The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-30
MAY OPTION EXPIRING
A NERVOUS MARKET PENDING
ITS DISAPPEARANCE
Strong Opening In Chicago ON
Brilliant Crop PrOspects-Mr.
Letters Immense Deal - Sold
Nearly 25,OOO,OOO Bushels for
Export as Merchandise-Sens
tiOnal Fall In July.

tiOnRl Fall In July.
The past week has been one of much inter-
est in the wheat market In that one of the
most notable transactions in the hugeness of
It's proportions was on the eve of culmina-
ton with the outgoing Of the present month.
the closing prices for July wheat in the
following named markets on May q, and
May 2S, respectively were as follows:
ne May 2S. May 81,
minneapolis .................$1 411a 81 52A
SnicdSo ...'.........,....... l VIZ 1lk
st. Louis ......... 81 OOH
VIEW 1oTh .................. l U9B 1875
These figures indicate a decline of 11Ac at
Minneapolis &c at Chicago; 121hc at Duluth;
97sc at st. Louis, and Sc at New York
1T was remarked in this column last Mon
day that from this time forward the spirit
of the market was likely to be dominated by
the prospects concerning the forthcoming
crops. This same condition prevails at the
present time. The May option expires to-
morrow. 1t is said that during the progress
OF the notable wheat deal of the crop year
OF 1898 Mr.. Letters interest in wheat
reached the grand total of 49, 900, 900 bu, and
that OF this aggregate, 100000 blu were of
the contract variety. 1t Is also stated that
as much as 25,00O,000 blu of wheat were sold
by MIN absolutely as merchandise and that
a large proportion of this was for actual
shipment abroad
The closing of the May option, it is believed
Pracucaliy removes Mr.. Letter from the mar
ket as an operator on any large scale. 1t is
obvious that man who has exhibited so
much shrewdness and SO remarkable a nerve
power, will not risk his fortune or his repu-
tatlon as a business man upon any of the
instant futures until the crop prospects are
more Clearly determined than they are at
this Juncture. 1t is rare that season has
opened with such brilliant prospects as are
associated with the growth and DEVELOPMENT
OF the forthcoming crop. From all points
Doth IN the winter and spring wheat Sec
uons, the condition is characterized as of the
highest and best. The rain fall has heen
general east of the Rocky mountains, and
the only hlighting prospect thus far, is in
oicated IN the damage to the crop in Texas
ALREADY approaching the ripening stage from
the fierce onslaught Of a tornado
The week has been a fuctuating one The
opening on Monday morning was very strong
anc July showed an advance. In Chicago the
reports OF exceptionally fine weather and Of,
unusually bright prospects for crops together
win lower Liverpool cables led to slight
decline Liberal receipts for the preceding
week were reported. Russia was shown to
have shipped largely, although not so much as
curing the week previous, or in fact with the
corresponding week Of 1897 On Tuesday
however the tendency was, on the part of the
shorts who had sold at the higher figures TO
cover. The hear has become a very nervous
creature as the result of his experience dur
ing the past several months in nosing around
the Chicago wheat pit Notwithstanding the
existence OF brilliant sunshine following soft
showers, and of every condition favorable to
an abundant crop he did not feel himself safe
until that troublesome May option had, figura-
lively speaking, closed its eyes in d-ash h.
Iheresremains also as source of trial to his
nerves, the July future, which has two more
months to run. With the price of wheat
for July delivery ranging in Minneapolis in
the neighborhood of $1.50; with May fiuttering
around $1.S5 and with -whisperings here and
there that Mr.. Letter would succeed IN putting
a 81 lightning rod on May before the close
of tomorrow, it is creditable to the intelligence
of the bear that he did not feel altoge her
comfortable in foollng around SO dangerous
battery.
Whether or not Mr.. Letter has any con-
siderable holdings in July, it is pretty safe to
say that contracts for that future are not
likely to be very troublesome to fill; and I'M
less between now and Aug. 1, some great
calamity such as drought or grasshopper
plague or the like overtakes the new crop.
deliveries In the market, of wheat under that
option are likely to be pretty well assured 1t
is reasonable, therefore, to believe that for
the time being this historic wheat deal con-
Quoted by Mr.. Letter in SO mastery man
ner will have made a record which it is I'M
likely to be equaled Immediately.
At the close on Saturday the market was
weak, and July showed some considerable de-
clines, but Mr.. Letter supported May, causing
1t to close at s1.75; although it is said that in
n iS ha
cradle buying on his own account. Moreover
two holidays intervene before a renewal of
business, and on such occasions everybody
who has proper appreciation of danger feels
more comfortable if his speculative accounts
are closed. In the present crisis of war and
the uncertainty as to what may occur in the
Caribbean sea before the opening tomorrow
morning, either in the line of victory or de-
feat even the bull side is not entirely a safe
one to occupy upon short margins.
The most sensational feature of the week.
however, occurred in Minneapolis Saturday,
when July dropped thirteen points, to ST. 34Ib
under offerings by the Washburns to SELL The
whole movement, however turned out to be
bluf," and the price quickly assembled to
$1.412 at which it closed
The following expression of opin on rs to
the prospects of the forthcoming crop and
in the Northwestern Miller Of May q:
Few people who are watching conditions
are FOUND who will doubt tie possibility of
crop Of both spring and winter wheat of
some 1oo0oo GOO blu this year. providing, of
course. that no serious reverses are met
with Foreign markets do not show as much
strength at present as those on this side.
which is due, in large measure to the fear
that seemed to prevail in England and on
the continent short time ago of a wheat
famine, gradually wearing away In France
the prospects of liberal yield are very good
The worlds shipments to Europe continue
on liberal SCALE and are averaging con-
siderably in excess of requirements. The
principal argument at present in favor of
higher prices seems to lie in the condition in
which some people find themselves by being
short rather than in anything else. Other
conditions naturally favor an easier situa-
tion 1t Is true that visible supplies are not
there is little doubt that there is plenty of
wheat to meet the demands until a new
crop is ready for market, and everything now
points to that being an exceptionally good
one all over the world.
The statisdcian of the department Of ayr
culture has issued a detailed statement of
the worlds wheat production in 1897 from
which the following general totals are COP
led. adding thereto figures for previous years.
as previously reported by the department:
Bushels.
Cnitea states ...... .............. $50, 149 900
Esnaua ..'.. ........ .............. sc, 597, 900
Me1ico 800. ............ IL, 00O 900
Cnln -. 500. .............. 10000, 600
~ soHtind .......... 81. 600 600
U u1sIaS -. .......... 5000, 900
United Kingdom go. .......... "a 527 600
france ........ ........... ....... 251 29S 900
germany ...... ...... .......... 107, 1000, 900
Austrl9-Hungary ........ 80. 80. 1873 37O 600
Other European countries ....... COO. 163 Don
ASIA 1900. .......... 85S, 800 900
A Anstrs,:; i:.... 80. .......... 5000 900
636 mn