The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-25
DRY WEATHER IN
THE NORTHWEST
CAUSES ADVANCE
Wheat Shows Material Gain and
Outlook Is for BuIIish Mar
ket-Corn and Oats Are Also
Forced Higher.

The grain market was again bullish yes
terday. Wheat especially scared upward
and carried with it corn and oats. The
dry weather in the Northwest was a po-
tent factor in the advance. The Peavy
interests are said to have been heavy
buyers. Corn and oats were also strong.
but mainly in sympathy with wheat.
Stocks were dull and embarrassing.
What the Brokers Say.
S. B. Shotwell & Co.'S grain letter
Wheat-Today's Chicago grain market
was a big bull affair." with all grains boil
ing. The opening on wheat was rather
ported in the Dakotas, where moisture
was alleged to be needed. Towards 10
o clock the Peavey people began buying
wheat and the upturn from THIS on was
continuous with frightened shorts getting
i'll with a rush. The local sentiment was
intensely bullish, holders refusing to let
go and people bearishly inclined afraid to
sell short. Armour was a good seller of
July at around soc. The impression is
gaining ground that a strong New York
party is behind this upturn being con-
WINGED that wheat is good property
around these prices on the worlds crop
showing.
Corn was strong and advancing prin-
cipally in sympathy with wheat. COndi-
lions everywhere were more favorable for
the crop Not so much moisture and
better temperatures. Those who have
some and taking profits on a portion Of
their lines today.
Oats-July oats were up a cent from
last nights close, going to Also and
held most of the gain. September and
December gained about y cent each for
the day. Fancy operations. are becoming
thought that there will be a good many
new oats in or delivery during July.
M Doran & Co.'S Chicago grain letter
says:
Wheat-There was only one side from
the start and prices scared. Reports from
the Northwest complaining of deteriora-
general and they We're in some degree
confirmed by free covering for the North
west account. Should the dry weather
continue the situation might become Sc
riOuS. Our reports from Southern Indiana
and Illinois from our own houses show
very disappointing harvest returns. Local
professionals and ST. Louis houses were
on the buying side and the former let go
some of their long wheat on the advance
Speculation seems to be on the increase.
Corn5CoEns vas strong and higher early
assisted by the strength in wheat. The
pit became dull near the close, but prices
held the advance. Long corn came out
on the bulge, but was taken care of as
for past three days. The action of the
market is somewhat of a mystery and
sagors strongly of manipulation.
OatsIOats were strong in sympathy
with other pits and there was a good de-
mand for local receipts for shipments.
september was relatively stronger than
December. while July was cratic as
usual Southern Illinois and Indiana re-
ports indicate about rs per cent of a
crop.
]. G. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The market is a little
easier 1t is very dull market. The only
feature is some pressure from the bear
traders and very little pressure from long
stocks. The indications are we think. for
quiet market Our feeling is that the
stocks are worth the money and that on
existing conditions the bears will not be
able to bring about materially lower
prices. If the corn and oats crop contin-
ues the Improvement. moderately higher
prices are no not unlikely We advise buying
Olck-Ihe market has been narrow to-
DAY. Price changes have been unimport-
ant. The engagement of $1,50O.OOO gold
for export had an unfavorable effect: Eff
forts made by traders to advance Saint
Paul and Union Pacific were not success
1ul. PERSISTENT selling Of Pennsylvania
made that stock a weak feature.
walker Bros.-The market today was
duH and uninteresting and with only
slight changes. There was little or no
commission business and traders did very
little. Early the market was steady and
with better prices, but in the afternoon it
lost the early gains.
Bache-The covering movement from
last nights close was continued at the
opening with the assistance of a firm Lon
don market for Americans. Foreign
houses did an extremely limited business
mostly in the buying side. The market
did not hold the early advance and Isnsed
INTO the same state OF apathy that has
existed for some days. Reactions in c.
+. q l., after a sharp advance of yester-
day. were in order.
O'Connor & Van Bergen's stock letter
says:
There has been no feature in the mar
ket today and we have nothing of inter
est to call your attention to. Prices were
better at the opening. caused by a con-
tInuation OF the short covering Started
yesterday afternoon, but the market soon
became dull and the general tendency has
been toward lower level. While it is
very true that at the moment there is
nothing but the short interest to sustain
prices, it Is equally true that there Is nc
pressure to sell and that forced liquida
ton has run it's course. There is no com
mission business, and traders hesitate tc
act on either side of the market, LOOKING
to probable developments in the near fT-
ture connected with Mr.. Morgan's re-
turn 1t being pretty generally believed
that it carries with it significance of i'm.
Portance. The steel stocks are and have
been for months the pivot of this mar
the company will do much to restore CON
Ildence in these shares If, as runor has
II, It has been possible to persuade Mr.
only be of great benefit to this cornnra
tIon' but will also most favorably affect
the general ne market. Continued ship
~ t1e Ii oI gQld, while they are reasonably
70 De expected. have a discouraging effect
on speculation. The general feeling Of
fganA1Itgiy, however; is due mainly to the
inability of the banks to decrease theil
loan account, and next Saturdays state
ment IS looked forward to with much m
terest The stock exchange has seldom
seen as dull day, and the change il
quotations should not be taken serio11s1y
extreme narrowness Of the market is en-
tnely responsible for the nucA ations
lhefe having been no development of i'm
Eortahce or change in general condi-