The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-28
BROKERS BUY CORN
AND PRICES ARE
AGAIN ADVANCED
Wheat Follows the Lead of
Coarse Grain and Makes a
Big Gain Over Saturdays
CIose-Stocks Are Strong er.

Corn was again yesterday the strong
grain. Wheat and oats followed it's lead
showing but little Independent action. The
market opened with the commission
houses in possession of large buying Or
ders and at once prices commenced to
advance. Shorts covered in a frightened
manner, helping the upward movement in
their mad rush to secure corn. The close
showed gain of g to &c.
AT the opening the commission houses
had lots of wheat for sale. The North
west house were good sellers and dis
posed of considerable grain. About the
middle of the session the market dis
played a wonderfully strong undertone
and prices scared skyward. The close was
1 to &c over Saturday
Oats were quiet and displayed no feat
ures.- There was a fair amount of strength
in sympathy with corn and wheat The
close was at an advance of "a to 15c over
Saturday for futures and 1Ac under for
July. 6o
Stocks developed great strength yester-
day. The entire list showed a good gain
in prices for the day: Another failure
expected and caused no break in prices.
Strong railroad stocks made good adj
Yances.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
Wheat-This was a strong market with
news distinctly buHish. The recent esti-
mates of winter wheat crop We're based on
large yields in Kansas, Oklahoma and
Nebraska, and the threshing returns now
show the crop in those states to have
been oVereStimated. Our correspondents
in the Southwest anticipate a falling off
IN the receipts of new wheat, as the
country is thoroughly alarmed over corn
situation and likely to hold their wheat
until something definite is known regard
ing outcome.
Corn-The market readily absorbed a
long line on early advance. Every com
mission house had buying orders and the
country Were conspicuous on that side
confirming current reports Of critical con-
dition of the crop Just SO long as these
conditions prevail this market will keep
on advancing.
Oats-From the first the May was
bought by the heavy long interest. the
trade in other options being general and
not very large up to now. July was spec
taculari opening 41hc, Saturdays latest
figures, and upon selling by commission
houses on stop loss orders dropped to 39c
5. b. ShotweH & Co.'S grain letter is as
follows:
Wheat-There was no SNOWY trade in
wheat around the opening, as all the
interest was conferred in corn. Commits
sion houses buses had long wheat for sale
were also good sellers on the advance.
About the middle of the session the mar
ket displayed wonderfully firm undertene;
the breaks were infrequent and uninpor-
tant and holders were very confident The
close was very strong at 1c to 1Hc ad-
vance for the day.
Corn-This market was again a leader
and the center of activity. Damage re-
ports from Kansas and advices from good
authorities of considerable deterioration
in outlook IN Nebraska and Oklahoma
a frightened manner and the bull party
worked aggressfVely on the buying side
The. market closed strong at &c to &c
over Saturday
OatS-This market showed no independ
ent features. but showed fair amount of
strength in sympathy with wheat and
corn. The close was 1sc to Zee over Sat
urday for futures and Zee under for July.
O'Connor & Van Bergens stock letter
says:
Before the opening 1t was very general
ly understood that the street would wit
ness further failures of houses whose in
terests had been closely identified with
certain specialists SO that the suspension
OF Hooley, Co. was hardly surprise.
Indeed, after its announcement the mar
ket became extremely active and has
ruled, up to the time of writing gratify-
lnSly hrm The improvement in prices
has extended to almost all parts of the
list. so that detailed account of today's
speculation is unnecessary. A careful
canvass of the present situation indicates
to our mind that the underlying condi
lions are. generally. sound. That Wall
street enjoys tonight a distinct feeling
of relief there can be no doubt believing
that Whatever disasters may be impend-
ing in the near future must needs be of a
minor character
]. c. Geraghty & Co.'S correspondents
say:
Logan & Bryan-There is a decided
change in the tone of the market. Pretty
much the whole list closed strong and
higher There was one failure in Wall
street which had been expected and the
effects of which had been discounted.
There is nothing in the commercial or
financial situation that in our judgment
seriously threatens the market Call
money is easier. We think good dividend
paving railroad stocks should be bought
Dick Bros.-The market has been de-
cidedly strong. raliying sharply after the
early announcement of two small failures
one of which was a small Boston house.
The best faliies were in st. Paul, Copper
Union Pacific, Brooklyn Rapid Transit
PENNSYLVANIA. Southern Pacific and Bal
timore &: Ohio.
Bache-I'he opening was surprise, con
sldering the, nervousness which charac-
terized the close on Saturday and the
gloomy forecasts appearing in the press
over Sunday New York Central and
other dividend paying railroad stocks
showed excellent buying and brought
about substantial rally. The market
continued to hold well in the AFTERNOON
session. fractionally below the best of
the day.