The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-20

to find that they had sold themselves into
hole again and the same tactics as the
day before We're employed, the market
gaining nc on Mondays closing figures.
Wednesday and Thursday the market
was scalping affair, with a fair range in
prices during the day. but little, If any.
change in the closing figures from the day
before Friday, however, the bulls began
TO get in their work in good shape The
bears started the market off slightly low
er, but at what proved to be the low point
OF the day. From the opening the adj
vance was steady and sure the market
closing 112c higher than the day before.
Saturday was another day for the bulls,
with shorts eager buyers and some realiZ-
ing on the advance by buyers earlier in
the week who wanted to take their profits.
notwithstanding this rather free liquida-
higher and July q higher, and for the
week May is &c higher than the low
point of the week and July up 4%c and
very strong even at this advance.
The cash situation here is very strong
and 1t is on this card that the bulls are
basing their confidence in much higher
prices for all options. Millers look long
and are taking all that comes in and on
a higher level than has been seen so far
this crop, they not only take all they can
wheat, which is No. ] northern, and have
stated that they will take every bushel
that is delivered to them during May. The
bears have been playing our large stocks
of contract wheat as a bear argument and
have sold short on this account, believing
that the millers could not or would not
take the wheat when delivered. The I'M
usual favorable weather throughout the
winter wheat<belt has been a very encour-
aging factor to the bears, the southwestern
market pelng all very weak, especially the
The shorts might just as well under
stand that wheat crop is now grown
in the first two or three weeks of spring,
and that 10 cent break is a poor place to
go short wheat at. Reports could not be
more favorable, so that while the crop can
not show improvement. II can show
very backward movement. There are nu-
merous crop dangers to be faced, such as
either too wet or too dry weather, Hes
sian fly and rust in the winter wheat belt
In the spring wheat states seeding has
not commenced yet. we may have a wet
and backward spring which will delay
very seriously. Any of the dam
gers noted, appearing, We would see a
very sharp upturn in the wheat market,
as the short interest is certainly very large
here, especially in both the July and Sep
TENDER options.
Chicago has been somewhat afraid that
we would be shipping our No. l northern
10 That market to break the bull CLIQUE.
a prominent trader here when approached
IN regard to the matter said: 81 don't
think that you need be afraid of any of
our wheat being shipped TO Chicago, as 1
don't think it would grade there Our
from most every old thing and is not
high class article. 1t Is said that st
Louis and Chicago are both heavily short
IN this market and when they start to
cover. there Is liable to be some fireworks
that will make the past efforts of the bulls
To advance prices look small in COMPARE
son.
FROM present indications MAY wheat
here is likely to cause shorts much trou-
BILE The leading bull here is Henry Lit
ne, and his house and Watson were the
best buyers. Mills hold the greater part
or the contract wheat and will not let
II get away. There is cents difference
between cash wheat in Minneapolis and
Duiuth, but no one is moving wheat from
Duluth TO Minneapolis. as there is a doubt
ABOUT Duluth No. / northern grading here
Inc following detailed statement of the
wheat situation has been compiled by
very prominent western millers.
March 1, 1904-Stocks United
States and Canada, wheat and
Farmers holdings United States
. official report ................1 s2, 600, 600
crops OF lso4 ....-............55 $50, GOO, 900
Tot, Total .766, OILS, 900
States and Canada. wheat and
flour ACKNOWLEDGEMENTS. S5.242. 600
Farmers holdings ......--...... Ill, 900. GOO
Total. 49,. ...:.........1 1876. 242. 900
Exported March i, 1904. to Ma March ;rcS,OT y
1905. per Bradstreet:
Exported 61.142,oo
spring wheat seed
Winter wheat 1904 {(e estmate
Food and manufac-
tnred for year. .4SS, 60, 900
March j. 1906 wheat and tion 1os, s aiS;Soo
INCLUDING farmers reserves, as above viz
t56,242v00 bu; spring wheat seeding. es,
minated at 100000 blu; four months
food at the above ratio, being one-third
OF 433, $4,000 blu. or 4,SIO 600 Exports
at same ratio of 96S, 900 bu per week as
from January, 1905, to March /. I905
seventeen wecksl. 16,456, 900 bu. Would
leave US stocks July in all positions N. in
round figures 5.000,000 bu.
This looks impossible and will mt he
realized. for the situation will be met by
the Invisible supplies in millers, jobbers
and retailers hands. being reduced to the
lowest possible point. With the above de-
tailed statement which is based upon Of
hcial figures, lower prices are not war
ranted until large new crop moves into
the market.
Chicago-Samples of the Duluth No. /
northern wheat were being offered on
change at &c under May C. l. T. Chica go.
delivery after the opening of navigation
The samples showed considerable shrunk-
en- and little frosted wheat Neverthe-
less ii was weighed and found TO test
hfty-eight pounds 10 the busiel II is fhe
opinion OF tie inspector that IL vii have