The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-02
WHEAT CLOSES AT
A SLIGHT ADVANCE
Bulls Control the Market and
Cause Upward Movement
Day Buying.

The following grain and stock letters
were wired Saturday to st. Paul brokers
by their New York and Chicago CORE
spondents:
M. DOran & Co.'S Chicago grain let
Wheat-The local professional element
bulled the wheat market early on the
strength at Minneapolis. Very little as
sistance was given by outsiders and trade
IN consequence was limited. The tone on
the whole was firm. Duluth reports ex-
port bids close to the market, and sale of
small lots of No. northern to Eastern
mills. There was much better inquiry
here. No. 2 hard changed hands at May
prices and No. l northern at good pre-
MUM over it. Receipts We're light every
where. The weather is ideal and tempera-
lures seasonabie. There were light rains
IN the Southwest, but clear throughout
the spring wheat belt. The cash news
which IS the factor in July is all strong
ana we think this option should be bought
on all recessions Liverpool closed with
very little change from Friday.
Corn-The market was dull and draggy
put Duoyed up early by the firm tone in
wheat. Little interest was shown in it
and trade was featureless, except for some
May liquidation by small holders. Re
celpts were moderate. Elevator receipts
The demand is rather slow. The cash
market is easier and fully 1ac lower. Iowa
adyices. say planting will begin next week.
Deliveries are expected to be heavy Mon
day and 1t is current gossip that Armour
will take in the contract A brisk de-
mand is needed if the market is to have
much of an advance
Oats-May and July were firm, while
the September was rather heavy. Trade
was small Buyers of the old crop flu
lures had in mind the very small move
ment in the country and to this market.
The demand has been very encouraging
during the week. Receipts are light. Ele-
were Cancelled. Crop reports are generally
favorable and warmer weather will give
the plant good start. This condition is
reflected in the September.
Q Conner 81 Van Bergen'S stock letter
says:
Gold export movement is at its height
and likely to continue for several weeks.
Bankers look with favor on the move
ment in view of its ultimate effect on
money rates. Later on the Panama pay
ment will prove favorable in the purchase
of material and labor for construction.
No more opportune time than the present
could have been selected to effect this
settlement and it IS also well to have it
out of the way before crop moving de-
mands Little comment can be made on
the market; 1t speaks for itself Until,
therefore. there is some radical change in
the situation and especially in speculative
sentiment We must adhere to our opinion
given so frequently of late 1t cannot be
denied that crops are backward, but it is
too early yet to conclude that we will
have poor harvests. There is marked
increase in activity in the bond depart
ment that Is considered a hopeful indi-
cation OF Improvement in near future in
demand for better class of securities.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has been mere
ly a nominal affair Transactions were
few and quite unimportaIt and the narrow
fluctuations were quite without signih-
canoe. Most stocks closed showing slight
declines. The bank statement proved bet
ter than expected, showing a gain in cash
a small increase in loans and a slight
decrease in surplus reserves. This how
ever, did not influence the market any
Steel preferred was heavy on unfavorable
earnings estimateS-but seemed to get
fairly good support below SEC. 1t was
Semi-officially announced that more gold
will go abroad on Tuesday.
Randolph-There have been a few fea :
lures among the specialties, such as Con-
solidated Gas and Realty preferred, but
in the active list there has been absolutely
no significance in the dealings The tone
as a whole has been somewhat soft. The
bank statement was better than expected
and did not fully reflect the gold ship
ments. but in the present condition OF
the money market the bank statement is
practically ignored. The announcement
of arrangements for some further exports
OF gold by Morgan & Co. for the neKt
weeks steamer We're not announced unit
after the close but in any event would
probably have produced no effect as Suct
exports must be looked for