The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-08
WHEAT IS FORCED
UPWARD BY HOT
WEATHER REPORTS
Chicago Bull Aggregation
SEXES Every and Any Pretext
to Get Higher Prices Stocks
Are Still Inactive,

Now it is hot winds in the Northwest
that endanger the wheat crop, according
to the calamity howlers on the Chicago
-ols pu!M loq 9q4 pUV 'speIL 10 pIeod
ries carried sufficient weight yesterday to
force the price of July options UP 19sc,
and September advanced nc. Corn was
also strong and the sentiment extremely
bullish. There We're several unfavorable
reports regarding the crop from points in
the corn belt. Oats did not respond read
lily to the bull movement in the other
pits, but remained strong and firm.
Stocks continued dull.
- What the Brokers Say.
S. B. Shotwell & Co.'S grain letter says:
Wheat-Ihe opening was strong, with
Southwest and st, Louis fair buyers. Lo-
cal traders We're bullish and helped things
along. The market was bulled on re-
ports of hot winds in parts OF the North
west About noon the Southwest, led
by st. Louis, were selling wheat they
bought early, causing little setback
but the bull fever was still on and prices
quickly recovered and held firm around
top prices until the close. Peavy was
said to have been a good seller on the
advance
Comm the corn belt the temperatures
are high, which is supposed to be an
strong, with Eastern bullish contingent
and local crowd chief buyers. There
were no new features. but market held
moderate. purchases The close was
about high point for the day.
OatS-OatS did not materially respond
to the strength in corn and wheat today
except the July, which gained INC from
last nights close. All options, except
the July. seemed a trifle inclined to weak
ness all day and closed at about last
nights figures.
OConnor &c Van Bergen's stock letter
says:
The stock market affords but little ma
terial upon which to base a letter worthy
of perusal. 1t may be noticed that a GER
tain amount of gold has been engaged for
shipment to Europe, and there are one or
two minor items in connection with the
currency question which may have some
bearing upon the outcome. A certain
amount of money must necessarily be re-
leased by the large payments of July
coupons and dividends. but the demands
upon the banks for mercantile purposes
seem to grow more rather than less at
this time. Earnings of railroads are
gratifying. but the expense OF doing the
business is heavy. so that the net result
have been expected. The public is still
holding aloof from the market, and there
is no indication that it will at present
take any interest in the transactions oc-
curing here. 1t may be said with JUS
tice that the losses in the shrinkage Of
the last eight months have possibly alb
sorbed the speculative profits of many
people which had been accumulated dur
ing the two years previous. 1t is the habit
of so many persons to overtrade that a
large number of the operators were doubt
less long of many more stocks than usual
when the decline began. SO that their per-
centage of loss has been upon a larger line
than their percentage of profit had pre-
viousy been. The cliques are utterly with
out following, and therefore they find it
useless to continue the manipulation of
the market, while a great many OF the
matters, recognize that the high price Of
time money is prohibitory in so far as man
ipulation is now concerned. Loans matur-
ing in January can be procured at per
cent but in view of present rates OF call
money it is very natural for borrowers to
postpone the evil day and prefer to take
their loans from day to day, rather than
pay figure as high as that just quoted.
Even at the full rate. with the gold ship
ments in view, there is no great abund-
ance of time money. We can see but little
change in view, and while we would glad
ly welcome renewal of activity, we must
confess that it does not seem likely to
NJ Doran C Co.'S Chicago grain letter
says:
Wheat-High temperature in the North
west and hot south winds started early
buying of wheat Southwest shorts came
in freely and local professionals reinstated
their long lines. We have a 544c break in
the September and this bulge is in the
nature of a reaction. Influenced in some
degree by strength in corn. The Iowa
state report shows condition of 3d. COM
pared with 81 last year. The Liverpool
in Russia and the Danube country
Corn-Corn was big. broad bull mar
ket, with shorts and bulls fighting for
the offerings. Apprehension for the grow
ing crop was a governing factor. The
weather map shows no precipitation and
high temperatures throughout the belt.
and snorts fear continuance of the con-
ditions which would probably work in
jury to late planted corn. We have re-
port from Kansas stating temperatures to
be 100 and hot winds blowing The Iowa
state report shows a decrease in acreage
of IS per cent from last year and a condi-
ton of " against 92 a year ago.
Oats-After moderately active opening
at about yesterdays closing price. oats
took on a firm tone. Buying, however,
was principally by local spectators, while
on every upturn commission houses were
heavy sellers. preventing any great adj
vance. During the greater part of the ses-
sion trade was big for September and
December, while July has been quiet and
as usual. very cratic in price. There was
moderate selling by leading long houses.
Near the close the weight of early sales
began to tell. and the market acted tired
IN the face of very strong markets in
wheat and carn-