The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-25


apolis. &c at Chicago, Use at Duluth, 41kc at
st. Louis, and 4Ac at New York
Ihere was fairly strong opening Monday
and an entire absence of excitement. The
crop prospects from all sections east of the
Rocky mountains were satisfactory More
than this. the decrease in the visible supply
was not so considerable as had been antici-
pated, which was a disappointment to the
BULL There were reports also of good stocks
OF contract wheat at some points, and the
worlds shipments were shown to be large
But there was an advance in July, which in
vfted large offerings, and reaction resulted.
AS the week advanced it became apparent
that for some cause the foreign cables re-
Elected an increasing strength Shorts grew
nervous both on account of the high cables
and the rapidly multiplying prospects of wa
with Spain. Bradstreet's, too, showed a de-
crease at home Of about 1.436 900 blu, and
together with that in and afioat for Europe
the total decrease for the week was figured
at approximately 5000, GOO Blu. All these COZ
ditions were favorable to the bulls On We'd
nesday July touched 89%c There was some
selling however, by the professional traders.
who either believed that war would vet be
averted or that the effect of war, If 1t really
came, would cause decline In prices When
the news of Minister Woodford's withdrawal
from Madrid was announced and this was ac-
companied by still higher quotations from
Liverpool, the bears showed some alarm but
the advance also had the effect of bringing
out considerable long stock on realizations.
Thus one side about balanced the other and
enabled the market to maintain unusual
steadlness in view Of the exciting and uncer-
tain conditions prevailing. 1t Is worthy of
note that the bears are extremely timid in
their attacks and rush to cover at the first
movement in direction opposite to their in
terests. Certainly prices look dangerously
high, but the situation is SO complicated that
operations by the shorts cannot be undertaken
with any degree of confidence.
Meanwhile it Is quite evident that Mr.. Lett
er has pretty completely disposed of his hold
ings in both the May and July options. Tho
statement is made, also, that he has privately
settled with a large proportion Of the bears
in May, thus leaving the option to wind It
self up in its own way.
The closing on Saturday, however, was high
and strong. July reached 90c in Chicago on
Friday, and there was tendency after the
high figures Of the morning to sell the mar,
ket on the theory that war then being actual,
and rates for insurance of exports having
been advanced considerable stocks of wheat
not yet cleared would remain on this side,
thus relieving our home scarcity. But in
the morning hour of Saturday, together with
nouncement that Russia had withdrawn the
offerings of wheat from her ports, and that
there had been an advance in the Russian
markets of about 15c per bushel during the
week. The effect of this was an upward
turn, which in the end left May at S1.14 ano
July at $685. after the former had sold in
the morning as low as Slip and the latter at
S7Ac.
The opening this morning is not unlikely
to be much lower If this news Is confirmed
over Sunday. There must, necessarily, con-
tnue to be great uncertainty for several days
to come as to the effect Of possible at
tempted blockade Of the harbor of New York.
1t may fairly be assumed that, Spain having
decided to enter upon war, her fleets will be
apt to concentrate at some point where the
greatest demand can ACKNOWLEDGEMENTS
greatest damage can be inflicted by their
presence; hence all efforts at a forecast of
| the trend of the market, under such compli-
Gated conditions, cannot attain to any dig
nifty beyond that which attaches to mere
guess work According to Bradstreet's, the
wheat and -four shipments from nineteen
ports of the United States and Canada for the
week ending April IA were the largest of
those of any week since that ending March
TO- being 4,044, 1915 bushels. The largest ship
ment of the current year was for the week
ending Jan. 10, being 5,299,517 bushels, while
the lowest was 8, ,003 bushels for the week
ending March 3.
Seeding in the Northwest is progressing
nicely, and is much earlier than in either of
the past two seasons. In South Dakota and
in Southern and Central Minnesota, the
sowing is practically completed and is well
started further north. 1t is seldom, with
such early seeding that the crop is troubled
seriously with rust or blight There is an
increase in the acreage probably close to 10
per cent above last years. There are antic-
ipations of large yield, on account of the
early seeding, the good condition Of land
and favorable weather while the seed was
going in the ground, and, further. on ac
| count of the increase in acreage. The win
ter wheat crop is reported to be in good
| condition generally, with the principal ex-
| ception in California and in flooded areas
| in the Middle Western states.
| On account of the promising conditions
| noted, traders in futures inclined to
lower the price of each succeeding month,
! with September selling today 23c per bushel
below the price Of cash grain in this mar
| ket Other markets are similarly situated.
| 1t has reen the experience in nearly all in
| stances that, with an old crop used up so
| closely as this is certain to be, prices of
ID IN fho pid