The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-17
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT IS VERY STRONG
STOCKS ARE THOUGHT
ALMOST DEPLETED
Price Of July Advances Nearly &c, sentl-
ment EeIng 6uIIish From the Beginning
Cash Wheat Sells High Above May.

CHICAGO, May 16.-Belief in the almost
total depletion of contract stocks was the
principal influence. surrounding a strong
wheat market today. At the close July
wheat showed a gain of 1A @1Ac. Corn
IS up y 9Ac. Oats are A@asc higher
ana provisions 21kc to Toe.
AS the result of prevalence of the idea
tnaf local contract stocks are practically
exhausted, sentiment in the wheat pit was
bHilish from the start. The opening on
July was shade lower to $40 15c higher
at S3%c to S4Ac. There was an urgent
de demand from shorts during the entire day.
long lines. Offerings Were Comparatively
light In order to secure any considerable
amount OF wheat, it was necessary to bid
up prices sharply. A matter which at
tracted much attention from speculative
traders was the fancy prices paid here for
cash wheat, sale of 10000 blu of No. 1
northern being reported at II over the
May price. The strength in the cash sit
uallon IN outside markets was an addi-
t1onal bull factor. A semi-official Russian
crop report was quite bullish. the claim
pelng made that unfavorable weather had
greatly retarded the growing plant. The
Visible supply showed a greater decrease
than had been expected decrease of
1.65e eco bu. and this fact added to the
strength. The demand continued active
throughout the session, but offerings were
at no time large. The market closed al
most at the top price of the day. final
figures on July being at 85%c. after sales
mad been made at S5%c. May sold be-
tween 9!Ac and $3.50 and closed at the
high point.
Clearances of wheat and flour were equal
10 z09, 800 bu. The amount on passage de-
creased 100000 blu. Primary receipts were
ZIP 800 bu, against 100000 bu a year ago.
minneapolis, Duluth and Chicago reported
receipts OF 129 cars, compared with 1853
cars last week and 220 cars a year ago.
Corn Advances Too.
An advancing tendency In line with the
Strength M wheat was experienced in the
corn market. Sentiment was further
strengthened by small receipts and some
what unfavorable weather. Scarcity of
0HerlnSS made the advance more easy
Buylng was principally by shorts the pit
crowd Delng inclined to bearfshness in
view OF the enormous acreage planted.
4 strong feeling prevailed at the close.
July opened B@Ac to A@%c higher at
A. zee TO ALSO, advanced to 4S3Ac and clos
ed at 4Sc. Local receipts Were GO cars,
with of contract grade.
oats shared In the strength of other
grains. ruling firm throughout the day. A
fair cash demand and small receipts were
additional bull factors. Trading was light
and mostly of 3 scalping nature. After
opening shade Flower to a shade higher
at SSAc to 383sc, July sold up to 38az %
3S1sc, and closed at 3S5sc. Local receipts
were IS cars
Notwithstanding a decline of 10c in the
price OF hogs the provision market was
quite hrm, due mainly to the strength of
grains. Offerings were restricted and were
eagerly taken by shorts. July pork closed
with q gain of 10c, final figures being at
$l1 TN. Lard was up 21sc at Sc 49, Ribs
Closed SQf12c higher at Sc. as.
Range of Quotations.
The leading futures ranged as follows:
Omen Hi0b I T ou 1 GTOca