The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-01
SHOWERS SPOIL
DROUGHT RUMORS
SO PRICES SLUMP
Heavy Rains in the Northwest
Relieve Dry Spell = Wheat
Falls Several Notches-Stocks
Show Strength.

The heavy showers in the Northwestern
states killed every hope of a drought en-
tertained by the calamity howlers on the
Chicago Board of Trade, who for the past
week have been bulling the wheat mar
ket on faint rumors of dry spell
throughout Minnesota and the Dakotas.
In consequence of the heavy rains and re-
ports from Kansas Indicating bumper
crop, wheat took a big slump yesterday
in spite of the frantic efforts of the long
element to hold prices. AT the opening
prices began declining. Once during the
session there was bulge and for few
moments it looked as If wheat would re-
turn to its upward flight. But this was
not the case The advance in prices was
only in sympathy with corn, which scared
SkyWard on good buying and small re-
ceipts4 The close for July wheat was sc
clined 1Bc. September corn closed at 11sc
above Monday, while July options went
9sc under. Oats We're without feature,
July closing at a decline of NC. while
September, December and May showed
but little change.
Demand for American securities by
London commission houses started the
stock market upward at the opening yes
terday. While there was considerable
liquidation on the advance. prices held
firm and closed with gain in the entire
of Pennsylvania. which gave the market
strong undertone. Changers were strong
and firm.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Rain in the Northwest and
Kansas report of record-breaking crop
started selling on a good SCALE but the
market soon rallied in sympathy with
corn, only to meet with fresh liquidation
that carried prices down although there.
We're some heavy buying orders in from
the Southwest. The export business was
light The closing heaVV DllliSh
sentiment having evaporated greatly and
it looks as if wheat would have to work
in the Northwest, with values out of line
for export standpoint Rallies are likely,
and they should be taken advantage of
to sell on.
Corn-The market, July especially, was
very strong on buying, thought to be for
Armour and Cudahy, while rain in Iowa
was also bullish feature. The advance
did not hold, the short interest having
been driven in and values worked back
about as fast as they advanced. Crop is
making good progress but on further
weakness we favor purchase.
OatS-Oats worked off with wheat and
corn and while there was buying by the
Howe crowd, July was very heavy and
was taken as an indication of largely in
creased receipts. We favor sales on all
S. B. shotwelI & Co.'S grain letter
Gays:
Wheat-General and heavy rains at
breaking the alleged drought caused
wheat to open weak and lower. The To-
cal crowd started in to bull corn and this
helped wheat little but the bulge was
short-Ived and under the bearish reports
from Kansas indicating yield by some
authorities of as much as so 600, 900 BUSH
HlS for the state and by others 100, zoe, 900
bushels, the market became very weak
and the close was 22s cents off from last
night for July and LIS cents off for Sep
fember. The best authorities indicate,
fI1of don hoe, 6nF1a
In any event by the dry weather.
Corn--A good part of the days corn
showed considerable strength independent
Of wheat and oats. September was the
strong option and sold up to 515s @51%c C,
DR. 11sc above last nights close. The July
closed weak. 5sc under last night. There
was good deal of changing; buying of
september and December and selling of
July by small holders, who were afraid of
having the July corn delivered to them
tomorrow. The fact that these people have
gone into September and December is not
likely to lend strength to these options.
Oatss-This market was without feature
following wheat and corn. July closed off
1sc from last night, September, December
and May closed with little change.
]. C. Geraghty & Co.'S correspondents
Say of stocks:
decided change in sentiment and with
strength exhibited in London for Ameri-
ran securities, more activity was shown
here and the market opened much bet
Lei, Will tONdICCQ IISuISS- COLlpd WIIIF
last nights close. The first hour
brought out a great many stocks and
while at times during the day trading
was very dull, Notwithstanding prices
pally shared in the advance under the
lead of the Pacifics The buying of
Pennsylvania seems to be of a very
good character and gave the strong I'M
dertone to the general list. AS is usual
at this time of the year that money rates
should harden, today money was as high
as 8 per cent, but Notwithstanding this
frmness in rates our market was not
affected. neither did the appointment of a
received for the United States Ship
building company make any impression.
We feel that the market in its entirety
shows a very good undertone.
Randolph-The stock market opened
strong and active in response to higher
quotations from London. During the fore
noon, however, strength was exhibited
throughout the list. Reading continued to
be the leader on the advance. Pennsylva-
MIA and all of it's controlled lines showed
a good deal of strength, and the market
acted extremely well. Money on call
loaned at per cent throughout the
greater part of the day and was bid up as
high as per cent later.
O'Connor & Van Bergen's stock letter
Bays:
Todays stock market displayed better
sustaining power than we have witnessed
here for a long while Notwithstanding
very considerable liquidation on the part
Of commission houses and quite large
profit taking prices have not only held
their own but have made further adj
Fances over yesterdays closing. The an
nouneement of a receivership for the
United States Shipbuilding company and
The sharp advance in money rates caused
! display of hesitancy, but under heavy
buying of United States Steel issues prices
became buoyant. and the list is we'll up to
he best figures of the day at the close.
The general news of the day was of a
rather hopeful nature. Good rains were
reported in the Northwest, which very
materially relieves the anxiety regarding
spring wheat. and further decline in
cotton options was reported. 1t would
Beem as If the great success of the Pen
sylvania underwriting syndicate had had
b beneficial effect and added materially
to the condolences in the present situation,
not only here but abroad London was
quite a liberal buyer of stocks here to-
day Some important interests are ac-
credited with having changed their posi-
ZION on the market, and it looks to us as
= we should see here. temporarily at
east, rise of several points from tn
rop pn nP