The Saint Paul globe., 1905-02-28
SPECULATIVE GOSSIP

Chicago TO Edwards-Wood Goa very
strong market for corn last week with May
selling at the highest point in several
months. That there was no decline of i'm
portance from around 47c for the May
was somewhat disappointing. The bulls
were looking for strong western move
they could replace lines. while the bears
sold heavily and wanted lower prices to
cover on The failure of the low freight
rates to bring out big receipts has con-
vinced many who were uncertain hereto
fore that there are no large reserves in
the country. and II the crop was not over
der estimated. The report that vessel
room engaged at the seaboard was the
largest for the year has been followed
oy enormous exports amounting to more
than receipts. The Price Current makes
a bullish comment on the market and says
feeding so heavy as to interfere with
commercial movement. The mild weather
prevailing over the country, particularly
the corn states. has resulted in bad roads.
and a lot of corn has turned soft: hence
II does not appear reasonable that for
some time at least stocks are to become
burdensome, and probably will not hold
up TO present hgures- 1t appears to the
careful observer that We are drifting into
very bullish condition in corn.
Chicago TO Sidney c. Love & Co., Min
neapolis-Think the big buying of May
wheat this morning has been covering
shorts. the trade generally light, but mar
ket acts stubborn.
A travelling man, who was at Kenton,
OnlO, filudy. says tnere is more wheat In
that territory now than there was a year
ago and that the -four trade Is not half
so heavy. The mills say they are making
hve times as much cornmeal as they We're
year ago this time. They expect to get
enough soft wheat locally to run them
until the new crop. Nearly every mill
that he has visited in Ohio is running
entirely on local soft wheat and in some
cases the mills are refusing wheat from
the farmers. Mr. Paddock of the United
Grain company: says they are Offering
rnn a IT,
are not getting any acceptances He says
bly, 100000 bu could be shipped out
OF there by millers in the event of
The general opinion Is that while the tops
OF the young wheat are brown and dirty
rapidly.
Chicago-stocks of grain in regular
warehouses: Wheat. 1,413.O0O bu; de-
crease. 2S,0o0 bu. Corn. 3.442.OO0 blu; in
crease. $4,000 bu.
Chicago believe you can sell July and
September wheat on all hard spots re-
CARELESS OF what May does.
Chicago-There has been a great deal
or liquidation in corn by small pit longs
ana timid outsiders on account of weak
ness in wheat and prospects of larger re-
ceipts. Think the market has taken
these offerings very well and with any
bullish news on good buying would work
hisner. Sun feel that corn ought to be
buy on the breaks.
Chicago-So many stop orders were un-
covered IL was a difficult matter TO sell
wheat after the. price broke All the ware
houses appear to have stuff for sale and
the price was marked down very quickly.
Around .15 support was given the mar
ket by brokers who at times act for the
bull crowd.
Peoria wires: Roberts of Morton. saws
Ihelr examinations of wheat fields yester-
day showed 1t looking all right. Snow
was not fully OFF ground until yesterday.
Ch1cago-The trade believes that the
bulls are tired of the dullness and sold
some wheat in order to relieve the situ-
alton. The market went lower than ex-
pected and some new longs appeared
promptly. News from outside centers is
generally dull and favora BILE to the bear
A Liverpool house cables: Wheat quiet.
but rather steady, affected by the decrease
IN stocks Corn steady at last quotations.
cline.
Chicago-Provision interests. Valentine
and Nye-Jenks. were sellers of corn at the
best buyers. Offerings are light. with
fair volume of trade. Market steady.
New York TO A. ]. Cummings-The
which hitherto has taken very little part
In the market movement. is talking higher
prices for that stock. The argument is
of southern iron companies develops.
Southern Railway Is likely to be the prin-
cipal beneficiary. The southern steel
stocks did not make quite so confident a
showing. A very moderate reaction I'm
Republic Steel brought out more stock on
stop loss orders than the traders had ex-
pected. The idea is that the merger will
be impracticable without T., c. & l.. and
that the pool in that stock cannot deliver
the goods
New YOrk-Big realizing orders checked
the rise this morning and traders were
working for a reaction Heavy buying
orders followed and market is rising with
renewed strength. The new buying seems
TO come in and the big speculative bull
feeling promises higher prices when we
would advise taking profits
New York-London comes higher again
this morning on easy money and better
feeling In the bond market. The low
priced stocks, such as Erie. Southern
Railway and Rock Island. we think ought
TO get In movement with the higher price
OF stocks. There Is no special news this
morning. Everything is going along In the
same old way. and We look for higher
prices all around
New York-There are bull tips today on
Mexican Central: 80 is predicted for the
stock. The pool has been quiet for
time. but accumulation is reported to have
taken place.
ELGIN BUTTER