The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-30
PROMISE OF RAIN
CHECKS ADVANCE
IN WHEAT MARKET
Dry Spell in the Northwestern
States VIII Soon Be Broken
by Heavy Showers = Shorts
Corner on Break.

Predictions for heavy rains in the
Northwest and scattered showers in many
localities held the wheat market from
further advance at the opening yester-
day. There was free selling and the short
clique took advantage of the weak spell
to cover A quick rally followed the
break and September closed the same as
on Saturday. July was 1c lower.
Corn and oats opened lower in sympa-
thy with the break in wheat. After an
hours trade, corn developed considerable
independent strength and made great
forward strides July going to 50%c. The
close was at the high mark for the day,
with July &c over Saturdays close and
September 1ac over. Oats were weak, in
spite OF poor crop reports from many To-
calities. The close was IA under Satur-
days Tor July and Il over for Septem-
Der.
Although the stock market showed no
great activity it was far more inteFestG
ing market yesterday than it has beer
for many days. There was a noticeable
increase in trade and the general tone OF
trade was much improved. The entire list
OF prices gained during the day and even
a better market is predicted for the bal
ance' of the week.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Scattered showers throughout
the Northwest and an official prediction
that drought would be broken within
tWenU-four hours induced free selling
and weak market early in the session
ohofts covered on break, and with the
ald or strength in coarse grains prices
showed complete recovery before the
close Snow, who is just back from the
Northwest reports Canadian crop pros
slr1cr a7l6
Die yield Of ninety million bushels. The
Red River Valley Situat ton he considers
critical: The crop is at a standstill and
needs immediate rain. st. Louis opera
tors were good buyers on the break and
near the close. Liverpool was %@Bc
lower.
IN wheat eased market at the opening
The tendency Of the market soon changed
front and prices worked we'll over Sat
urday's close on covering by shorts and
lighter local estimated for tomorrow than
We're anticipated. The Southwest also
sent in number of unsatisfactory reDorts
about growing crop. The weather today,
however, was very near ideal for growth
throughout the belt
Oats-The market was easy early and
offerings We're steadily absorbed. Re-
ports are not encouraging from a number
or states. Missouri claims excessive wet
weather has started rust. Demand for
shipment was very poor.
,. u. ShOtWeH * Co. grain letter saws.
Wheat-The market opened weak on
favorable weather reports, with Northwest
selling and Southwest buying. Local longs
alSO SOLD freely in a scattered way and
prices worked easier during the first hour
and ON the decline Armour and a few
scattered shorts covered freely. The st.
Louis bull clique supported the market
and bid September up, causing a mick
rally and taking September up to 78bc
Ihe close was same as Saturday for Sep
tember and 1c under for JULY
Corn-This market also opened lower on
me weather reports and lower Liverpool
cables After the opening corn sold off
IN sympathy with wheat. but later on
began showing independent strength and
advanced rapidly, especially the July
which sold up to 50zc. The close was
strong at about high prices for the daV
with July &c over Saturday and Septem-
Der 12c over.
Oats-The opening was lower. in sym
RaIhy with corn and wheat. The July
was especially weak, selling down to 39c
oats We're inclined to follow wheat and
corn in the decline early, but failed to
respond ma terially when they advanced
iater on: July closed he under Satur-
Gay and September Nc over Saturday
says: "'0NN Aet 'ei
At the opening the. market showed more
ACTIVITY than We have seen for a long
Time, but after the first hour relansed
INTO guinness, The tone throughout the
DAY remained firm and in many cases
substantial gains in prices have beer
made In the last hour the volume al
business increased considerably and al
the close the general list advanced sharp
~. AS predicted last week, the officia-
announcement of the success of the Penn
sylVanla subscription has had a very ben
enclaI effect on our market and has also
we pelleYe, aroused foreign interest ir
our securities. London buying the chang
OF attitude of the professional eIement
nave also helped the advance. Reports
~ CLops and LABOR conditions continue
cheerful and hopeful, due rather tn thf
4acI tnat thefe Is less pressure to sell thar
20 Increasing interest The day has lack
ed feature, but generally it is safe to say
mat confidence is being gradually restored
anu tnat prices are more likely to advance
llan TO recede, although every one here
hho"S that conditions at the moment
90 not favor active speculation and that
ual. anu 81 du
J. G. Geraghty & Co.'S correspondent,
say of stocks:
Logan & Bryan-The market is strons
and higher. There is no great actiyit1
puylng Is covering of the shorts. 1t has
however. a good undertone On the Who'll.
the weather throughout the West is ia
e e1oIap DC + Tor the crop and we see nothing
else TO threaten the market
Walker-The market today opened dul
Put STEADY. London prices We're better
IH;4TIlng the early trading there were yer,
little commission house business buf Ia re-.
some good buying appeared and the mar
ket became strong. The close was strons
AT best prices of the day and with sentf
ment rather bullish for a turn
Bache-The feature of the London mar
Ket TINS morning was the marked ad
vance of stock controlled by the PennsyI
EanIa. Fractional advances were scored
N the balance of the list on London board
Our market opened quiet at fair advance
over the closing of Saturday Advice,
from IRON, the Northwest state that immediat,
IeneI from the drought is in sight TIL,
r5Ws was entirely of a bullish character
me grangers advanced steadily in tn,
AFTERNOON. The market broadened iowa rlI,
- !ne close ana advances We're recorded
dormant - ia " s 'iii'
Dlck-The market has broadened toda,
vi, mltn good buying. of the coalers AM
looks like higher market tomorrow.