The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-12
bULLISH REPORTS
STRENGTHEN TRADE
IN THE GRAIN PITS
Without Any Apparent Reason
Wheat Was Active and Strong
in Days Trade-A Warming
Tone Is Noted in Wall Street
Financial Reports.

Without any strongly apparent reason
the leaning of the wheat market was
bullish, and in spite of some influences
to the contrary this disposition prevailed
and produced q steadying effect. There
was some advance early, but prices cas-
ed off and remained steady with business
somewhat dull.
Advices from New York on the stock
market are somewhat confusing, as re-
ports of business that is more OF less
brisk have bearish undertone and sound
a warning note of caution.
M. Doran & Co.'S Chicago correspond
ents, in their grain letter of yesterday,
say:
/ Wheat-The early advance in the wheat
market was brought about by pit opera
tors. Prices eased off from top figures
and were held fairly steady, with a light
trade, largely by strength in the coarse
grain pit. The governments weekly; bull
letin was construed as bullish, probably
because the crowd were working that
side. Otherwise it was hard to see why.
An Omaha correspondent thinks the gov
eminent figures are three bushels to the
acre too high on the winter wheat yield
The Iowa state report says the yield is
unsatisfactory to wheat; though condition
mercial Record came out with estimates
for the spring wheat states Of 10000 900.
The estimates now vary from all sources
from 147. 000 900 to 1870 900 OO0 and the
neighborhood of latter figures is probably
pretty close to the fact. The demand is
said to be improving and export bids
nearer a working basis. although still
1Ac too low on No. hard at Galveston,
Estimate of cars tomorrow. 95
OConnor & Van Bergen's correspond
ents say:
It is a pleasure to be able to report to
you quieter condition of affairs here
today. and continuance of the i'm
proved tone shown in yesterdays mar
ket. The preponderance of news was of
an encouraging nature, and the temper
of the street much less feVerish and more
receptive to favorable gossip. The show
ing made by the government crop
port was fairly satisfactory, and was
The emphatic denial of the rumor re-
garding the issue of st. Paul stock, to-
gether with some particularly f1attering
returns OF railroad earnings, also added
to the better feeling. The bear party at
times made attacks on prices, but they
met with sufficient resistance to check
their efforts. The most striking part of
the trading today has been the selling
out of what appeared to be collateral
largely made up of Reading, Union Pa
cific and Atchison, presumably for the
account of lately embarrassed firms The
traders seized upon this selling to at
tempt to hamper prices, but finding the
supply of stocks wanting, were obliged
to cover at advancing prices. 1t is very
generally understood here now that there
is an exaggerated short interest in the
market. and much stress is laid upon the
demand for stocks in the loan crowd. The
demand is marked in New York Cen
trail, Reading and Atchison. The rally
that followed in the last hour has given
another hope OF bettering conditions here,
pressed that the rallying power of the
market and disposition to buy stocks is
better tonight than has been seen for
long While.
Oats-At the opening oats showed a
tirm tone, with locals and outsiders mostly
on buying side and selling pressure light
but trade not large. The feature of the
session was the buying for outside ac-
counts. local shorts and ST
the best buyers.
S. B. shotwell & Co.'S grain letter says:
Wheat.The market opened tame and
about where it closed. No important
volume of trade and no new features We're
observable. The general run of commits
sion houses had a few scattered buying
orders. Local longs were the best sellers
early. Later in the day there was con-
siderable buying for outside account 10
cal shorts and the st. Louis contingent
being the best buyers. This buying caused
was plenty of long wheat offered. and also
moderate amounts by Southwestern cash
handling houses. Market looked strong
until somebody attempted to SELL and
then it gave way easily. Local bulls pull
ed out when it showed signs of weakness
but We're disposed to buy the moment
1t steadied. Toward the close the crowd
was bulling wheat on the weekly govern
ment report showing damage in Mime
sofa. by rust. flies and chinch bugs.
From Chicago J. c. Geraghty & Co.
Wheat-The market is dull and a shade
easier Speculative operations are MAIN
ly local and on small scale. Kansas
City reports an active demand for cash
wheat, and st. Louis says their cash
market is dull Export demand is still
small. Receipts continue much less than
last year. and the southwest reports
country offerings below expectations
These conditions make US feel strong on
wheat and we advise its purchase on the
weak spots.
-Corn-Market firm and a shade higher
Temperatures are abnormally low when
the reverse is needed. Receipts are mod
crate and demand fair. There is moth
ing urgnt in the cash situation, but on
the present condition of the crop it looks
as though it would require miracle to
get 1000, 100000 blu of corn out of it. We
advise buying corn also on the breaks.
Provisions Market unchanged. Pack
ers are about the only buyers and their
effort is to sustain prices Outside pack
ers are disposed to market their stuff
but experience difficulty in getting stor-
age room. Receipts of hogs continue
large and the demand Door. We see