The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-20
WHEAT CONTINUES
UPWARD FLIGHT
Exhaustion of Contract Stocks
Boosts Price of May to ST
Stocks Dull.

Bidding by shorts yesterday drove
wheat prices still higher than they have
been during the advance of the week and
May reached 81 on light trading The
present condition of the market is not
the result of the manipulation, being
caused by the exhaustion of contract
gish, the only trading being by profess
SIGNALS. Some activity was shown in
Steel preferred and in United States
Realty, the latter caused by a rumor
that a readjustment plan will be an
nOunced shortly.
What the Brokers Say.
Wheat-Wheat made almost sensational
gains on top Of the big advance already
scored this week. May touched 81 on
very light trade, shorts bidding the mar
ket up in order to get in. July was &c
a bushel higher on the top in a purely
local market. The public is still totally
Indifferent to the practical exhaustion of
our contract stocks. which is the motive
of the present market movement. There
IS no manipulation, cash grain leading
the advance here and elsewhere and lake
transportation difficulties have concen-
trated the demand on Chicago. We can
not recommend short selling under these
conditions and at the same time advise
the buyer to exercise caution, the price
is high. Receipts were phenomenalIy
light. The total primary receipts were
$4,000 bushels, which is half of the cor
responding week last year. English cables
had a more cheerful tone in anticipation
of falling off in shipments The esti-
mate for Argentine shipments this week
IS 1,60O,0 bushels under last week.
Weather conditions absolute perfection.
The Price Current reports favorable prog
ress. The Canadian Northern reports
seeding in Manitoba finished and early
SoWn coming up and growing vigorously.
Liverpool closed Il to sc higher.
Corn-May was strong, while deferred
futures ruled fractionally higher than
previous close. The buying was largely
for account of professional operators in
the way Of covering shorts. The tone was
1aNv nl lTrafn
ly by wheat. The relatively high prices at
outside markets is attracting much at
tention, but We do not attach any partic-
ular significance to these facts Stocks at
those points are light, as the bulk of
visible supply is held in Chicago and the
forthcoming movement will tend to ad-
just present differences. Receipts today
We're small. The cash market was steady.
indications continue to point to increased
country movement. The Price Current
says: Week has been unSeasonably cool,
retarding growth and planting, but there
Is ample time for large acreage" Liver
pool closed 1sc lower.
Oats were firm at a fair advance on
light offerings and scattered commission
nome buying. May and July shorts SEEM
Huenced by rapid decrease in stocks of
standard which are moving out at a rate
to exhaust supplies by the end of the
month. The cash market was steady for
the poorer grades and 1c higher for the
better ones. Demand continues rather
slow. Country movement is small and we
Price current reports good average condi-
ton for crops.
J. c. Geraghty & Co.'S correspondents
Logan < Bryan-What few changes
there are in the market require a micro
scope to find There is a little strong arm
Work IN Realty preferred, but the list
generally, while slightly irregular is prac-
ideally without change. There is nothing
new IN the gossip. and in fact it may be
said there Is no gossip. Market is purely
a waiting one, with professional traders
doing what little there is selling one day
ana buying the next without much effect
IN elther direction. 1t Is quite likely that
the bank statement will again be unfavor-
able, AID while money is still CHEAP it
mas a slightly hardening tendency. There
Is no public interest whatever.
DICK BroS.-The market has been very
dull again. In the early trading it was
heavy and was hampered by traders ST
Paul and Steel preferred being the points
of attack But some resistance to the
pressure was shown and in the afternoon
the list became strong. There was a gen
eraI recovery in the leading stocks and
the closing was quite strong in tone Steel
preferred was a feature of the rally Unit
ed States Realty preferred ran un on rI-
mOrs that the readjustment plan may be
announced tomorrow. There was no i'm
portant news. The trading was largely
O'Connor & Van Bergen's correspond
entS say of stocks:
The market has moved along in its
usual recent aimleSS fashion extreme
dullness with significant strength in Unit
ed States Steel issues. in spite of rnsat
isfactory trade reports being the only fea-
lures. The volume of business has fallen
off materially, prices in the main show
ing a rather sagging tendency No par
ucular pressure has developed. however
at any point, and, as we have said before
chances favor rise, if only for the fact
that all the bear arguments have been
worn threadbare to pound prices to the
present low level. A limit seems TO have
been reached. and it would only take some
favorable news to create quite a little ac-
tlvlty in an upward direction The Mac
ing of large orders for steel rails at req
ular price of SIS per ton had much To DO
with the firm tone in these issues.