The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-15
WHEAT BOOMS ON
GENERAL BUYING
Prices Move Upward on Wide
Speculative interest in
All Markets

Wheat was a strong market yesterday
and closed appreciably higher.
The upward trend of stocks was again
continued in ma ority of the New York
list.
=, What the Brokers say
NJ Doran & Co.'S grain letter:
- Wheat-There was no mistaking the
temper of speculative mind nor tone and
trend OF wheat. Operators appeared sat
lsfied. price is low enough and In place
of waiting for 81 wheat, as was former in
tentiOn of many, they are now buying on
every reaction. and we believe this is
course TO pursue from this on, ignoring
minor fluctuations. The spring wheat
movement which was expected to depress
the cash market has done nothing of the
kind, and premiums for good wheat have
been gradually strengthening of late.
-Ihey range now from &c TO &c for hard
TO from &c TO &c asked for No. l northern,
but latter is practically unobtainable and
there IS no stock here. Demand averages
pretty good with periods OF unusual ac-
tlVItyr The very. character Of the buy
ing by nllllerS indicates clearly the condi-
ton of their supplies. The French crop
ngures or 2SI, 100000, as given out by
minister of agriculture, and the delayed
seeding Of our own winter wheat, as re-
ported by the Modern Miller were bullish
side lights. st. Louis claims real short
age IN milling wheat from the Northwest.
There was report OF a round lot Can
adam wheat bought by Duluth. Liverpool
was Is TO u lower. Estimated receipts
tomorrow, IS cars.
Coma strong December market and
azduH unresponsive May again character
lied the trade. May was notably heavy,
considering strength in the December and
the strength in wheat, and the buying
was at no time sufficient to lift price more
than a fraction above Yesterdays close.
The December, on contrary, was buoyant,
the premium widening at one time from
312 sc at yesterdays close to 41hc. The
light movement of old corn, the small
stocks and the cash premium are factors
IN the. December strength and the option
besides is a trifie congested. The local
cash market was PC to 1c a bu higher,
with the buying chiefly for account of
local industries. Kansas City reports the
receipt Of a car of new corn which grad
ed No. 3. Liverpool was unchanged at
close. Estimated cars, 102
Oats-Trade was light, with prices
steady during fore part of the session, and
advancing slightly later in sympathy with
strength in wheat. Provision interests and
cash houses sold early and shorts covered
moderately. Expert quotations net but
2672c to &c here, which makes that out
let for our enormous stocks appear a lit
tie remote, especially as Russia will con-
tinue to ship literally till latter part of
November. The cash market was steady
with little better inquiry from shippers.
Estimated cars, 146.
ProYisions-Prices of all produce were
easier on quiet trade, which developed
no significant features aside from good
selling Of January lard at one time. Es-
timated hogs, 10000
J. c. Geraghty & Co.'s stock advices:
Logan & Bryant begins to look like
bull market. Transactions for the day
will be well over a million shares. They
are not large enough yet to brighten any
one. Pretty much everything on the list
Is higher. Outside buying is increasing,
but is still of very moderate proportions.
1t has all the finger marks of a persistent
bull market. In our judgment the condi-
tons justify it and these conditions will
become more accentuated as the days go
on. There is an expansion in business in
every direction. Think We are going into
big stock market and that everything
will sell higher.
The Boston market again showed great
activity with U. S. Mining the leader.
One house bought 1000 shares. Osceola
siderable stock came out above so and the
price sagged. Amalgamated and Steel
preferred were the special strong stocks
in New York and the high prices in these
gave considerable courage to the trader
in Boston. Wolverine is still in good de-
mand. Our market looks to be in. first
class condition and gradually getting
from day to day, but with the increasing
price Of the metal we expect to see new
high records made on each advance.
Northern Securities opened 1875; high,
1141z; low, 1875; last, 114ss closed,
1141k @114$s; sales, $500. Greene Copper
o'connoFf & Van Bergen's New York
letter:
The markets continued strength, i'm
partially distributed throughout the list,
is the significant feature and is exciting
here much greater speculative interest
and comment than has been apparent for
many months. 1t would be useless for
US to repeat the various stories being cir
culated to account for the days rather
enthusiastic activity as none differed ma
terially from the information we have en-
deavored to keep you promptly advised of
from time to time. An impression seems
to prevail that efforts are being made
to create the idea of large short interest
in L. S. Steel preferred yet uncovered.
The action of the stock shows aggressive
and urgent buying of some sort, its steady
either needs or wants the stock Mr..
Keene's influence it is reported, is making
itself felt all around the room, and as
result the movement in the Morgan stocks
was considered quite suggestive.