The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-17
WHEAT STAYS ABOVE
THE DOLLAR MARK
AND CLOSES STRONG
Good Judges Believe Present
Conditions viii Continue Un-
til the Receipts From the
New Crop Begin to Be Felt
in the Market.

The Northwest was the big factor in
yesterdays wheat market, cash wheat
selling in Minneapolis at 81. OF This may
seem a trifie strong, but when it is known
that the territory from which Northwest
mills secure their supplies is from 40, 000,-
600 to $4,000, 900 blu short over a year ago.
and it is last years crop that is being
drawn on, the figure is not generally re-
garded as eXorbitant.
b., Both Liverpool and the curb was in
strong sympathy with the local market
yesterday. bad weather having a strong
influence. Corn is just now hardly in the
running. but it will be heard from later.
Weather conditions are affecting it also.
M Doran & Co.'S Chicago grain letter
says:
Wheat-The Liverpool market was
strong in sympathy with ours, and on bad
weather and the curb was &c higher
The opening was in line with these indi-
cations. Trade was enormous and gen
eral. Excitement was intense and there
seemed many buyers to every seller,
prices advancing rapidly. Bulge brought
out a lot of long wheat, but the market
closed strong and materially higher than
yesterday. The news was again all one
way. The Northwest was a big factor,
cash wheat selling in Minneapolis at
$1.01, and rain predicted for harvesting
belt. We sold No. 2 hard winter equal to
1Ac over Chicago September f. o. b., and
remember this is the wheat that is de-
liverable On September contracts at a dis
count Of sc bu. 1t is also worth bear
ing in mind that the territory from which
the Northwest mills draw their supplies has
raised from 100000 to so, 900, 600 bu less
wheat than last year. yet last years crop
is going out at 81 a blu in Minneapolis on
account Of exhausted supplies. In view
of this fact present prices for wheat do
not look dear. There are many bulls
who were caught without wheat on this
bulge and would gladly welcome some
setback to give, them an opportunity to
get in again. The Liverpool market was
X Old up Estimated cars for Monday,
Corn-The weather conditions are I'M
settled for the maturing Of the crop, but
the trade has gone into wheat tempo
rarily and futures were inactive, with
some tendency to sag, due to pit opera
tors pounding them on every weakness
in wheat. Situation is unchanged and
very bullish. Indications are for stormy
wet weather next forty eight hours Corn
is dormant for the present but will get
Its bull turn. The Liverpool market was
"A q Esd higher. Estimated cars for Mon
day. IFS.
j. c. Geraghty & Co.'S grain letter from
Chicago is as follows:
Wheat-The market is active and closed
higher. There was a sharp advance early
which brought profit-taking. With small
stocks of wheat it does not take long to
liquidate the long interest. We see no
change in conditions and no indication of
the elimination of the effect of the strong
influences. 1t IS not a question of specula-
tive effort or control The wheat Situa-
ton at the moment is in our Judgment.
one of supply and demand. The demand
! is very urgent. Until stocks increase we
Sc no comfort in the short side We still
advise buying the wheat on the soft
spots.
Corn-It is still a waiting market There
Is not enough in the cash situation to
move the price either way. Receipts and
demand are both moderate. With fairly
good crop prospects in the South, that
section is not taking corn freely. Our view
is that full crop of corn is not possible
and that pending greater certainty in
regard to 1t. much of decline is not
likely.
Oats-There is nothing very urgent
in the cash situation. Receipts are fairly
liberal and the demand only fair The
Independent situation and are inclined to
feel that further and higher prices will
only be brought about by possible adj
vance in corn. The principal holders in
this market are disposed to take profits
at current prices.
Provisions-The market is dull and I'M
changed. There seems nothing in current
conditions to relieve the monotony of the
situation. Receipts all the time liberal de-
mand disappointing and stocks accumu-
lating. We see nothing to make higher
prices. Logan & Bryan.
O'Connor & Van Bergen received the
following from New York:
The market today has been practically
without feature, the only development on
which any interest hinged being the week
iy statement of banks The long looked
for contraction in loans a was at, at last ap;
amount and somewhat surprising loss in
actual money was also shown. We be-
lieve that the failure of the statement
week after week to show material re-
duction in loans is logically explained by
the continual demand from the interior.
which withdraws money from this point
as fast as loans here are liquidated. The
change of speculative sentiment from one
week ago today is the most striking fea-
ture of the general situation. 1t seems to
have been conclusiyely proved that there
is range of prices at which investors
viii buy, and, while these prices may be
touched more than once, the absorption
which unremittingly goes on must at last
cause permanent turn for the better.
The comparatively small short interest of
traders on the board has probably been
eliminated Or very much reduced during
the past week, but we are inclined to
think that the large underlying short in