is accompanied by another
that no more wheat is being offered by
him because of his expectation of high
er prices in the event of war with
Spain. But he has already sold very
largely for export, and there appears
10 he no reason. TO longer question the
truth of last weeks rumor that he was
taking a hand in July. In some quar-
tiers he is believed to be the largest
holder of that option. With the wide
spread Of from Is cents to 20 cents be-
tween that and May, the temptation to
MN must nave been almost Irresistible
to secure a goOdly grip on that line.
For. after all, it would only be a. oues-
tfon of financial resources, and these
he is apparently favored With in an
abundant degree.
There has been practically no feature
In the market worthy of comment. The
Wintry weather in the Northwest was
regarded as a bull element. but of only
slight value While there We're VARYING
and as usual totally unreliable esti-
mates of the extent of the damage done
to the winter wheat plant by the rainy,
freezing weather in the Southwest. The
Chicago dispatches have uniformly de-
scribed the market from day to day as
depressed and lifeless" This will
probably be the condition until the
bugaboo connected with possible war
with Spain is removed. But, in any
event. whether the week shall develop
the issue of peace or war. the fact is
reasonably we'll assured that wheat is
not likely to score any lower values
for several weeks to come, beyond the
ordinary fluctuations of every day
trading.
Furthermore. it is a tradition of the
market that the month Of April has
been for several years a favorabl
period for bull operations, and with
this superStitiouS element, based on
history, to combat, besides the recog-
niZed natural condition NV prevailing.
the bear traders are likely to move
with more than ordinary caution.