The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-05
SPECULATIVE GOSSIP

Minneapolis to Edwards Wood Co.: Re
ceipts of wheat keep up strong and are
unaccounted for except on the theory that
farmers held back in the southwest to
see how the crop started and in the north
west for the spring outlook. Bradstreet s
decrease in the worlds visible of 1.569, 900
bu and the weather forecast for unsettled
weather with light frosts in several Of the
winter and spring wheat states Influenced
short covering. This, with similar
movement yesterday, only on a heavier
scale. indicates that the market Wednes-
day will lack this class of support, ana
until something turns up that is not now
noted ii will be difficult matter to get an
advance of Importance or even an extern
sion OF the present reaction from low
mark that will hold
Chicago-Ely Bernays of New York,
who has been in the northwest of late,
was in Chicago on his way home yester-
day IT have been in all the grain mar
kets Of the world he said, 'and have
never been impressed as much as l was
in Minneapolis. i think it is to be the
grain market of the future, not only for
wheat. but for coarse grains"
Il came through western Kansas and all
of Missouri by daylight" said W. II. Mer-
rift, who returned from the far west yes
terday. The winter wheat fields in both
states are green, show good growth and
the wheat is thick on the ground. made
inquiry all along and found no unfavor-
able conditions.
Chicago-The leading speculative feature
in July wheat was heavy covering by
James Rankin, who has been one OF the
most persistent and successful bears on
the recent decline of nearly Ice. He COW
cred a line of about 1000, 900 bu, and has
Joined the ranks of other bears who be-
lieve the market is so heavily oversod
1T is due for. an upturn on speculative
conditions solely. So far yesterdays rally
Of 1%c is about as pronounced reac-
ton as the market has had at any time on
the long decline. -
makes wheat in and afioat to Europe de-
crease $4,000 blu. Wheat quiet. buyers
generally holding off. Corn demand mod
crate prices steady.
ped selling corn since the advance in rail
rates. An Omaha message said: ''On
personal canvass among local cash grain
men this morning as to the amount OF
corn being bought received the same
identical reply from each of them: Buy
ing absolutely no corn
New York TO A. ]. Cummings: I'VE re-
gard steel stocks as very attractive at
the moment. We think both common. and
preferred will be active and higher. The
new a, aggressive buying in Erie stocks
bullish and activity in the direction Of
New York-The s10,0O0.OO0 81 per cent
bonds issued by Albany & SuSquehanna
will be convertible bonds and convertible
into Delaware K Hudson stocks at 200.
! These bonds are used to retire and Z
per cent bonds now due or coming due.
The last rumor is 125 for Sloss Sheffield
in the merger and Tennessee Coal will get
underwriting, which will be worth about
112k for that stock. We don't vouch for
this. II the investigation from Washing
ton should by any chance probe the af-
fairs of the coal trust railroads we would
not care to be long on Pennsylvania
stock
New York-We expect to see high prices
in the early part of the day. With con-
tinued activity in the southern iron stocks
and steel shares generally. However, a
reaction in the afternoon is not unfavor-
| able.
New york-We incline to the belief that
| stocks generally will sell higher in the
| next sixty days and that purchase on
| scale down will prove profitable, at the
| same time on scale up We feel that profits
| should be accepted.
New York-Gates & Co.: Passage of
stock tax bill and the fireworks in T. c. 1.
may cause some selling. like copper and
/ steels better than railroads.
| New York-The stock transfer tax and
| the mortgage tax bin were passed last
| night by a party vote of 33 to IA. The
| stock transfer bill imposes a stamp tax
/ of &c per 500, or 50 per 100 shares on the
| sale or transfe: of stock securities
| New York-Market getting weak with
some anxiety of the Equitable, some over
| the stock tax, some over the foreign sit
| uation and some over the money out
| look.