The Saint Paul globe., 1905-01-25
JULY OPTION GAINS
&C ON MAY
Market Holds veryFirm, Show
ing Scattered Long interest
Is Out

Minneapolis Chamber of Commerce, Jan.
24.-The market was little lower around
the, opening. on Liverpool showing no snap snap
situation. The buyers of yesterday were
moderate sellers around the opening
prices, being willing to take their profits
and wait for a break on which to re-
place their lines. Receipts here and at
Duluth were lighter, although showing
considerable more than a year ago, but
Kansas City and ST. Louis reported re-
ceipts much under year ago, SO that the
Western primary receipts were consider
able less than for the same period last
year.
The action of the Liverpool market leads
one to believe that they do not think
the uprising will extend to such an ex-
tent as to curtail Russian shipments. The
bullish and beaTish. If confined to the
St. Petersburg district it will probably
result in increased exports to get the
grain out of the country. While if it ex-
tends to the seaports the shipments will
be greatly curtailed. In the latter case
Liverpool will have to look to other coun-
tries for her wheat and will have to raise
her bids to get the stuff.
The market today has been only fairly
active, the bears were afraid to press the
short side and the bulls, while having a
were inclined to take small profits and
wait for something to turn up to help
them later. The report from Wall street
that the clique there were not selling
wheat to any extent also tended to re-
strict trade. The May option here and
at Chicago is badly congested, and it is
not difficult to force prices upward when
the large operators get to buying, but it
is almost as easy to break the market
whenever they try to sell. 1t is a mar
ket of a few large interests who are
milking for moderate profits.
The main feature of today's market
was the narrowing of the spread be-
tween May and July by &c. A great
many of the bears have been afraid of
fhn chr cr,1 fa.a at,o
gone short of the July and heavily in
creased the short interest in that month
Their purchases to cover today with very
strong tone The cash demand here
showed up little better today, while
local mlllers We're not particularly ac-
demand, from interior millers. That our
wheat is going into consumption much
faster than great many believe is shown
by the fact that with heavy receipts for
creased but 10000 bu in that time The
shipments of wheat out yesterday was
12S,0O0 bu, and of flour we shipped $4,000
bbls. Kansas City and ST. Louis both
prices II @2c higher than yesterday. A
cable was received from Australia re-
porting that revised estimates of the ex-
portable surplus was placed at 10000, O0O
mated.
May wheat opened at s1.14@1 .141k.
reacted to 81 .13% and closed at 81. .13%@
/ IA. July wheat opened at $1.105s. sold
at 81 .10k, rallied to $1.11A and closed
at 81. liz 6D1. 11M
Minneapolis stocks increased 10000 bu
for three days. Receipts 259 cars, against
IS9 year ago; Duluth IA. against Sc;
Chicago 43, against 49,: Kansas City 142
and st. Louis $4,000 bu.
Clearances of wheat and flour, $4,000
bu. Primary receipts. 433, 900 bu. against
b21, 900 year ago. Shipments, 293, 900 bu,
against 325,000. Bradstreet's t's-reported that
wheat east of the Rockies decreased $685.
oo0 bu Europe and afloat decreased
Corn increased 100000 bu, and oats de-
creased 1.215,000 bu.
Liverpool wheat closed I'D higher. Lon
don, Antwerp and Budapest unchanged,
Berlin 1sc higher Paris wheat 10000 CEN
times lower. Flour 90 centimes lower
Liverpool ol--Wheat-Opening quotations
were unchanged, but lack of speculative
support caused May to ease off I'D later.
however, market steadied kd on good
spot demand. and the Russian crisis was
not Influential. Both March and July de-
Iyeries were inactive and continued at
the opening figures throughout the early
trading: Corn-The market opened un-
changed, but later owing to a poor spot
demand and anticipation of heavy tenders
caused January to ease off I'D and March
SD.
Chicago Cash Business-Sales of cash
wheat Monday were $4,000 bu in mixed
lots. Medium spring and winter wheat
grades Were scarce and held at full fig
ures. No. 2 red was 81 IL to 81. .18 f. O. b.
No. 2 hard, 331c under May in store and
81. IA to 81 Is f. o. b. No. sold at 81 OS
to 81. IA. There was ne sale of spring
wheat. AT st. Louis No. 2 red gained