The Saint Paul globe., 1905-02-20
BULLS AND BEARS
MAKE LITTLE MONEY
Stocks Continue to Show Fair
Decreases With Only Mod
crate Receipts

Minneapolis Chamber of Commerce,
Feb. 1S.-While the Chicago market has
Shown an abundance of activity and a
wide range of prices for the May delivery
during the week, our market has been
practically at a standstill. The range
for the more active option May, has been
only 1Bc for the entire week. The mar
ket started off well with gain of CSC
over the previous closing figures and for
the first three days. Each closing was
Slightly higher than the day before but
the other days during the week saw a
lower closing, and the week ends with
May unchanged from the opening of Tues
day July lost Ac and September lost
5sc. For the first three days there was a
large volume of business and more out
side speculative business than commits
sion houses had seen for some time, but
dropped TO almost nothing
Practically all the interest in the wheat
pit for the present. is centered in the
highest point since the Letter deal of
1898, May selling up to $1.211A.- The
Gates crowd, or the Wall street pool
gave the bears such a shock that they will
not get over it for many day. The mar
ket started to be runaway market, and
but for the unloading of large bundles of
wheat by the clique, which relieved the
tension very materially, there is no telling
how high that market would have gone
Its influence in this market however, was
very slight, our May closing at a dis
count of SC under Chicago May, against a
discount of 1c at the opening on Tuesday.
1t is not thought the pool has much
wheat in this market, owing to the large
amount of contract stocks here, nearly
1000, 600 bushels. This is a little more
than the bull pool care to take over on
delivery day and pay for, but that they
VIII sooner ar later enter this market is
the belief of some of the best posted
members on change
While there is not much activity here
and the crowd are, as rule, beariSh, the
situation here is very strong. Our stocks
dncrp9 sing o1lifa
bu for the past week, and with small re-
ce1ptS in prospect they will show larger
decreases between now and the next crop,
so that we should enter the next crop
year with practically no wheat in store
This week, for the first time, shows
decrease in contract stocks of over $4,000
bu, the first decrease in contract grain
on the crop. The millers have been using
No. 2 northern and low grade wheat for
milling purposes, leaving the contract, OF
No. / northern, to accumulate in elevators
With wheat below contract grades being
moved out of elevators as fast in the flu
ture as they have been the past few weeks
it won't be long before they will have to
take the contract grades for milling. un-
less the amount back in country elevators
and in farmers hands is much larger than
the best posted in the trade believe.
The Daily Market Record which is in
very close touch with the entire North
west as to crop conditions and the grain
trade, and whose estimates for years past
have been very close TO the actual condi
hands in Minnesota at 232 per cent, in
North Dakota 1873 per cent and 165 per
cent in South Dakota, or about 1877 per
cent for the three Northwest states The
amount as given by states in bushels is:
Minnesota, 15.S56,096 North Dakota
7,451,O34; South Dakota. 1921 no The
amount out of farmers hands in interior
mills. private and country elevators is
placed at 6.649,9S2 for the three states
They estimate the total stocks of wheat
on Feb. l in farmers hands and country
supplies, over and above seed require
ments. at little over 80, 200, 900 bu and In
counties not reporting estimate II at
side of Minneapolis and Duluth.
There were in public elevators in Min
neapolis and Duluth Feb. 1884 600 bu
making in round numbers $4,000, 900 bu
available for milling and other purposes
They estimate the amount of wheat re-
Quired by mills at Minneapolis, Duluth