The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-31
HIGHER CABLES
CAUSE WHEAT TO
ADVANCE SHARPLY
Cool Weather and Fear of Frost
in the Northwestern States
Aid Bull Market Prices De-
cline Before the Close.

From the start the wheat market was
active yesterday. Higher cables was
one cause for a quick advance. and then
reports OF cool weather in the Northwest
helped the bulb market forward. The
bears tried to stop the advance, but were
powerless, When prices reached 801sc for
September, there was some realizing and
a slight reaction followed. the close be-
ing q under the high record mark for
the day.
Corn followed wheat's lead at the open
ing, but before the close of the session
prices were forced down by bearish
weather reports. The close was &c to 15c
under Wednesday. Oats, with the ex-
ception OF July, showed no independence,
3but followed the actions of corn and
wheat. July however, covered a great
range, closing at an advance of 212c.
The stock market yesterday was dull
and nervous. There was considerable
liquidation and prices were again ham
mered lower. Atchison was the principal
point of the attacking bear forces.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain let
ter says:
Wheat-For the first time in many days
IlV6IDOOl mas SOME SOTC VI
strength to the market in the way OF an
advance of penny and q quarter on fu-
lures. Coupled with this, the temper
atures in the Northwest were low. enough
to SAVIOR of sprinkling of frost through
out the spring wheat country. Reports
from the Southwest gave evidence of in
creased receipts in the near future. On
the advanced prices longs became free
sellers and decline from soc for Septem-
Der was rather sharp.
Corn-To all appearances there was not
as much crop damage news today and
longs, especially in May, were more in
clined to selling side and a notable feat
ure was advance of September over May.
Some selling took place on report that
Argentina would contribute around 3,000,-
000 blu on their shipments this week.
S. B. Shotwell q Co.'S grain letter is as
follows:
Wheat-The market opened higher un-
der influence of general scattered COM
mission house buying and some covering
by shorts. Around the opening some of
the Southwestern cash handling houses
bought moderately. About II o'clock Pat
ten sent brokers in with buying orders.
This caused scramble to buy all over the
floor and prices advanced rapidly with
pit professionals all working on the buy
ing side and encountering wonderfully
small amount of selling pressure until
September sold at S01sc. AT this price
there was a flood of wheat offered by
brokers. The close was &c under high
prices of the day.
Corn-The opening was lower on fine
weather conditions. During the whole
session quotations moved up and down
market showed considerable less strength
than wheat. The close was 1sc to Rc
Under last night.
Oats-This market also opened lower on
improved weather conditions. The range
was very narrow, except in July, which
was very active and higher. July closed
21bc over Wednesday. September and
December showed comparatively no
change.
J. G. Geraghty & Co.'S stock letter says:
Logan & Bryan-Bear traders have
been active today and have subjected the
market to some pressure. 1t is dull
market and will remain SO for some
time We regard, prices as low enough
and think stocks may be bought on the
breaks for moderate profits.
Walker--The market today was unset
tied and traders tried to hammer it down.
There. were a great many rumors, but
nothing unfavorable developed.
Bache-The movement of the market to-
day was diScouraging to holders of
stocks a moderately firm opening under
the lead Of London was followed by de-
clines on bear hammering
Dick Bros.-The market was very weak
this morning, declining under the lead of
Atchison, in which there was further
favorable, particularly that relating to the
crops.
O'Connor & Van Bergen's stock letter
says:
The market presents less satisfactory
aspect and through the efforts of profess
SIGNALS, a lower range of prices has been
reached. Rumors of further financial
troubles had an unsettling effect which
reflects the feverishness still existing here
We are inclined to believe the rumors that
several million dollars worth OF securi-
ties held in loans of the firms which failed
last week have been Hquidated within the
past two days. We believe the most strik-
ing feature of the present market to be
that the earning power or physical condi-
ton of railroads is so little taken into
consideration on account of the necessity
on the part OF spectators for liquidation
Crop news is encouraging though the
grain and cotton markets still hold firm
The weakness in AtehiSon was the result
of a concerted movement against the stock
rather than any new conditions arising
from the property's necessities. We again
can assure our friends that the company
neither intends now nor in the near flu
ture to put out any securities Transac-
zion are still small in bonds. but more in
<E.iry is apparent for this class of securf-
sses. Holders of stocks must not become
discouraged at the action of the market.
We are likely to see many Disappointing
days. which usually follow disturbances
like those which We have lately passed
through.