The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-08
BAD WEATHER IS
BULL ARGUMENT
Rains in Wheat Belt Force
Price of Wheat Up Several
Points

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:
vance in wheat. Professionals realized
on the opening bulge. checking 1t for
time. but as the session progressed the
market became bigger, trade broadened
and crop news more bulliSh, to which
values responded. There was really little
to discourage the holders, except the rapid
advance this week and the certainty of
a quick break the moment the weather
clears. That the situation in the South
west is critical cannot be doubted, and 1t
is attested by advice from a great variety
of sources. Serious damage seems prob
comes quickly. The markets in closest
touch with affected districts were strong
est which gave weight to pessimistie pri-
Vate advices.
Corn-COrn was a laggard early, with
the trade small and pit operators bear
ish following the. moderate selling by a
large interest. Sentiment was finally
switched without any apparent reason,
and entire list became active, scoring
fair advances: Market turned strong. Re
ceipts We're about as expected. The move
ment of contract from private houses
shows further decrease The sample
market was 12c to 1sc higher, with yell
low varieties up the most.
OatsEThere was more activity in the
market than for weeks past Without
any. definite reason being assigned for 1t,
buying became general through COM
mission houses, and in spite of free real
izing by some of larger holders, prices
We're moved up. Pit operators Were con-
SplcuouS on the long side. Receipts were
small and cash market was 11ac a blu
higher. Moderate sales were made for
shipment.
]. C. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is easy.
1t does not like the crop news All
theories of a prospective bull market must
have at their root the expectation of good
crops 1t IS too soon to get panicky yet
The- wheat crop is being damaged IN
quality no doubt, but as to the damage
In quantity it is as yet uncertain. The
damage is also confined to one locality
The corn crop Is not getting exactly the
weather it needs, but there is time yet
for it. However, the unfavorable tend
ency OF the news made considerable Haui-
dation We still think that everything
else is right for bull market in stocks
ana that only the crops need watching.
Walker Bros.-The market at the OPEN
ing was inclined to be strong and the trad
ers bid up The fractions were strong
In the middle of the day on news from
the West of floods the market began
TO sell off. Changers broke sharply In
the afternoon there was further selling
and the losses extended all through the
active list. The close was weak at about
lowest prices of the day.
OConnor 81 Van Bergen's stock letter
While fairly active, trading has been
in smaller volume than Wednesday and
lone was reactionary, opening somewhat
higher. Realizing sales Were rather In
excess of demand. but prices held very
We'll until the continued crop damage and
unfavorable weather reports from Kan
sas We're effective in causing weakness in
Atchison. the other grangers yielding also
Elsewhere strong spots were the local
fractions and high-priced specialties,
while bonds continued firm and in de-
mand. Notwithstanding some irreguIarity
throughout the list with concessions of
over per cent in several instances, gen
era! tone was good and the market acted
We'll. In last hour the selling movement
gathered rather more force and prices
yielded, though without real weakness,
and the close was fairly steady and a
shade better than the lowest