The Saint Paul globe., 1905-02-08
MARKET CLOSES
HALF CENT HIGHER
Cash Demand Good Early, Later
Becomes Dull on Large
MiIIers Withdrawing

Minneapolis Chamber of Commerce.
Feb. THE market opened firm and
period of comparative weakness. All that
the bulls have been so confidently expect
ing loomed up big today, as far as con-
cerned the domestic situation. Scarcity
that threa tens to become stringent was
placed in view. Northwestern receipts. SO
cars less than year ago. Kansas city
and St. Louis received $4,000 bu against
$4,000 bu last year, and shipped 10000
bu. The total of the Western primary re-
ceipts being just about half what they
were year ago, another bull point was
the decrease in stocks here of 100000 bu
for three days. The cash demand early in
the session was good, but on the with
drawal of the two larger milling conn
panies from buying, the market became
dull and draggy The fact that the mar
ket for cash wheat has advanced so rap
idly during the past week or ten days,
and to the fact that they have bought so
much elevator wheat last week and are
now taking that out of store for imme-
diate requirements induced them to wait
for widening of the price of cash wheat
as compal ed with May.
The opening was strong at fractionally
higher on steady Liverpool market and
small receipts here The advance was
met with rather free selling by the scalp
ers who are inclined to bearishness. their
selling breaking the market half cent.
The demand was good, however, at the
decline, and prices Immediately worked up
to above the opening figure. holding the
advance pretty well until the posting of
Bradstreets figures showing such large
increase in the worlds visible. The bears
jumped onto the market and offered wheat
freely, prices reacting rather sharply. but
did not reach the former low point. When
they tried to cover their short sales there
was no wheat offered, causing them to bid
the market up to get their wheat. prices
advancing to call price rather quickly and
closing very strong at nearly the top price
for the day. 1t is likely that if the ad-
vance had been started earlier in the day,
when the bulls would have had more time.
they would have called very bushel of
wheat. on calls, but it started too late to
give it the necessary impetus to drive
sellers of calls to hedge
May wheat opened S@Ac higher at
$1153s, sold off to $114k, rallied to
$1.1512, reacted to $1.15. worked up to
$1.15%, and closed at s1.153s @1.15A. July
opened at $1.1SA, sold down to $1.12A
rallied to $1.13A, off again to S1.12H, re-
covered to sl.i31a and closed strong at
$1.132s @1.131h September opened at
$3.50, broke to 945sc, rallied and closed
Minneapolis stocks decreased 400. 900 bu
for three days. Receipts, 199 cars against
26O, Duluth 33 against So, Chicago 30
against "A. Kansas City 62 and st. Louis
$4,000 bu. Clearances of wheat and flour,
$1,000 bu Primary receipts, $4,000 bu.
against GAS, 900 bu last year. Shipments,
100000 bu against 355,0 600 bu.
BradStreet reported wheat east of the
Rockies decreased ], ,007 900 bu;. Europe and
afioat, increased 100000 bu; total in
crease 5,293, 900 bu. Corn increased 424, 600
III.
Liverpool wheat closed sd lower; Lon
don, Antwerp and Berlin unchanged; Bu-
dapest &c lower; Paris wheat, 5 centimes
lower; foury 10 centimes liver.
According to private advices received
here the leading grain trading bodies of
Canada are preparing to go before the
Dominion parliament with request that
an export duty be fixed on wheat sent
into the United States. The proposed ac-
ton is said to have been prompted by
Secretary Shaw's plan for a drawback on
Canadian wheat.
Robert Meighen. of the Montreal board
of trade, argues that with an export duty
In effect, the milling business in the
Dominion would become much more i'm
portant industry and that all interests
would derive profits. He says that the
exacting of such a duty would cause many
United States millers to establish plants
in Canada and would make competition
between Canadian millerS and Minneapolis
concerns considerably even.
Government weekly snow map shows
Southern line of snoY extends nearly to
gulf. Northern Texas and Arkansas have
B inches on ground at z p. m. last night.
Snowfall in all area north ranges from 3
to Is inches.
Following is a condensation
of weekly foreign crop conditions: United
Kingdom-Crop conditions remain very
favorable. France and Germany - The
weather is still changeable and damage
is feared, but complaints up to the pres
ent have not been serious Hungary
Since our report of a week ago snow has
fallen and the crop now has a sufficient
covering. Roumania-There is good snow
protection except along the Danube. The
wheat acreage has been increased 330. .00O
acres over year ago. Russia-The