The Saint Paul globe., 1905-01-30
SHORTS FORCED TO
COVER AT A LOSS
The Bears Sold Themselves
Into a Hole at the Begin
ming of the Week

Minneapolis Chamber of Commerce, JAM
2S.-The market for wheat this week has
been active, the week opened. with the
bears very aggressive and hammering the
market tc standstill but they paid dear
ly for becoming too bearish, as they have
had to cover at a good-sized loss. Prices
recovering full 4c from the low point
and closed the week strong and within q c
of the top price for the week. The situa-
ton has been certainly very strong from
bull standpoint. The main feature be-
ing the heavy flour sales of the Mime
apolis millers and the exceptionally strong
cash wheat market at all points, especial
ly here, No northern advancing to 1c
under May, No. 2 northern to 4@5c un-
der May and the lower grades are up SO
10c from what they were week ago and
very strong at the top price. Both local
and outside millers being active bidders
for what wheat that is, coming in.
Receipts are running light and millers
have been compelled to go to the terminal
elevators for wheat to grind the elevators
this week having sold close to ], 100000
bu of No. 8 wheat to be loaded out, and
with continued light receipts the coming
-ehases of terminal wheat. The interior
millers are taking almost enough to take
care of what has been coming the past
two days, and with still lighter offerings
they will be able to take it all If they
are allowed to take it away from the local
mlllers, but before they can do that they
wheat movement from the farmers is run
ming extremely light and the country ele-
vator movement is practically over, coun-
Stocks % nGW ansas tv
port strong demand, and with prices
several cents higher they are also TAX
ill sales, their receipts being practically
nothing, not averaging over 80 cars a day
for each city.
There has been no very pronounced
movement in the market by the large
operators. they seem to be satisfied to let
things take their. course for the present
The break early in the week shook down
about all the long wheat that was held
by small traders and also some by the
weak-kneed bulls. If the market con-
tinues strong they will want to replace
little of it was replaced during the last
two days of the week. The news from
Wall street is that the bull crowd there
are standing pat ON their lines, this makes
a very congested condition in the market,
especially at Chicago, and it is not diff
ficult to advance prices sharply whenever
1t suits the minds of the manipulators
They seem to be selling some on the hard
spots and replace it on the weak spots,
keeping their lines practically intact all
6od me tlfhe h 1on4 a., w i Gates, tne acknoWa- l
view at Chicago the past week, says that
they are going to keep their wheat and
take the ueilVery III May. Ii they sSn0uid
do this there is no telling how high they
can. put the price. Wall street operators
are not the ones to let good thing go by,
and if the price gets high enough to suit
them they are likely to unload as much
as they can without breaking the market.
The following items are pieces of news
that will probably prove interesting to
readers interested in the markets:
1t is reported Secretary Shaw is, has, or
will recommend the admission of Manitoba
wheat for seed purposes free of duty.
Do not believe 1t cuts any very. large fig
ure. The farmers sold their wheat any
way as it was not fit for seed and trusted
to providence to get them some for seed
some way. The admission would be
hedged with so many restrictions it will
be hard to make any capital out of it,
Chicago--It is the current report that a
leading biscuit and baking company this
week made contracts for 100000 barrels
low grade -four with Minneapolis millers,
delivery to be extended over specified
time. This will probably be denied by both
parties and strenuously by the milling in
terest. Nevertheless / believe it is true
and that it explains in a measure the 10
cent advance in low-grade wheat in Min
neapolis in the last few days.
The feeling in wheat is so undecided
that the average operator may feel himself
justified in holding aloof until he can see