The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-01-05
STRONG OPENING
ON SHORTS COVERING
Receipts Running Very Light
and Quality Is Very
Poor

Minneapolis Chamber of Commerce. jan
lit was a quiet but very stubDornIy
firm wheat market today, and despite the
attacks and selling of large quantities OF
wheat by the bear element and ScalperS,
the market closes strong and nearly cent
higher than the previous close Llverpooi
again showed strength and the statistical
position is working surely but slowly into
a very strong position. II it We're not Tor
the lack of outside speculative business,
prices would be materially higher IL is
just for this reason that the larger M
terests here and at Chicago and New York
are scalpng the market on a large scale,
they are waiting for a better speculative
demand to start up before pushing their
bull campaign.
The opening was strong and &c higher
for the May option on covering by few
of the smaller scalping shorts. As soon
an attack on prices and forced them down
sc. This decline did not last long, the
news became more bullish as the session
progressed, and the climax was reached
showing a decrease of over 2600, 600 bu In
the worlds visible supply. This started
& was a scramble for wheat. with offerings
very light and prices were easily forced
up over cent. the market closing strong
and within fraction of the best figures
for the day The cash wheat situation is
very strong, receipts are running very
light at. all points, with an urgent de-
handlers. Prices at ST. Louis were very
strong and sales were made at the high
est point since last October, prices here
were strong, No. northern selling with
in 1Ac of May prices. against a &c dis
count only short time ago, the lower
grades, such as No. 8, have made the
largest gains, selling at an advance OF 10
@15c over prices a couple OF weeks ago,
while the futures have advanced less than
half of that. The flour demand continues
excellent and prices are well maintained:
One of the surprises to a number of
people was the fact that some No. north
ern ordered out of store failed to grade
To-
the condition y, against "a last month,
and n a year ago. The European visible
shows a decrease of 100000 bu In spite
of the heavy movement during the past
few weeks, against a decrease year ago
of 1,000,0 900 bu.
May wheat opened at 81. 1875, sold at
81. q, broke to 81 15, rallied to 81 .16%
advance Of as61ic at s1.1sA 81. isss. sold
at 81 n 1S id reacted to 81 raj
Minneapolis stocks Increased 800, 900 bu
for four days. Receipts here only zoo
Sad 2is cars 4 for o three days s against
for one day year ago. Chicago had ~,
against %; Kansas City 1856 and ST. Louis
5000 bu; primary receipts, 494, 900 bu,
against $4,000 bu year ago; shipments,
$4,000 blu. against 36S00o bu: Bradstreet
reported wheat east of the Rockies in
creased 639,000 bu; Europe and af1oat, de-
creased 100000 bu; total decrease. 2,561.-
600 bu; corn INCREASED 2,66l, 600 bu and
F.
Liverpool wheat closed unchanged to 1sd
higher London and Antwerp unchanged,
Berlin 1sc lower, Budapest &c lower;
Paris wheat solo centimes lower and flour
10@20 confines lower.
The Bradstreet statement showing a
decrease of 1851, 600 bu is bullish; It COM
pares with an increase OF $1,000 bu the
corresponding week last year. An tndica-
ton that reserves out of sight are dim
inishing faster than year ago, when de-
creases began later in the year. The
weekly figures for December show that
the worlds visible decreased 100000 blu.
D De eao last year showed increase Sc ~
100000 this December, as compared with
last December.
ed the 4O,000OO0 bushels mark, figure
which a few months ago seemed unat-
tainable in the light of all which was said
and much of which was believed about the
likely, however, that the total will go on
increasing much longer. Last year the
visible supply reached its maximum early
in February. and there was a liberal
movement in the Southwest through the
winter months, where receipts on this crop
emit total, 40,619,000 bu, is 2,415,000 bu
larger than year ago. of which increase
l,S66,000 blu is at Canadian points.
Northwestern interior elevator stocks de-
creased 100000 blu last week. This is at
the rate of 100000 bu month, SO they
will last two months at this rate.
Liverpool-Free Argentina and India OIL
fers caused an opening decline of SD in
March and I'D In May and July. Later
prices advanced 3sd in March, sd in
May and July gained Esd on covering by
shorts. Quotations eased off I'D in the
nearby deliveries, however, on selling by
large firms.
Chicago Cash Business-The cash wheat
market was slow Tuesday with only 25,-
600 bu sold in mixed lots. Offerings were
small. No.. 2 red was s117@l.18, and a
car of No. 3 brought $1.13 f. o. b. No. 4
1.155k. No. hard sold at $1.10 and very
poor No. at soc. A car of mixed No. 8
brought s1-0S1s. Sales of No. spring