The Saint Paul globe., 1905-01-16
PRICES ABOUT THE
SAME AS WEEK Ago
The Market Has Been Very
Nervous and Erratic in
Its Character

Minneapolis Chamber of Commerce, Jan.
14.-After a week of rather active trading
in wheat prices show but little change
May Ac lower. July 3sc lower and Sep,
tember hc higher. From statistical
point the news has been all of bull1sh
character; the bearish news has been the
heavy fall of snow over the winter wheat
belt which has proven of Incompatible
value to the growing crop, giving 1t plenty
of moisture when spring sets in. The
wheat movement continues rather light
and stocks at Minneapolis showed de-
crease for the week of $50, S25 bushels,
vious week, and it looks as though our
forecast in these columns short time
ago that Minneapolis stocks would not
show another increase on this crop would
prove to be about right. If there should
be an increase it will be SO small as to
be hardly worthy of notice.
The cash demand early in the week was
excellent and there was active bidding
from both local and interior millers for
sample wheat. This strength allowed ele--
vaters to sell large quantities of wheat
wheat could be bought on the sample
tables. Buyers therefore taking elevator
wheat in preference to. sample. wheat and
giving us rather slow and dull cash
market during the latter part of the week.
The advance also brought out a lot of
wheat that had been held back for high
er prices by individual holders, the sales
TO arrive during the week being several
times larger than for some time past and.
increasing receipts proportionally. Quite
a lot of Canadian wheat is arriving every
day to be ground in bond. This wheat of
course is not offered for sale.
The first two days of the week saw a
very strong and highly excited specula-
tive market, prices on Tuesday selling at
about the high point of the crop. This
advance was becoming little too rapid
for the manipulators who have the market
practically under their control and they
threw over large quantities of long wheat,
causing rather sharp break of little
over three cents in this. market, which
was influenced by the action of the Chi
cago market Houses here with Chicago
and New York connections were heavy
sellers of wheat on the swell; they were
last two days of the week, and have re-
placed a good share of the wheat they
sold early in the week, thus keeping. their
long lines in about the same position it
has been in since the bulge started. A
lot of old bulls have deserted the long
side for the time being at least, believing
the upward movement started is enough
for the present.
Worlds shipments for Monday are esti-
mated at 100000 bushels and the visible
will probably show a decrease in the
neighborhood of 100000 bushels. The
heavy decrease here helping out to a con-
is showing up smaller nearly every day,
being under the half million mark dur
ing the greater part of the week. The
worlds visible on Tuesday should also
show good sized decrease for the week,
both in America and in Europe and af1oat
and should prove very bullish.
The situation is peculiar in wheat and
quite unusual. While the active interest
is small the open sleeping" interest ap-
pears to be large. 1t seems well settled
that eastern stock spectators and their
railway friends own the big lines of
wheat, but the short interest is more
difficult to locate because more scattered.
Recent developments in this line how
ever, indicate that many owners of low.
grade wheat have hedged with sales of
futures. Carefully weighing of the many
new problems presented this year, when
the. speculative or contract grade is so
much above the quality of the great bulk
have concluded it is more dangerous to