The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-20
WHEAT PRICES TAKE
A BRACE and CLOSE
At HIGHER FIGURE
Advlces Say Weather in North
west Is Perfect and That
Yield, Considering Area, Is
Rather Above Expectation
Stock Market Reacts.

Wheat prices recovered somewhat yes
terday and closed higher than on the pre-
vious day. News from different sources
was not of a very positive character, and
its influence was not great. The cash
market showed more steadiness than the
speculative trading and the demand is
good. There was some reaction in stocks,
but still there is nothing alarming in the
situation.
NJ Doran & Co.'S grain letter was as
Wheat-BroomhaI said: Decline of
Zee to CSC in Liverpool reflected United
States weakness, but market inclined to
steady on further rains in United States
and prediction of more Lower Unit
ed States cables, dullness, and lack of
support weakened corn &c to nc"
Snow wired from the Red River valley:
Spring wheat all cut; from Grafton to
boundary about one-half cut. Weather
perfect, yield considering area rather
above expectation" -.l
1t was the talk that Jones would
revise and increase his estf-
mate on the Northwest crop. Export sales
at the seabord So loads.5 The cash mar
ket is firm here, with talk of some wheat
being worked. There was enough buying
early to start the shorts covering; but the
advance met with most liberal selling on
the slump in the new and large receipts
at Kansas City, although st. Louis re-
ported acceptance on bids very light. 1t
appeared very much as if the liquidation
of long wheat had been completed, as the
selling was very free, while towards the
close the shorts covered on reports of
war in the Balkans, while it was wills.
pered around that export business might
Show up over 10 loads. The close was
strong and it is apparent to US that val
ues will work higher.
Corn-There was free selling of Sep
TENDER, although country offerings are
much smaller There was talk Of good
cash business. Weather conditions We're
fine. Near the. close the strength in wheat
started the shorts covering, with decline
more than regained. but in the event of
further advances we would favor sales.
Twenty-Five loads sold for export.
J. C. Geraghty & Co. had the following
grain letter from Logan & Bryan:
Wheat-The market closed A@Ac high
er than yesterday. There was further
liquidation early and a good deal of pres
sure from. short selling, but on the de-
market rallied sharply toward the close.
The cash market showed more steadiness
than the speculative market. There We're
reports of better export business. Pri-
mary receipts small and the cash de-
mand is good. Liquidation has been gem
eral and severe and the short interest
materially increased.
Corn-The market is higher. Fine
weather and the weakness in wheat made
little easier feeling early, but the pres
sure was not persistent and the market
rallied and closed strong. There is some
increase in country offerings, but the cash
situation is not urgent either way. We
think there is quite a liberal short in
tereSt
Oats-The market is higher. The coun-
try continues bullish on the disappoint-
ment in threshing returns, and there is
some Improvement in the cash demand.
One of the big sellers Of the past few
days was reinstating his holdings to-
day.
Provisions market is dull and cas-
Ter. The public is out of it, SO far as
speculative interest is concerned. The
market acts helpless and prices have a
dragging tendency.
]. G. Geraghty & Co.'s stock letter
/ ~ we IN
The market is active and weak. The
bear element is again in evidence and
selling stocks freely and hammering the
market. There is nothing new in general
conditions likely to affect the value of
stocks. The market has had a sharp
advance and is having a natural reac-
ton. We do not expect it to drift into
anything like the conditions of two weeks
O'Connor & Van Bergen's stock letter
from Strong, Sturgis & Co. was as fol-
lows:
Under conditions such as these which
now exist in Wall street, advices as to
the fluctuations within a point or two
one way or the other are superfluous.
therefore We look upon the whole Situa-
ton from broader viewpoint and do not
Confine our comments merely to today's
affairs. After the violent declines in the
excitement of week ago last Saturday
the market improved from to Is points
in speculative and investment stocks.
This gain was based partly upon the
shorts covering, partly upon the invest
ment demand and to less degree upon
the buying for a rally. The natural in
ference is that this rally has. for the
time being, practically expended its
strength and the recovery has permitted
a continuance of moderate liquidation on
the part of firms and corporations who
were assisted through the recent I'M
pleasantness. AS result we have an
unsettled range of prices. Irregular con-
ditions will doubtless continue for some
time