The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-18
WHEAT is HIGHER YET
CONTRACT STOCKS ARE THE SMALL
EST IN TEN YEARS
News Generally is BuIIish and the Mar
ket is Very Strong-Situation Is Alarm
ing From the Short Sellers Standpoint
Corn and Oats Decline.

CHICAGO, May 17.-With only four
carloads OF wheat expected to arrive in
Chicago tomorrow. official figures today
showed that contract stocks here are the
smallest in ten years. AS a result the
July delivery closed with a gain of &c.
Corn is down 71c. Oats are off zee. Pro-
VISIONS show an advance of 215c to 10c.
from the start the scare connected
with the exhaustion of the contract wheat
SUPPLY was .uppermost in the minds of
traders. Initial sales were made at q
substantial advance July being I'D Ac
to 1sc at 857sc to S61sc. News in gen
eral was bullish and the market became
Sun stronger The official figures as to
the contract stocks here. while showing
small increase compared with week
ago, gave the total amount on hand here
as only SOC, 600 bushels. Estimates of flu
ture daily receipts exhibited no promise of
an alienation of the scarcity. From the
STANDPOINT of the short seller the Situa
ton was alarming. Under these influ
enceS there was quite active covering
throughout the entire day. Shorts re-
ceived little help from the weekly gov
erfment report, Allowing that the grow
port stated that conditions in the Ohio
valley are poor and that rainy weather
has Interfered materially with seeding
operations. During the latter part of the
session some purchases were made on a
decrease of 100000 bushels. in Brad
streets worlds visible supply. The mar
ket continued to gain in strength until
the last hour, when a slight reaction
occurred on profit-taking. After selling
up TO S7@S71sc July closed at 861hc.
CfearanceS of wheat and flour were
equal to 119, 400 bushels. Primary re-
ceipts We're $4,000. compared with 2S5,-
400 bushels a year ago. Minneapolis
ouIuth and Chicago reported receipts of
81 cars, against 1877 cars last week and
15S cars a year ago.
- Corn Is Depressed.
A bearish government report and gen
orally favorable weather had a depresS-
ing effect on the corn market notWith-
standing the strength of wheat. There
was considerable realizing going on
throughout the day. Increasing receipts
IN the country and a lack of export de-
mand We're minor factors contributing to
the easier tone. July opened unchanged
to. Is a nc higher at 4Sc to 4SA @4Slc
sold down to 473sc, and closed at 471@c.
Local receipts were Il cars, with 4 OF
contract grade.
Oats were inclined to weakness, main
" on account of profit-taking by some
was quite bearish, and in connection with
the favorable weather. was largely re-
SponSlble for the selling pressure Small
contract stocks We're supporting influ-
ence After opening unchanged to 1&c
lower at 3Sac to $3.50 July declined TO
Were 124 cars
s Provisions were firm on a moderate de-
mand from packers, with only light offer
-ingS Small receipts of hogs and higher
prices at the yards We're bull factors
July pork closed with a gain of 10c, at
S11.54 r. July lard and ribs were each up
nc at 80 41z2. Estimated receipts for
tomorrow: Wheat, cars; corn, SO cars;
oats, 81 cars; hogs, q, 900 head
Range of Quotations.
The leading futures ranged as follows:
Omen JicrI, 7 1