The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-03

July to $1.O1as. BY Friday the bulls had
gained little courage and pushed the
price up on the bears for a couple of,
cents and caused quite a little covering,
especially among the smaller operators.
The advance. however. was short lived,
the close that day being a cent lower than
the high point and on Saturday renewed
selling carried prices down to within
small fraction of the lowest point on the
crop, the market closing the week very
weak.
1t has been a week of great activity in
! the wheat pit. prices changed rapidly and
the fluctuations covered good scalping
range each day of the week. The DIT
crowd and professional operators are ex-
tremely bearish, and there is consider
able talk among the trade that We will
see great deal lower prices in the near
future. Long wheat has been pretty well
shaken out during the week and the short
interest greatly increased. The bears have
had things sc much their own way dur
ing the past two or three weeks that they
Will fight any advance the bulls start.
and as they have made good bunch of
money this big decline they are liable
to give the bulls good hard tussle be
fore they will cover their short wheat.
The Wall street pool is still clinging to
their line of Chicago May and the screws
are liable to be put on the shorts at any
time, but as there has been very little
trade trade in that option for some tins. it will
the prices of the deferred futures at
Chicago and at outside markets
In the way of statistical news there was
fair decrease of about a million in the
visible supply on Monday Bradstreet's
report was bullish. showing a good big
decrease in the worlds visible. Argentine
shipments showed big falling off and the
worlds shipments We're considerably
under what they have been running for
some time past. with the estimate for
this week S,S0O000 blu. Minneapolis stocks
showed decrease of a little over 200 900
blu for the week while contract stocks
showed an increase of about I27. 900 blu.
The cash demand. which was very dull
and slow at the weeks beginning showed
very considerable improvement al the
week end. There have also been some
complaints received from Kansas as to
dry weather. Rust is also appearing in
Hcirc coast states. Seeding opera
tons in the spring wheat states will be in
1ull blast over the greater portion of this
section during the coming week, the
the grain and the seed to get a good
start India is sending report of damage
10 the growing crop. If it should prove
serious there is no telling what might
happen to wheat prices. as that county is
now the leading exporting country of the
whole world, having passed Russia as an
exporting country during the year of 1904.
|, continued good outlook for the new
crop carries greater significance than
usual. Tor prices have further to shrink
than usual before they reach a normal
level with the markets of the world How
much lower these prices must go before
TINS normal status is reached we shall not
attempt TO say. But beyond question the
readJustment from the abnormal to the
normal will of necessity be more marked
than usual. this not only because prices
nave Tor months ruled abnormally high
1 puo because the erroneous idea of made
quate supplies until new crop has been
practically dissipated Another factor not
yet effective in this direction is that q
year or SO ago the market had the stimu-
JUS or a pig foreign war. which for a time
helped wheat prices materially At pres-
eilt lnuicati are favorable to an early
close OF the Russian japanese troubles
Nnlch means that Russia. a very liberal
wheat producer. will drift back into her
ordinary commercial channels. and her
shipments will be enlarged. for she needs
the money and has good supplies
Large export contracts of new wheat
Tor July. August and September shipment
have been made by Chicago grain houses
The grain is to be shipped largely from
gulf ports. the sales being of hard winter
wheat. The grain sales follow recent
sales abroad of flour by Kansas miIlers
me me latter made their contracts on the
OASIS OF about so cents for July wheat
at Kansas City. The Kansas miIlers have
a high standing abroad on account of the
way they filled their flour contracts made
on the basis of the high promise for the
crop of that state in June, while the flour
was afterwards ground from much high
er priced wheat than anticipated before
the harvest rains in that state began
Despite their experience of last year both
wheat and flour men of the state and
OAlahoma seem perfectly willing to take
the same risk again. The gulf ports
promise to start out with nearly as great
advantages in wheat exports as they did
in corn.
Henry Little. manager of the Pillsburv
mills. says: AN good milling wheat will
be wanted and more. too. if mills do NOT
run over half time 1t is my private
opinion and / believe 1 am right in saw
ing there is less wheat back in farmers
hands and country elevators than ever
IN the history of the northwest. The
price, fine weather and poor quality has
tempted the farmer to sell. They have
cleaped out better than ever before. fhey
would be foolish if they had not as they
have been getting big money for wheat.
considering quality
Seeding of wheat is going on and an
immense acreage will be seeded at the
time the seeding usually begins says a
message from the most observant man
in North Dakota who has watched wheat
raising there for several years Last fan
was the most favorable for blowing that
has been known in this country for many
years, with the result that an unusual
acreage was plowed. Conditions so far
are the most favorable for an abundant
harvest that this country has known The
only thing to fear is the lack of moisture
and unless there is more than the usual
supply of rain the crops will suffer from
drought The early seeding may Offset
me lack OF moisture by giving the wheat