The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-07
PRICE OF WHEAT
is FORCED HIGHER
Market Opens Weak, but Final
Quotations Show Slight
Advance.

The wheat market yesterday closed at
slight advance. The opening was weak,
and trading during the early hours of
the session was light. All the news was
belt have relieved the drought and there
has been moisture where it was needed
the most. Seeding in the Northwest is
progressing satisfactorily. Minneapolis
InlllerS have been good buyers Of May on
the declines. Com opened weak and soon
afterwards took big slump, when the
Armour interests withdrew their support.
On the decline Armour was a buyer, but
later in the session he unloaded. The
receipts are fairly heavy and the grade
running high. Oats was weak on
heavy selling: When wheat and corn re-
covered oats followed the lead set by these
grains.
The stock market continues strong
There is better feeling and outsiders are
becoming interested in the list. The VOL
umn of trade yesterday was satisfactory.
The close was but slightly below the best
prices of the day.
What the Brokers Say.
M. DOran & Co.'S Chicago grain letter
Waeat-Wheat closed with slight ad-
vance after ruling very weak during the
forenoon. There was much in the early
news to influence sentiment. Gables We're
lower. The general weakness IN outside
market Tuesday was reflected at the
opening. Conditions in the winter wheat
belt have been improved by rains in dis
and reports from the Northwest are gem
orally favorable in regard to seeding
Minneapolis millers are understood to
have been the best buyers of MAY there
on the break, although they still talk
beariSh, and it may be that the tone of
stories will change before long. The local
cash situation was a source of encourage
ment to the bulls.
Corn-Support was withdrawn from the
corn market during the morning and a
sharp slump resulted with May, much the
TTrE kf~1v- ION
the break and when wheat turned strong
they found little corn for sale. When
they tried to cover the reaction was even
more rapid than the early break Armour
but took very little corn. At the same
time several commission houses were lib
eral sellers and this was credited to the
bull interest. Armour &, Co. eventually
sold practically all their early purcha ses
IN one lot and this precipitated the de-
cline Cash news is generally bearish. Re
ticeable increase in the supply Of choice
Nebraska corn on the sample tables
Oats--There was general selling
through commission houses during the
morning and the market ruled very weak.
The whole list followed wheat and corn
IN the late recovery, the demand for Sep
TENDER being. especially good. There is
nothing in the news to discourage the
bears. Receipts are moderate and de-
mand poor. Seeding reports are gener-
ally. favorable Advices from Nebraska
and some of the early sown are already
coming up nicely. The cash market is
weak and 1c buShel lower.
O'Connor & Van Bergen's stock letter
says:
Influenced by the more cheerful feeling
In London and a higher range of prices
from that center together with the senti-
mental effect Of the report of the United
States Steel corporation and declaration
of their regular preferred dividend. our
market opened active and fairly buoyant,
with business well distributed. The I'M
dertone continued firm throughout the
DAY, though with occasional recessions,
due to profit-taktng, but without signs Of
weakness. After the morning hour the
volume of business fell off and periods
Of dullness followed The announcement
of material engagement of gold for ex-
port Thursday was Of little effect on
prices, as was the restraining suit insti-
E>futed against the Northern Securities
company in New Jersey. In the last hour
the market became narrow and with in
terest centered in United States Steel
preferred, which was very active TO the
highest price of the day The market
closed strong with rather more doing in
the last few minutes and generally at
small recessions from the best Sterling
exchange was strong and somewhat high
eF, but money rates for both time and
demand were practically unchanged