The Saint Paul globe., 1903-06-26
WHEAT TAKES LONG
STRIDES FORWARD
IN ITS MOVEMENT
July Goes to Eighty-Three and
a Half, Making a Gain of Near
Iy Three Cents, While Sep
tember Is Equally Strong.

ties of a prolonged dry spell in the North
west, wheat took great strides forward
yesterday. July opened at sic, a gain of
"A over Wednesdays close. Almost i'm
mediately after the opening the upward
pressure began and continued until the
close. when 8312c was scored. the high
point for the day and a gain of 2&c over
the close Wednesday afternoon. Septem-
Der was almost equally as strong and ad-
vanced rs cents in the upward move
ment of prices.
The day opening with but few reports
of rain from anywhere in the Northwest.
The few points that did have showers
Wednesday night were benefited but little,
and the fail was too light to give relief.
From the Southwest there were -cOntin-
ued reports of rain, and therG dry wealth
er is needed, so the harvesting can be
completed. This, added to the already
bullish market, aided materially in keep
ing prices on their upward move.
Corn and oats We're also strong in SYM
pathy with wheat but the excitement in
the corn and oats pits was tame COM
pared with that in the wheat pit How
ever, prices of both. grains showed a de-
c1ded gain for the day. and oats were ex-
ceptionally- strong
The apathy. in the stock market con-
tinues. There were but few, sales yester-
MIA and the United States Steel The list
showed few changes in quotations. The
advice of brokers is to buy standard stocks
at the present time. -...
What the Brokers Says.
NJ Doran & Co.'s Chicago grain letter
Wheat-The wheat market opened with
shorts in a panic and yesterdays profit
takers reinstating their lines on con-
tinued dry weather in the Northwest;
prices advanced &c a busheI amid intense
excitement and an immense trade. The
Northwest situation is the governing fac
tor and wires from many districts report
the crop going backward The Southwest
contributed its mite. in the way of rains
in harvesting districts. Liverpool ad-
Vanced &c to 7sc in sympathy with our
advance of yesterday.
Corn-COrn while strong and higher was
quiet, compared with the neighboring pit.
May was in moderately good demand. Re-
ports are plentiful of short, stand and
generally poor promise of the crop. Liver
pool market was Indifferent, being un-
changed to 1sc higher
Oats-Oats awOke from their lethargic
condition at the opening and the market
advanced with a big trade in September,
came light and the market quiet later.
July acted in a crazy fashion and huc-
tuations were wild. The demand for local
receipts is good, but for shipments dull
The South is said to be bidding freely
for cash oats.
S. B. ShotweIl & Co.'S grain letter says:
Wheat-This market opened with a
WhlrI, and 1t was very hard to follow
the trade, but it looked as if the South
west was a good seller. Armour also sold
some. The Northwest is surely not yet
a unit on the bull side. Shortly after the
opening wheat became fiercely strong
but On the advance the market met with
heavy offerings by many local traders
VINO bought yesterday and sold off as
Sharply as 1t sold up.
Corn-The market opened higher with
wheat, bull houses bidding UP the corn
and Southwest sold most of it. There was
no conspicuous buying and best buyers
We're scattered shorts and eleventh -houl
puIIs. Iowa crop report says corn and
oats are making fair progress and viii
make good crops with normal weather
from now on. Price Current reports con-
dltiOns moderately improved If July anC
September l5 are maintained and prices put
UP in this way the deferred futures will
of course, SympathiZe somewhat but
prices look high right now.
OatS-Thls market, especially the July
was very strong, advancing to 441bc
Around this price there was large offer
1ngs by holders and prices quickly de-
cllned to about 43c. Local shorts were
heavy buyers of September. Price Cur.
rent reports conditions improved east Of
Mississippi river and about average west
OConnor' d Van Bergen's stock letter
In situation so devoid Of feature an6
with speculation in its present stagnant
condition, We find it difficult to gather
any material of interest to send you from
here. 1t is many months since we have
had occasion to report so dull a dav
Excepting in the case Of Pennsylvania and
United States Steel. the market showed
prices. The transactions in PENNSYLVANIA
We're mainly due to sales Of stock against
purchases Of rights. Illustrating the dull.
ness prevailing here, out of a total O.
S2,000,0 600 sales of bonds two-thirds of tn,
transactions were in United States Steel
Operations made for London account Wer,
insignificant, but we learn that the pre
vailing sentiment in that quarter is NOR,
favOrably disposed toward our securities
Sooner or later we feel sure the invest
ment public will be attracted to propertie
~,
Northwest and to the remarkable exhibi
of earnings which will result from tn
operations of the coal roads. There i
no apparent change in the conditions o
the money market, if anything the tend
ency is towards an easing off in the rate
for time loans, and through the earle
part OF the coming month we should ex
pect to see still more Improvement in thi
respect.
]. G. Geraghty & Co.'S correspondent
say of stocks:
Logan & Bryan-The market is withou
change and very dull. There is no pres
sure from long stocks. Trading IS there
featuTeless! As we have have: @ before 9GrwH5 said tb
orhy thing we can see which threaten
the price of stocks in any way is tn
crop prospect. Some deterioration in tn
wheat crop would hardly be an importan
factor, and there is yet plenty Of tim
for the corn and cotton crops to i'm
prove.
Walker Bros-The market todav ga
very dull and uninteresting and the trad
ing very light. In the afternoon there wa
good deal Of stocks for sale and price
declined. The market lacked support an,
traders let it take care Of itself Th
close was weak at about the lowest poin
and with sentiment bearIsh
Dick kBroS.-Fluctuations have been owe
q narrow range and barely 200 900 share
have changed hands. The trading was en-
tlreiy professional and largely represente,
scalping. Pennsylvania Tvas heavy. bu
very large buying orders were in tn
market at 123.
Randolph-The stock market opene,
slightly higher this morning. but ther
was stock for sale on the advance and
quickly became weak and sold off. Late
the market continued to be soft all day
on very small tranSapfiopc 41,o .iI;--