The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-05
ADVANCE IN WHEAT
STILL CONTINUES
Prices of All Grains Are Forced
Upward on Strong Do
mestic Situation.

There was an opening rush of buying
yesterday through commission houses
which carried the May grain options to
new high records. The warlike tone Of
the mornings dispatches and the general
buIllSh feeling We're the chief influencing
FACTORS After the opening excitement
SubSIded the market ruled remar kaby
steady, considering the rapid advances
of the past week. Lesser longs took prof
its, while professionals worked for a re-
acton: but always finding difficulty in
replacing sales. The domestic situation
Is very strong and is controlling factor
conditions warrant a higher level of
prices, which will be realized later for
wheat, corn. oats and provisions.
Stocks are still a waiting market. The
WarIlke tone Of yesterdays news had
little effect in prices until near the close.
Inc cable news then caused a selling
movement and prices at the close Were
heavy.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-The long interest let go lit
lie May on opening swell and commits
sion house traders realized to some eX-
tent in July. The weather map shows no
moisture over the winter wheat territory
and temperatures in the Southwest are
low. There was a report of 100 900 bu of
NO. northern sold a 1%c over our May
The -four output at Minneapolis decreased
900 800, Dbls NE. past week. Cables are in
different, closing Is q sd up.
Corn-Ihe tone of the market was
strong all day and prices We're easily adj
Tanced on small amount of buying. The
long interest in wheat bought around the
opening. Local receipts were moderate
The cash market for off grades is 2D21bc
higher Country. advices indicate much
lighter arrivals in the future. Chicago
buyers are meeting competition in Hi
nOis from the South.
Oats-Oats met the same realizing as
was noted in the other pits. Trade was
small and the tone at times dull. The
cash market was stronger. Local re-
ceipts We're light.
J. G. Geraghty & Co.'S correspondents
Logan & Bryan-It is the same waiting
market. Prices are without much change
steel issues are rather an exception. as
they nave had good support and are high
er on rumors of an improved trade situa-
ton. The London market is dull It is
generally believed that negotiations in the
FAST have reached the critical stage and
that the next few days will decide one
way or the other. In the meantime there
are all sorts of rumors, but they have lit
Tie erect on the market. Banks are losing
money and the government is likely to
Withdraw quite heavy from its deposits in
the banks. There is nothing in the bank
ing situation, however, to disturb conf
dence. We think stocks are worth the
money and will ultimately sell higher but
perhaps 1t is best to wait developments of
immediate future.
says:
Notwithstanding the absence of fresh
disturbing news and with a steady foreign
market, our market was sold by the bears
pennsylvania was the feature. Long stocks
did not come out freely on the decline. and
the points of weakness as influences in
sentiment were offset by f1rmness and adj
vance in United States Steel preferred
on buying of a good character and bear
covering stimulated by better reports of
trade conditions. A rally on light volume
of business held until the last hour. and If
indicated nothing more than a SLIGHTLY
oYersold condition. Cables of probable be-
ginning of hostilities in the East led later
10 Sel1lng movement, and the close was
more active and heavy.