The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-19
WHEAT, CORN And
OATS CONTINUE
TO CLIMB UPWARD
Grain Market Remains Bullish
and Prices Advance Materi-
ally-COrn IS Again the Lead
er-Break in Steel Causes a
Depression in Stocks.

Grains all ruled strong yesterday and
wheat. corn and oats closed higher for
the day. Corn was again the leader in
the pit and from the opening was the
center Of attraction. There was some prof
1t taking by traders. but prices held we'll
under the selling pressure. Oats was also
an active feature.
Stocks were sluggish and the decline
Of steels had a depressing effect upon the
securities at the present prices are a good
investment.
What the Brokers Say
]. c. Geraghty & Co.'S correspondents
say OF stocks:
Logan & Bryan-The market was a lit
tie easier. On conditions as they are we
think the better properties are low enough
asd Whenever Taided by short sellers we
would buy them On the other hand, we
see nothing to materially advance the
market at the moment and would accept
moderate profits.
Dick-The market has been very dull
and wholly professional today. A break
in the steel stocks affected the whole list,
and although very little liquidation was
seen, stocks were generally weak Most
OF the days selling was for the short ac-
count.
Clark Dodge-The market was duh and
In the hands of traders Traders were
large sellers of stocks and the decline
seemed to originate with the Waldorf
party.
Howard, Lapsley & ,Co.-The market
was helped along by the Bank CT Eng
land reduction, but the enormous selling
and decline in Steels caused very UNI
easy feeling and prices sagged most of
O'Connor & Van Bergen's stock letter
says:
Helped by higher prices in London.
principally caused by the reduction in the
Bank Of England's discount rate. senti-
ment at the opening was decidedly more
bullish and the market seemed to have
taken on new activity. The large short
interest also helped the advance. but the
market was entirely professional, and
6 aIIIf the 1rst hour lapsed again into
0uiInesS and failed to maintain the early
gains. Throughout the day the tone has
6een heaYy, and inclined to weakness
The principal weakness has been the steel
stocks and was generally attributed and
with some reason we believe to inter-
ests closely allied with the company who
Were also interested in the defunct ship
building concern. The demand for Penn
sylvania continues and has been helped
not only by the large actual short inter-
est existing, but also by those who nave
chased. As to the money mar
ket, While rates for all periods remain
ABOUT the same, the amount of Offerings
nave considerably increased, and we look
Tor slightly lower rates after the first OF
july The bank reserves from now on
should increase and while foreign loans
maturing are to a large extent being ma id
OH, 1t must be borne in mind that ali
our crops will be late. that our exports
Will not commence much before the first
of October. and we shall more than likely
sets in. "4A1'oi
NJ Doran & Co.'S Chicago grain letter
says: -
Wheat-Wheat today caught the buy
ing fever prevalent in corn and was ad-
Vanced sharply during the morning There
was considerable realizing around TON
figures and prices reacted before the close
Inc advance was one of force rather than
the result Of any new DEVELOPMENTS in
crop or cash situation. The weather was
flne, with traces Of rain where needed
IN the Northwest and promise of more
Corn-Corn was strong and higher with
some realizing at the top. There was
no great pressure on prices at anv time
The advance has checked the cash de-
mand, which started the present I'm
movement. Weather throughout the belt
Is perfect. The Price Current reports
snow the growth Of the crop is generally
t"o weeks late We feel there should
De some reaction from present prices
OalS-JuIy was strong and higher, while
September and December were fairly
steady and closed easier. The buying in
latter seemed to have been oyerdona and
commission houses generally took profits
, me Prlce Current indicates some i'm
proVement in condition of crop. but aver
age results are unlikely
says: e-"Nn ie''er
Wheat was bearish. Receipts fully I'M
70 expectations. The market opened where
1t closed, with st. Louis buying a little
and some local longs selling freely. North
west also bought moderately After the
opening prices advanced in sympathy
with corn. AT the advance there was
some covering Of "old style" july wheat
which caused decline. Armour and
southwest people are said to have sold
on the bulge. The close was sc over
last night for July and &c for Septem-
Corn-The market opened firm. with
commission houses generally buying, ap-
Rarently for scattered outside account.
Pit professionals were the best sellers.
corn was the leader again today and
offerings were light The close was Ixo
over last night for July and nc over
for September. 70
Oats-Ihe opening was firm and higher.
little. The strength in corn was re-
nected IN this market and brought
Rlgher prices The close was up 3-16c