The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-14
SHARP ADVANCES
IN JULY WHEAT
Urgent Covering and Buying on
Damage Reports Send
Prices Upward

Bulls had things their own way in
wheat, new high prices being made in all
options Strong English and Antwerp
cables and general damage reports in
July contributed to sharp advances. Inter
est continued to broaden in the stock
market and prices moved steadily up
ward.
What the Brokers Say
NJ. DoTan & Co.'S Chicago grain letter
says:
Wheat-New high prices were made in
all options The covering of July. both
here and at outside markets, was urgent
and sharp advances We're recorded. The
buying of general list was on much same
class OF damage reports as have been
common all Week. and bulls were given
additional help of strong English and
antwerp cables: Snow in a special re-
port on the Missouri valley claims loss
TO be from 20 TO % per cent, with some
points reporting as high as 40 per cent
Wheat in shock is either Sprouting or
moIdlng- The Missouri state statistican
ngures crop at 81 eo9, eco bu. Weather
conditions were favorable with light
showers and thunderstorms foTecasted,
except IN Kansas. Local cash demand is
good, but. there was nothing to offer
With all the bullish news and the strength
there Were privat tie adViceS to the effect
Uflat estimates of damage were eYagger-
ated and nothing but pure guesses.
Spring wheat reports were generally good
with Shrinking of other kind especially
from Red river valley, where too much
ram Is reported. The market at present
acts Very strong but trade is still large
" OF professional character. and it re-
mains TO be seen what effect the first
movement OF the new crop will have For
elsa correspondents suggest that America
VIII have TO supply more than a year
ago TO meet European requirements and
this may become later on an important
factor. Liverpool closed ga higher on the
strength here, and bad Russian crop re-
ports.
Corn-The strength in corn wa ON
legitimate conditions. and not sympa-
thetlc bulge. There is q fair improvement
IN demand from Interior. and this coupled
with the light receipts and the taking in
OF hedges by cash houses was a strong
point. The July sold at premium over
September: The cash market was strong
and &c higher. At same time crop adj
vices We're ,eminently satisfactory and
rapid growth is reported from many
widely distant sections of the belt Liver
pool was fractionally higher.
Oats-Lecal operators favored bull side
buYlng them on continued strength in
wheat. Pit attendance was good, but
trade only moderate. and as previously
stated local receipts light. Cash market
was bulliSh feature. being from re
TO 1c a bu higher Crop reports con-
tInue TO improve and harvesting in South
erq Illinois will begin this week.
j. e Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryan-The7e are no signs of
weakness III the market While prices
are not moving rapidly. they are NOV
eeNelopmentS IN respect of current in
duStrlal conditions are all encouraging
interest continues to broaden and WlliI\
there Is good deal or profit taking the
demand seems to be in excess of the sup
ply. As long as the prospect for the cot
ton and corn crops are all right the stock
market will be all right.
Dick Bros.-The market paid no atten-
ton to the crop damage reports The
news OF damage to crops in Russia of
1erred. Union Pacific and Southern Pa
chic made good leaders. Reading con-
InBed Its advance Its earnings are esfi-
mated at about SIS, 000 600 surplus for the
year. The foreign news did not affect
our market Russia is arranging to Dor
row over So, 000. goo in Germany and about
one million japanese gold came 10 New
York from San Francisco.
OConnor < Van Bergen's correspond
sntS say of stocks.
In spite OF profit-taking on unite a Iares
scale, the market has advanced under the
influence OF large buying orders The
street Is hooded with news and rumors re-
2ardlnS the more active issues. Union and
by persistent reports that Judge Bradford
mad rendered his decision in favor of Mr.
Hartman. also Southern Pacific plan of
preferred stock issue is becoming bet
ter understood. forcing certain interests
to. cover who had sold short on the an
Ilouneement of the propositions Erie in
sympathy With the rest OF the list has
SHOWN some signs of reFiVing from EfI.
recent inactivity 1t is stated earnings
are showing some improvement and man
augment Is succeeding in keeping expenses
down. Northern Securities has been most
actaVe feature on the curb, being in good
demand. the class OF buying being con-
Sldered good London has been good
etss7ef- taxing about 10000 shares most
~ United States Steels and Atchison.