Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1902-05-06
TELEGRAPHIC MARKET LETTER

I
Minneapolis, May 6.-Wheat was
helped some by firm cables, but rains
in the southwest to a certain extent
offset this feature On the other hand
there were quite general rains in the
northwest where bright warm weather
is more essential than further rains
in the southwest. At present weather
conditions are of less Importance than
is generally conceded by the trade.
During the past two days those who
have turned over to the bull side, and
it is stated that many of the large
operators did SO against their convic-
tions, have liquidated and taken their
old position, .'the short side.' This
selling was more pronounced yester-
day than for some time, when evil
IDENTIFY the bottom was reached for a
reasonable turn. Supplies are show
ing a material decrease from week to
week which we believe will result in
a much better cash demand the ball
ance of the month, Damage which rains
cannot repair in Kansas and Okla
homa have recently been dropped from
the general trade gossip. There has
been short covering this morning but
was offset by short selling for new ac-
counts. On the dips we much prefer
the long side which we believe will
result in good profits before the week
closes.
Corn was perhaps more affected by
weather than was wheat. What the
corn belt now needs is good forcing
weather The acreage will be very
large but cool and wet weather is con
ducive to better crop of weeds which
will materially weaken the plant. We
feel most friendly to the long side on
all recessions for better prices.
Oat prices comparatively high, espe-
cially for the September. which re-
mains to be seen. The short side this
this year, we believe is an exceedingly
dngerous one.
Provisions: There is very little to
be said as offerings are about as light
as the demand. Commitments are
well margined and the trader in most
cases is otherwise amusing or employ
ing himself, believing that scalping
market will be about the limit The
short interest has been heavily in
creased by the exposure Of the "beef
trust which is quite likely to bring
about an unexpected demand from
those thus committed.
New York. May 6--There is but very
little to be said concerning the stock
situation. News of the most favor
able class is well distributed, while
the general public will, as previously
stated, be classed more with the spec
tators, than the spectators. Morgan
Rockefeller and Gates continue to be
the main igureheads and while the
1SSCh1A3 rOAA, A1SSN' ~
working back to their recent high
level. There was not the slightest
hesitancy noticeable today and the
buying was well distributed. Quite
little talk is heard of the probabil
ity Of the coal strike but we hardly
believe that this will be an exception
to the rule, which provides propel
way at the proper time for settlement
Great Western was the fayoIite among
the low classed stocks. Sugar is ad
vancing Just fast enough to Invite
short selling. We predict 81 40 fo
sugar in the very near future. In
siders have been quietly picking vi
stocks and outside Of fractional dip
we loow Tor a gradual improvement
Iowa and Wisconsin Central are alst
regaining the confidence OF invest
ors.