The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-29
TREND OF GRAIN
PRICES IS UPWARD
Wheat Continues Bullish on
Heavy Buying by South.
west Operators.

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their New York and Chicago CORE
Spondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat--Wheat was strong again. with
leading the buying. The old bull interest
was the chief seller early. The Price
Current gave confidence to the bulls at
the start, reporting winter wheat pros
poets barely maintained. Later the
Southwest sent advices of extensive
damage in bottom lands from the floods.
Inquiry for cash wheat was better, al
though little business was consummated.
Millers through Ohio, Indiana and Mich
lgan were negotiating for wheat at st.
Louis. A small lot of No. red was sold
hardly be taken as giving fair idea Of
values. Northwest country millers are
buying at Minneapolis. and stocks there
decreased 56O,0OO bu during the past five
days According to the Northwest Mil
Ter, the flour output at Minneapolis in
creased last week, but total was con-
siderably short of last year.
COrn-The firmnesS was the direct re-
suit OF the sympathetic influence of wheat
and oats. Trade was small and the tone
dull. Receipts are moderate and demand
is still rather limited Local traders re-
ceiVed some encOurag cement from evidence
of an out movement, as SHOWN in the
10000 bu Of corn under contract to load
on vessels, and the cancellation of re-
cetpts for $4,000 bu. The cash market
was strong and PC higher, with Armour
q Co the chief buyers of lower grades
Inc Price Current says large acreage
is probable. The course of futures de-
ponds to a large extent on the demand
If it improves it will be evidence that the
present price level is a legitimate one
and some advance may then be expected
in the future.
Oats-The market again led the strength
In grains The buying was general and
a great deal Of interest has been awak-
ened in the market. The cash situation
IS attra citing attention and the country
movement is .phenomenally small and re-
ceipts. here very light. One million bush
els OF standard are under contract to
load onto lake vessels. The Price Cur
rent says the crop has an unpropitious
start, with bulk of oats seeded While
stocks here are large the probability is
they will decrease rapidly and we feel
rather friendly to the old crop of futures
prices Is high enough, as there is every
evidence of large acreage and prospects
are good for a heavy crop.
OCOnnor & Van Bergen's stock letter
says:
The most favorable technical features
of the situation are the absence of Iiqui-
dalton and the markets general oversold
condition, resulting from the recent pes
sImlStlc reports, gossip, etc. Erie state
ment called for considerable unfavora BILE
comment and had a temporary depressing
effect, not only on the issues of that
road, but the other coaIers There is
reason to believe some of the influential
foreign houses have been strongly op-
posed to a renewal Of the voting trust.
We, however. understand the stock is
coming plentifully and the trust will GER
ta1nly be prolonged. The news over night
was not of the slightest Importance as
affecting values. We do not anticipate
anything better for the present than a
continuance of the narrow fluctuations
unless we have some developments to en-
prices. - - -
J. c; Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has continued
sluggish, but generally firm. In the last
hour Mexican Central developed note
worthy strength, advancing sharply on
aggressive buying, and closed at its best
price. There seems to be quite short in
terest in the stock. Norfolk & Western
declined on the announcement of plan
to issue $35, 100000 new bonds Steel
preferred rallied from early depression.
but was very sluggish. The manipulat ton
recently seen in Amalgamated Copper and
BROOKLYN Rapid Transit was not con-
tinued. The coalers also lost their firm
tone The general market closed rather
heavy.