The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-15
WHEAT UP OVER 2 CENTS
FLOUR MILLS ARE. UNABLE TO Sc
CURE ENOUGH GRAIN
Big Shortage in the French Crop Aug.
ments the 6uoyant Feeing-MinneapoIis
Sends Out Report That Helps the
Bulls

CHICAGO. Oct Instability of domes-
tic flour mills to secure wheat suitable
Tor grinding was the main cause OF an ad-
vance of over cents buShel in the price
OF wheat options here today. A big short
age IN the French crop added to the feel
ing of buoyancy. At the close December
of 21sc. Corn is up &c. Oats shows a
net gain Of &c. Provisions are on to
For the first hour sentiment . in the
wheat pit was inclined to weakness. AT
the opening the December option was I'M
changed to &c lower at 81. 10Y @1.50sz.
May was 40 sc lower TO 1s@Ae higher at
S1,10 TO $1.1o1.. The easier undertone at the
start was due to lower cables and to lib
eral receipts in the Northwest. On fair
selling of May by commission houses the
market underwent a further, recession, the
distant delivery declining to S1.99k. De-
cember also reacted to $1.09% at the same
time. however all outside markets exhibit
ed decided strength. The influence of
these higher prices soon had an appre-
cable effect on trading here. A .promi-
nent commission house was heavy pur-
CHASER OF the December option The con-
tlnued buying by this concern was largely
instrumental III starting active buying by
the pit crowd.
The keynote to the situation, however,
was apparently the great scarcity of wheat
for milling purposes. Reports from the
Northwest and Southwest were equally
bulliSh in that respect. One message
from st. Louis alleged an absolute scarcity
I
/ Minneapolis that two of the biggest ele-
vator companies will handle only 80 to 20
per cent OF the amount of wheat stored
last year formed an excellent background
for the general firmneSS. Another factor
was a report of a st. Louis trade journal
claiming that excessive rains in the South
west and drought conditions in the North
west have delayed seeding of winter wheat
to some extent. These bulliSh domestic
advices We're reinforced by a report of
the French minister of agriculture esti-
a hl1S6 Al in
this years crop of wheat as compared
with that OF last year. Throughout the
latter part of the session shorts were
urgent buyers, the December option be-
ing the greatest favor. Prices advanced
rapidly until December sold at $1.13. May
rallied to $1.1211. The strength was well
maintained. December closing at $112&,
while final quotations on May were
1.121s @1.12A.
Clearances of wheat and flour were
equal to $1,000 bushels. Exports for the
week, as shown by Bradsfreet's, were
equal to 1857, 900 bushels Primary re-
ceipts were 1.356.S00 bushels, compared
with l,2S5, 700 bushels a year ago. Mime
apolis, Duluth and Chicago reported re-
ceipts of 92S cars, against 927 cars last
week and 6S7 cars year ago.
Corn Is Likewise Up
Early in the session the corn market
was inclined to weakness, mainly in sym
pathy with the easier tone of wheat. The
market lacked the support of the big
houses that were active buyers yesterday,
and for the first hour trading was very
quiet. The sharp advance in wheat
brought out good demand for corn from
shorts. and the result was a strong mar
ket late in the day. December opened
unchanged to 1s@Ac lower. at 491s @49ase,
sold off to 4SBc, rallied to 5052c and clos
ed at 501sc Local receipts were 81 cars,
with one of contract grade.
The governing factor in the oats mar
ket was the action of wheat and corn.
Trading was rather light owing to the
heavy movement and to the accumulation
OF stocks. After opening &c lower. at
2S&c, December ranged between 2S1kc
and 291sc,. and closed at 29c. Local re-
ceipts were 80 cars.
Selling of lard by a prominent packer
was the leading factor in causing a weak
provision market. supplementary rea-
son for the decline was. the weakness of
the hog market. At the close January
pork was down 1215c at $12. 271s. Lard
and ribs were each 73sc lower at $7.1715
and Sc. 421z respectively.
Estimated receipts for tomorrow:
Wheat, rs cars; corn, 102 cars; oats, LAG
cars; hogs, 10000 head.
Range of Quotations
The leading futures ranged as follows: