The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-30
WHEAT GOES HIGHER
DAMAGE REPORTS COME FROM
SPRING WHEAT COUNTRY
Attempt by Scared Shorts to Corner
July Sales Gives Rise to BuIlish
Sentiment - Reaction Occurs but
Doesn't Last Long

CHICAGO. July 29-Damage reports
from the spring wheat country were
perhaps the most influential factor in
causing a strong wheat market here
tOday.4 AT the close September wheat
was up rs oil II C. Corn and oats each
gained lie and provisions 12c to lac
Sentiment in the wheat pit was de-
cIdedly bulliSh at the start as a result
OF an attempt on@the part of scared
shorts to cover July sales The cause
OF the urgent demand was a report
that a large quantity of wheat in pri-
vate elevators which shorts had ex-
pected to deliver on July contracts had
been rejected by the inspection depart
meTlt. This neceSSitated bidding for
the grain in the pit. There was little
for sale and in consequence the price
was forced over 115c above yester-
days closing quotations. The action
OF the July option gave support TO the
distant deliveries, September opening
with a gain of Il &c to Zee at S9Ss to
$3.50. Toward the end OF the first
hour the market eaSed somewhat on
profit taking, September being down TO
S9@SS1s e. The reaction, however was
short lived. alarm over the European
political situation. aliayed early in
the day. by a rise in English consoiS
was stirred I'D afresh by subsequent
sharp decline in those securities About
the same time damage reports from
the. Southwest and Northwest began
coming in. causing additional anxiety
among shorts. "A report that Northwest
country mills can take all the new
wheat offered from now on. caused re-
neWed buying An official forecast of
thundefS forms increased the buiIish
tone, as did also numerous adYice5
from Kansas City, claiming a decrease
in receipts at that point. On the bulge
that followed September advanced to
9e3sc, but part OF the gain was again
lost on realizing. The market how
ever. closed strong, with September at
991z 0903sc
CIearanceS of wheat and -four were
equal to $500 blu. Exports for the
week. according to Bradstreet,s. were
l,6lS.0o0 bu- Primary receipts were
b93s 0ea bu, compared with 81 800 bu
year ago. Minneapolis, Duluth and
Chicago reported receipts OF 229 cars
against POI cars last week and 1877
cars a year ago.
Corn Is Higher
Strength OF wheat was the main fac
tor affecting the corn market although
there was some purchasing for long
account late in the sessiorhsonz rIrnors
OF a. possible European war Liberal
receipts and an Increase in the primary
movement. together with favorable
weather conditions, were bear factors
Lie tldEhet setOS6u- near the nigh D0fIlt
Of the day. September opened I'M
changed to 7sse higher at 492se to 4915e,
sold between 4914c and 1885 @49&
and ,elesed at 1850. Local receipts
were 18e ears, with 81 cars of contract
grade.
The feature in oats was an advance
Oft 1sc in the price OF the July option.
The sharp rise occurred during the
first few moments OF trading and was
caused by an almost absolute deartf of
offerings in the face of an urgent de-
nald from shorts. The market sIbse-
quently was quiet and firm. Septen-
Der opened unchanged to shade low
er, at 33c to 33@331sc, sold between
327s @3Sc and SO sc. and closed at 3sA
dss39se- Local receipts, SO cars.
Provisions took on fair strength ov-
ing to moderate purchases by brokers'
Tor the account of prominent packers
Trading, however, was still very quiet.
AT the close September pork and ribs
We're each UP 1919 @sI5c at SI3.07% and
Sf-f0, respectively Lard was UP ne
at sos.
Estimated receipts for tomorrow.
Wheat, loo cars; corn, 1876 cars: oats.
107 cars; hogs. 5000 head
Range of Quotations
Ihe leading futures ranged as follows: