The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-17
GRAIN BULLS SHOW
GREATER OPTIMISM
Better Feeling and Possible
Crop Damage Cause Prices
to Rise

There was much better feeling in the
grain market Saturday which could not
entirely be laid to the possible damage
to crops that has been feared for more
than a month. The traders seemed to
take a more rosy view of the situation
on broad. basic grounds. To make their
position stronger reports of a great re-
duction Of the exportable surplus of the
wheat crop were not lacking
The trade looks for higher prices and
stronger markets this week
What the Brokers Say
NJ Doran & Co.'S grain letter says:
Wheat-There was selling early on
clear weather and easier cables but very
high temperatures in the Northwest
started shorts to- covering and reduced
a good deal of buying on fears that dam
age may result. from scorching weather
Stronger markets are expected during the
coming week and with the belief growing
that the United States win have very lit
tie eXportable surplus it started the bulls
on new tack with sentiment more opti-
mistic than ever. The closing was strong
and there are possibilities that higher
prices will be witnessed
-.-Corn-July. deliveries are very light and
while there was selling early on hot and
forcing weather. offerings We're well taken
While strength in wheat started shorts to
covering July and September are in a
very strong position with little desire
shown now to sell those months
Oats-Car lots were a tTifle larger, but
there was good buying from the start
vices from Central Illinois, where the crop
Is reported in poor condition. We look for
higher prices on oats.
Proyisions-Very dull and about the only
feature was selling of lard nv Clndahy.
the strike situation is unchanged and we
look for quiet market
j, G. Geraghty & Co.'S correspondents
say Of stocks:
Paine webber & Co.-The bank state
ment was most excellent showing in
'dleatlng a gain of cash approximat ting
S14,000.Oe0. The market showed continued
proft-taking in many issues and new
buying in others. The Steel stocks were
conSpleuousiy strong and If they go or
advancing they will still further recruit
the 3ull interests in the market. We think
Steel preferred will sell higher All ad
vices from New York this morning agree
that the copper metal market is fraction
ally higher and that producers are not
anxious to sell. The copper stocks are
acting splendidly. They are dulIer al
about the top prices. so far reached. and
there IS market for all any one wishes tC
sell. We look for continuing improve
ment in the coppers.
Logan & Bryan-A month ago we UT.
gently called attention to the probable eff
1ectS or the enormous amount OF idle
money: the improving crop prospects and
the allayed fears regarding the political
situation upon the stock market. Stocks
nave steadily advanced and investment
buying is still increasing and holders ara
no more willing to part with their stocks
than they were at lower prices. Witt
the exception of circumScribed damage IL
the wheat crop in the Southwest the ten
dency Of the weather is very favorable
money continues to accumulate in the
banks and no material drain for the Dur
pose OF moving crops is likely for two
months to come at least, and then it Is
not likely to be important. The markei
and its advance are as legitimate as car
be and are the results of broad, funia
mental conditions We still fhinlr If iS Q
long way from top.
OConnor & Van Bergen's correspondent
says:
The market opened irregular and quiet
with weakness in Union Pacific and
Southern Pacific on prof1t-taking the mar
Yet feature. A very strong tone in United
States Steel stocks Was followed at the
end OF the first hour by activity an6
good buying of the preferred and ad-
Fanced the entire list, and the market be-
came distinctly strong with interest rather
better distributed. The volume o.
business was not large, nor with
few exceptions were the advances
but the closing was very active. well NJ
TO the best prices Of the day. with specu-
1atlVe sentiment cheerful The important
advances were found in United States
Steel preferred, st. Paul and the Fries
The bank statement was distinctly IA
vorab bic In respect to gain in cash anc
surplus reserve, while increase in loan.
was rather heavier than anticipated Al
important influence was the very favor.
able weather news from the West and Z
disposition 10 believe that with continued
good weather that the crop damage MAY
be averted.