The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-22
BEARISH NEWS HAS
LITTLE EFFECT ON
PRICE OF WHEAT
Covering by Shorts and a Good
Class of Buying Counterfeit
the Weakness Caused by Fa-
Vorabie Weather Reports
Wheat Closes Higher.

In spite of continued encouragement in
reports of the export demand, highly ia
Vorable weather reports from the North
west and other bearish news, wheat
prices showed but little falling off and
closed a fraction higher than on the
previous day. For time after the open
ing there was some weakness, but COW
ering by shorts and a good class of buy
ing generally gave things different tone.
M. Doran & Co.'S grain letter was as fol-
lows:
neutrality-suspicious. cables and per-
feet weather conditions were uppermost
in the pit mind at the opening, and prices
were weak and lower for time. The
tone soon changed, however, on covering
by shorts and a good class of buying.
The Modern Miller was bullish and as
sisted the recovery. One of the large
vises US that farmers in North Dakota
and Minnesota are showing the same
disposition to hold and are storing their
wheat. Acceptances on overnight bids in
the Southwest were light. Estimated cars
tomorrow, 105.
Corn-The market sympathized frac-
tionally with wheat at the opening, but
traders had the big demand in mind.
for Iowa and Nebraska. shorts were not
sure of their position and showed
disposition to cover, but found very lit
tie for sale. More cash business devel-
oped after close yesterday and the total
sales for two days were 1900, 900 bu, and
against this demand the country Is sell
ing less. The stocks in st. Louis are
100000 blu, 1877 600 of which are No. 2.
The shipments from this port yesterday
aggregated 748 900 blu. We have wire
from Kansas City claiming probable
yield of only bu to the acre for one OF
the best corn counties in the state of
Missouri If the September is worth bic
on the largest crop ever raised, May Ger
tainly looks cheap at SIC on crop that
10 1.IoVN 0Tcsf flI
able conditions within 500, 100000 to $780,
O0O0 bu as large as last year Estimated
cars tomorrow, 255.
j. c.. Geraghty 81 Co.'S grain letter from
Logan & Bryan was as follows;
Wheat-The market closed firm and
fractionally higher; there was a good deal
of bear pressure early on the continued
fine weather in the Northwest, but the
strength in the cash situation asserted
itself later and the loss was more than
regained. Cash prices in the Southwest
markets were firm under a good general
demand. The surface indications of the
poor export business are hardly borne
out by the clearances, which were today
in excess of million bushels. Millers
from the soft winter wheat states are
compelled to go to ST. Louis and Kansas
City for supplies. The Northwest reports
export bids for wheat for early shipments
which cannot be filled until there is more
certainty of getting the wheat. The pre-
miums for cash wheat IN the Northwest
will probably make some early move
ment in that direction.
Primary receipts continue very great
percentage below year ago. We do not
see the prospect of any decrease in the
demand and think accumulation of
stocks is likely to be slow and small !:
The wheat is disappearing about as fast
as it comes in. Ultimately higher prices,
we think, are likely.
OConnor & Van Bergen had the fol-
lowing stock letter from Van Emburg &
NEW YORK, Aug. 21-The market
was less active today and business was
extremely professional in character. The
rally on the short interest at the close
Yesterday was continued this morning for
a time but as there was no support be-
hind it on cessation of short buying, prices
weakened again, Influenced in part by
disturbing rumors and a sharp decline in
United States Realty stock The market
on the subsequent weakness showed the
familiar lack of buying power and the
bears renewed their attacks. Towards the
close a two-sided condition developed,
and the bull traders more vigorously con-
tested the declines and rallied prices frac-
tionally. The closing was irregular with
out definite tone There was an absence of
news, and the few rumors of the day were
not seriously considered. The movement of
money as known shows good gain, but
after last weeks bank statement it is
useless to endeayor to forecast tomor-
rows: