The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-17
WHEAT IS FORCED
UPWARDS BY SHORTS
Small Stock of Contract Grade
Causes Operators to
Seek Cover.

The following grain and stock letters
were Yesterday wired to st. Paul brokers
by their New York and Chicago CORE
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat traders. especially the
shorts, seemed to simultaneously awaken
to the small stock of contract wheat here.
The anxiety on the part of the shorts to
cover. and the eageTneSS of bulls to re-
place the lines sold last week resulted in
&c advance in old July within an hour.
The trade was not particularly heavy and
little outside interest was aroused. In
view of the facts the advance was sur
prisingly well maintained All the condi-
ttons made the short seller realize his
would be impossible to deliver. The old
September, considering the discount and
poor prospects of red winter wheat crop,
Will be the logical purchase if sufficient
outside buying interest was created to
start a bull market. There is a reported
Improvement in the cash trade here and
at a number Of outside points. There were
bullish crop adviceS from Oklahoma and
from North Dakota, based on a decreased
acreage, due to too much rain. We are
inclined to think the loss in acreage in
the lowlands will be offset by increase
elsewhere. There was no rain in the Red
river valley.
Corn-Corn was bulled solely on the
strength in wheat. The market was small
and prices would have given away readily
had wheat turned weak. Nebraska and
Illinois reports are of increased country
purchases, which will soon show in larger
receipts. The demand is slow. Boston re-
ports trade dull and the country is buy
was up with options. Receipts were light
compared with year ago and with
shipment. Liverpool closed "a higher.
Oats-Oats, like corn, We're affected by
the course Of wheat. Trade was small
and the tone dull, with easier feeling
near the close The rapid decrease in
supply of the standard puts the May in
q strong position. but without support.
The. July and September, especially Sep
TENDER, will work lower.
j. Q. Geraghty & Co.'S correspondents
say Of stocks:
=, Logan & Bryan-The market was lit
tie irregular. but the average is frac-
shorts in Steel, but there is scattered
liquidation throughout the list generally
and the buying is not of an encouraging
character, There is a lot Of unfavOrable
talk about Fries The whole market acts
dragging and shorts are the best buyers.
Gold continues to go out and no one seems
able to estimate the end, while the ten
dency to the money rate is higher. There
Is probably short interest enough to give
the market an occasional rally, but the
outlook does not seem hopeful for sus-
ta1ned advance.
Dick Bros-The market was quite weak
road stocks. Later the seFsAg siackened
Rnd there was slow rally in the last
hour The close was feverish and un-
pertain. There was no important news
Rnd most of the trading was professional
There was considerable short covering on
the dip, but the only stock which was
much affected by this was Steel preferred
which was quite firm
OConnor & Van Bergen's stock letter
says:
Owing partly to the theory that in the
natural course OF things a rally in the
market after its long decline is now
much overdue, there has been rather
noticeable disposition even in face of very
aggressive bear pressure in certain quar-
tiers for prices to rally. II money con-
tinues to flow out at its recent rate an
other large depletion in bank reserves
may be expected next Saturday. This
is the main argument being used by
the bearish element to further depress
the list. specialties like Fries and
Wabash have been affected by rumors
confined to these issues. The continued
poor earnings month after month of the
former has given grounds for apprehen-
sion as to dividends on first preferred be-
ing maintained, whilst the Goulds show
signs of selling by large long interest
tired cut, who bought in anticipation of
q rise in view of the expected increase
in business from Pittsburg, and st. Louis
fair. Money rates show distinct sign of
hardening. Gold exports. crop conditions.
movements in Steel stocks are apt to be
the influencing factors with traders who
are in control of the market