The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-15
WHEAT GOES HIGH
And TENDENCY is
TO GOSTILL HIGHER
BuIlish News, Small Receipts
and Increased Demand Are
Factors i'm Yesterdays Mar
ket-WaII Street Conditions
Continue to Improve.

Influenced by predominance of bull
fish news. both domestic and foreign, and
small receipts and increased demand,
wheat was strong yesterday, and at times
some excitement was apparent. Heavy
realizing on the advance by commission
houses and professionals was firmly met.
There was informa ton OF Improvement
in harvesting conditions in the North
west. but farmers still show an indis-
position to move their wheat. Liverpool
closely followed the American market for
the first time in some weeks, and this
fact was an important element in charac-
terzing the Chicago market.
Stocks continue to progress toward a
more healthful condition, and Wall street
is settling down to its normal disposition
NJ DUran & Co.'S grain letter is as
follows:
Wheat-The market was very strong;
and excited at times. with the old Sep
TENDER option the leader and advancing to
a premium over the December. There
was heavy realizing on the advance by
commission houses and local profession
ais. all of which was taken remarkably
we'll Excepting improved harvesting con-
ditions in the Northwest, the news both
foreign and domestic was all one way.
Liverpool equaled our advance of yester-
day, the first time in weeks, basing it on
unfavorable weather conditions in France
and England. The Minneapolis situation
was again a feature. The futures were
strong. and cash wheat sold at 81. The
Modern Miller was bullish and caused
flood of buying orders, carrying prices to
the days high point. 1t reports move
ment of soft winter wheat the smellest
for this time of the year in many years,
and no indications of immediate improve
ment as farmers are holding for higher
prices. Deliveries of hard winter are in
creasing. but large percentage is going
to the Northwest spring wheat mills. The
wheat demand continues to show some
Improvement, and large flour sales are
reported by Minneapolis millers, and this
when the receipts are the smallest for
weeks and the clearances the largest.
IiVpTnOO1 81 q higher Estimated cars
tomorrow, rs.
j. c. Geraghty & Co.'S grain letetr from
Logan 81 Bryan is as follows:
Wheat-The market was active and
higher. 1t did not hold all of the advance
on account of profit taking, but closed
strong. Liverpool shows more interest
in the advance here than it has done. Re
ceipts are less than half those of last
year and cash wheat everywhere is in
active demand. Clearances for export are
in excess of receipts. The situation
dency of prices higher. There is an in
creasing effort on the part of Europe
and buyers to purchase both wheat and
-four in this country. With these condi-
lions we see nothing to make lower prices
and much higher prices are not unlikely.
s. B. Shotwell & Co.'S grain letter says:
Wheat-LiverpOOl came firm; Paris had
q holiday The weather map is gener-
ally favorable. Local receipts were about
as estimated. The market opened higher
under the influence of a general bullish
buyers and there was plenty of long
wheat for sale at the early advance. Pat
ten was the best seller early. Armour
was also a good seller of December.
Everybody seemed to be watching the
gyratiOns of the congested Minneapolis
markets, and on account of their advance
the, market became very strong. here
shortly after the opening. The Modern
Miller was inclined to be bullish. Fifteen
loads were reported worked at seaboard
for export. The close showed a gain
for the day of 1@13se
O'Connor e Van Bergen received the
following from Strong SS Sturgis:
The business of the day has brought but
little which is new to Wall street. Mat
tiers are slowly assuming a normal atti-
tude, and the aspect of the street is grow
ing quiet and conservative. The question
of money interests many people here, not
only because of the natural requirements
of the street at this time, but because
the time money market has become very
fair indication of the investment demand
Throughout the community buying Spir-
it has distinctly developed, and many in
dividuals who have not been in Wall
street before in many months have pur-
chased securities to a greater or less
amount. Against these securities, in many
instances. time loans are being made and
the banks report an excellent class Of
promiscuous borrowers who are paying
per cent for six months accommodation
1t is probable that this class of borrowing
will run its course, and that after few
days the rate for six manthS money will
ease OIL SOlleW1ldls Dul II VIII
firm doubtless from now on until after
the crop is fairly moved. The shrinkage
of Wall street loans has enabled the banks
to meet these new requirements with
ease. and it is a noteworthy feature of
the satisfa Glory position of Wall street at
this low ebb of prices. We do not feel
that there is any reason to expect re-
turn to the extremely low figures current
a week ago, but we are disposed to believe
that the present quotations will show
some reaction after day or two. We.
however. feel justified in setting forth an
axiom that whereas it has been wise to
heretofore always sell on rising market,
it is now better to always buy on reced-
ing one
J. c. Geraghty & Co.'S stock letter is as
follows:
The market maintains its previous
strong tone and stocks are almost uni
formly and sharply higher than yesterday.
1t is a remarkable market and its COM
plete change of tone from a week ago
and in that it gains so easily and uniform
~ after the previous sharp advance. This
can hardly be accounted for on either the
theory of shorts covering or scattered
buying. 1t looks like large and powerful
interests were taking back the stocks the
selling of which made the weakness of
no acff ov vveplSc