The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-14
TALES FROM GRAIN
FIELDS ALL TEND
TOST|FFEN PRICES
Talk of Crop Damage From
Rain on Wheat in Shock and
Other UnfavorabIe News
Cause Decidedly BuIiish Con-
ditions-Stock improves

Some export demand complaint from
the Northwest of damage to wheat in the
shock from too much rain, and still fur
Their. unfaverable crop reports gave the
market decidedly buliish disposition
yesterday. There was considerable activ-
fty and the prices ran about 11ac higher.
All indications point toward continu-
ance of this condition, for it is believed
there will soon be an active export de-
mand, and crop prospects do not improve
as addition information is obtained.
The good feeling in the stock market
continues and prices in general improved
from the figures of the previous day.
Conditions continue to be more encour-
aging
NJ Doran & Co.'s grain letter was as
follows:
Wheat-Wheat was a very strong mar
ket and the advance was. well main
tanned under the leaders. of the North
west centerS. Minneapolis prices were
up 15sc, and their already small stocks
have decreased 100000 bu so far this
week. There is evidence of an improve
ment in the export demand for wheat and
flour. Fifty loads of wheat were worked
off yesterday and 76 are reported so far
today. Northwest millers claim sales
of flour to the other side the first in some
time. The bearish element in the trade
have pointed all along to the lack of eX-
port demand as one of the principal rea-
sons for their position, and now the for
eigner appears to be satisfied that the
soc level is to be maintained and is
beginning to buy a little. European re-
Gu1r6m6nlS are at Z,UUU,UUU Du
q week more than year ago. The coun-.
try movement is light and st. Louis re-
ports most of the shock wheat marketed
and farmers show no disposition to thresh
from the stack. Nebraska is showing dis
appointing returns in quantity and quail
ity. Liverpool market closed B@1a high
er. Cars tomorrow, ITO.
Corn-Corn was firm with moderate
trade. Heavy realizing sales near the
opening were we'll absorbed, but prices
felt the burden for time. The unseason-
able weather continues the principal feat
ure.
Oats-Considering the narrow fiuctua-
lions in the price of oats there was good
volume of business transacted. The ele-
VatOr and cash houses were heavy buy
ers of oats. Estimated cars for tomorrow,
%. The cash market was strong.
]. G. Geraghty & Co. received the fol-
lowing grain letter from Logan & Bryan:
Wheat-The market is active and about
11ac higher. The strength is in the cash
situation. Receipts were only little over
half what they were last year. There was
good domestic milling demand and i'm
proved export buying. At the present rate
of movement there does not seem to be
much to the supply and demand and a
sharply advancing tendency is the result.
There is some complaint from the West
of injury to wheat in the shock by too
much rain and further unfavorabe crop
reports from the Northwest, but in the
main it is the hungry man that is putting
up the price. We think this is likely to
continue. We do not see how an i'm
proved export demand can be avoided with
their exhausted stocks and small worlds
shipments.
Corn-The market dull and unchanged.
The increased interest IN wheat de-
tracted from the speculative interest in
corn.
Oats-The market is higher and strong.
The strength in wheat contributed. but
the disappointing threShing returns and
strong speculative support also helped.
ProvisionS-The market was again dull
and prices a shade easier Receipts are
still in excess of last year and the de-
mand disappointing.
From Strong, Sturgis & Co., O'Connor
& Van Bergen had the following:
The good feeling which was developed
in the stock market yesterday has con-
tinued, and prices as we write are dis
tinctly above yesterdays figures. Promi-
nent, of course, have been the dealings
in Reading. where the short interest has
undoubtedly suffered serious defeat
Such advances are unhealthy, and we
only allude to them as being worthy Of
comment but not as being desirable for
the continuance of favorable conditions.
The buying OF good dividend paying stocks
has become very marked, and on all hands
it is we'll recognized that the investors
have at last come into Wall street in great
volume. 1t may be treated as an axiom
that when the lender of money at 6 per
cent is satisfied with his collateral he
heSitateS to become an investor himself
at a lower rate of interest. The recent
decline however has enabled the investor
in good securities. and on a basis more
permanent than any loan would be; hence
has arisen legitimate and healthy de-
mand for good stocks. Apropos of this it
is worthy of note that the loan market
has advanced to per cent on six months
money. even with excellent securities as
collateral. great deal of this firmness
in the rate is due to the demand by in
dividuals at bank for sums of various
amounts with which to buy investment
stocks. The banks are willing to en-
courage this kind of buying, knowing that
it will relieve the money market and take
permanently from the street a mass of
securities that have been pressing for
SALE Without doubt banks and trust COM
panies have themselves in certain in
stances been the buyers of securities
The present reaction is satisfactory
one. and the rally may continue somewhat
further, but we are not advising clients to
buy merely for quick turn; on the con-
trary it is entirely possible that a dull
time is in store for US with correspond
ing reaction in prices.
j, e. Geraghty Co.'S stock letter was
as follows:
Logan & Bryan say: The market is