The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-26
HOT KANSAS WINDS
CAUSE Big BULGE
IN CORN MARKET
Wheat and Oats Follow I he Ad-
vance of Coarse Grain and
Close EIiqher-WeekIy Bank
Statement is Favorable.

Corn led all the grains Saturday in the
bull movement, and it is said that several
st. Paul spectators cleared up big money
on the advance. The opening was strong
and the tone bullish from the start
bunch of hot weather reports came in
from Kansas which started the advance.
The upward movement continued until
the close. which was at high point for the
day. showing a gain of INC to 1-16c.
Wheat was sympathetic market Sat
urday Following corn closely The open
ing was weak due to good weather re-
ports and lower cables. Then a favor
able crop report from the Northwest aid
ed the bear interests. Later the nariaet
strengthened and closed at 1c over Fri
day.
Oats were quiet and there was little trad
ing. The prices followed corn, but did
not advance as much. The close was &c
to &c over Friday.
The opening in stocks Saturday was
weak, although London was higher. The
market was nervous and there was an
abundance of talk regarding more fail
ureS Monday unless assistance comes to
several of the weak commission firms.
The bank statement was favorable, al
though the loan item showed no de-
crease. III z'-=: %
What the Brokers' Say. 4.
M. Doran & Co.'s Chicago grain letter
says:
Wheat-During the greater part of the
session wheat was a sympathetic market.
but towards the close the shorts started
covering on the strength in corn and
prices advanced sharply.
Corn-'The market monopolized all the
strength and interest today The market
advanced with but slight reaction from the
opening. Hot, dry weather in Kansas was
the principal feature, and a great many
reports have been received from all quar-
ters saying late planted corn is suffer k4g
badly.
Oats-Oats opened steady with buying.
of May by commission houses and of july
by shorts and by the prominent houses
long in. that option. Trade was general and
toward firmness.. with closing prices al
most top and the market very strong,
though buying was mostly local.
s. B. Shotwell & Co.'S grain letter is as
follows:
Wheat-The early advices were more
favorable, with outlook materially i'm
proved, even in the Red River valley. This
news held wheat down at the start, but
later when corn became strong. wheat
followed it up and showed even more
strength toward the close than corn. The
close was about high prices of the day at
lie over last night.
Corn-Corn opened strong, with general
sentiment, very buIlish. Talk of hot
buying early of the May delivery and
pressure was consequently light. The
close was strong at NC to 1-16c adj
vance for the day.
Oats-This market was quiet, opening
about where it closed The close was up
Nc to u c for the day.
O'Connor & Van Bergen's stock letter
says:
After the financial disaster of Friday,
as might have been naturally expected,
our market today has ruled feyerish and
unsettled. Rumors Of further failures to
come are heard, but these embrace the
names of concerns of no great prominence.
While the prices of some stocks have not
materially altered from Fridays closing,
many SpecialtieS forced for sale yielded
readily and showed wide fluctuations be-
tween sales. The bank statement, as an
ticipated, showed a large increase in the
reserve, but again the loan item was dis
appointing as it showed no decrease, al
though this is in part accounted for on
which have been made in closing out loans
for account of Western trust COM
panies and banks failed to appear.
of necessity follow these distI1Tha noes
but securities have suffered very serious
declines, and though the process of re-
turning to better prices for good stocks
may be slow we feel strongly that the
basis upon which many of them are now
selling viii warrant purchases SO soon as
affairs have become comparatively more
settled.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has been very
nervous. A disappointing bank statement
and fears of further failures on Monday
were factors ard there was heavy selling
of stocks for accounts of the firms which
failed Friday. Some railroad stocks show
ed good buying, particularly Union Pa
cif1c, Baltimore &c Ohio, New York Cen
trail, Pennsylvania and Reading. Anal
gamated Copper was weak again. and
Rock Island was under pressure.
Hartman says-Liquidation of some
so, 600 shares or more of bank loans were
well taken. The more active of them the
traders bought No one seems to IN
derstand the maintenance of the loan ac-
count in bank statement. There are no
further announcements of failures. but it
is still expected two or three houses will
have to go unless they receive assistance.
Market closed steady and We feel conf
dent that next week will see better