The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-07

The following grain and stock letters
Were received yesterday by ST. Paul
brokers from their New York and Chi
Cago correspondents:
NJ. Doran & Co.'S Chicago grain letter
says:
ing the past twenty-four hours over all
the winter wheat belt. being particularly
heavy in the Southwest. amounting to
almost a cloudburSt at Wichita and Kan
sas City. This wet harvest prospect prov
ed to be foremost factor in the strength.
Advances were rapid during the. morn
ing. with, REACTION in all options on
realizing later. The trade is still largely
professional, but activity by this class of
traders seems to be increasing. Foreign
markets are somewhat irregular kansas
City Star reduces estimate for Kansas
to 10000 600 bu. While the weather con-
ditions in the Southwest are delaying har-
vest, damage reports have not yet been
general. The immediate future of prices
depends almost entirely on the weather.
Corn-Corn was strong on limited
trade, with. the distant futures showing
the best gains. The news and statistical
facts rather favored the bull side. The
estimated receipts for Thursday are but
IS cars. and indications point to light
movement for next two three weeks.
The demand. while still light, shows
some sign of improvement. The cash
market was s5Tong, ruling lie to 11ac per
blu AzSner on a limited offering. There
We're d few complaints from the South
west of damage to corn in the low lands.
Oats-Oats showed strength for all op
5sympathized with the advance of from
/ 7ac to 1c bu in the cash market. The
crop prospects on the whole continue
brilliant and every indication points TO a
: ]. c. Ge7aghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The upward tendency
continues and the market is broadening.
>. There is profit taking, of course, but not
on an important scale. There Is, we
think, still a tidy short interest, but that
is an unimportant factor The influences
that are likely to control the market are
the merits of the properties, the funda-
mentally sound business and the Specula-
tive outlook. There is big waiting list
of investors, and at current prices there
are not stocks enough to, go around
Someone Is going to get left. We think
1t will be the man who waits.
Dick Bros.-The market took all prof
it-taking sales well. The Hoffman house
crowd, also Western houses bought stocks
specially Pennsylvania, Atchison
and Union Pacific. London houses sold
some stocks. The shorts seem nervous
The buying of Reading was good and it
ought to have considerable advance.
OConnor & Van Bergen's stock letter
says:
Favorable conditions are beginning to
tell in market thoroughly liquidated.
-the result being an eager demand for not
only stocks of better class, but all ac-
live issues, selling at figures unreasen
proceeding gradually. but none the less
surely manifesting itself in buying first
OF nigh grade bonds, next the better class
OF dividend paying stocks, and it has
spread quite generally through the list
Ihe rather buoyant feeling both here and
abroad has been given a fresh impulse
this week by rather remarkable cotton
report: showing extraordinary favorable
conditions, and by a realization that
the political outcome at st. Louis will be
the selection of a candidate known for
his conservatism and good Judgment. 1t
would be useless to attempt to give any
reasons for special movements except in
the general way above stated OF course
many stories are floating about as to
deals. increase of dividends etc.