The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-22
RAIN And WAR PUT
WHEAT PRICES Up
Same News Weakens New York
Stock List, Which Sells
Off Again

Wheat was up yesterday on reports
of rain and war news and stocks
tended downward slightly, influenced by
the same news.
What the Brokers Say
NJ Doran q Co.'S grain letter SAYS:
The news ard local sentiment We're
bullish and prices materially and easily
resumed an upward trend There was
nothing significant in foreign market
The Southwestern markets gathered
Roadway. but slowly, while those in the
Northwest were strong and advancing
from start. The new crop movement was
forgotten. attention being directed to
European crop news. the less favorable
political situation abroad backed by lower
consols and TOO much rain present and
IorecasJed IN our own winter wheat belt
Cash houses were buyers OF futures, SUg-
costing the taking IN Of hedges on ac
count OF the possibility OF further delay
in the movement. The local demand was
active for limited offerings and prices
Tor small lots traded in stiff ones. No.
red sold at 81 to SI.0l and Nos. and
hard at csc. The official organ OF French
AIillers' association reports % to so per
cent less wheat than a year ago, claiming
present crop TO be the smallest since
1897. The Hungarian reports showed
some Improvement Tor the past month,
but total Is still 24,00e,000 bu short OF q
year ago. There We're complaints from
Germany because of extreme heat the
past week. COnsoIs closed at the lowest
point OF the day with loss OF 5-l6.
RumOr had il that another British ship
had been seized by Russia in the Red
sea. In addition 10 the precipitation
shown on this mornings map advices
during the day reported rain in many
sections, which caused considerable IN
esSineSs. The Price Current figures the
loss from recent floods in the Southwest
at $50. coo 600. The July options are eX-
ceedingiv cratic. being abnornally in
1iuenced by small orders. The sentiment
OF the trade now Is bullish, and with so
many possibilities on the long side one
should pc very conservative about short
ing the market at present.
CCrp-Septennber was strong ay1t nerY-
Gus. while The other options ruled firm
TO q shade higher. The congestion in the
former curtailed short selling. The news
was scant and not especially important
and took seco,.d place 10 pit conditions
and SyTnpathf ic influences. The cash
market was 4sc higher. The demands
are still limited. The Price Current says
crop Is progressing rapidly with condi-
ton about an average.
Oats-Started out firm. gradually gather
ing strength as the session progressed.
this being particularly true of the Septem-
her and December options. The market
was influenced by the advance in wheat
ana the reports OF too much rain over
the harvesting areas. The latter de-
creases the possibility Of receipts of con-
sequence OF new oats this month. The
decline in the cash market was checked,
the good grades ruling steady while low
er ones were weak. The Price Current
SAYS. Crop conditions not materially
changed. Local receipts. 95 cars.
Professionalism receipts at 30. 900 were
nearly triple the estimate and took the
trade by surprise. Prices at the Yards
DC to lee lower Activity in the pit in
creased somewhat with the clearing OF
the situation TO certain extent by the
practical adjustment OF labor difficulties
Prices reSained large part OF yester-
days losses.
O'Connor & Van Bergen's correspond
entS say Of stocks
Watson * Co.-Today's market has
he he ,7r,,
clusiVely OF foreign news relating TO diff
Iculty which reports suggest have grave
possibilities. The markets strength in
the Iace OF rather adverse development
stimulates Coatdince, which had began
10 weaken somewhat on the rather top
heavy appearance of prices Trading has
been exceedingly irregular. fluctuations
nervousness.
The cheapness Of money is one of great
sustaining factors of the situation ana
does much 70 deter brokers from shortil.g
the market. though some think the ad-
Val-ce has gone far enough for the mo-
Zneat. The steel shares have a tendency
10 sag owing 10 the Iron Ages rather
pesSiIalstlc statement that most OF the
improvement in the iron and steel trade
was n Wall street rather than IN bust
ness
The impression prevails in usually well
informed quarters that 2 plan has been
devised 70 distribute dividends TO North
eTu Securities shareholders the strength
OF the stock suggests that there. is per
La ~ a sE-.l- AteS44 OF truth IN It.
J. c. GeTaghCy < Co.'S stock letters fol-
low.
Logan & Bryant is hesitatsag
and irregular market The uncertain fAl-
Topean political situation is naturally
some drag upon confidence No one be-
3leTes very much that war viii be the ont
come but no one knows that it Will not
be This restricts buying and makes some
pressure from liquidation. II this threat
ealrg influence Is withdrawn from the
field We think confidence VIII quickly as
sert itself Apart from this we see Moth
ing in tha situation which has brought
about the Improvement in the past month
Probably the conservative thing 10 DO al
the moment IS 70 sit Stili and look at If
Paine Weber < Co-The 77s-ivat
acts tonight as though IL were to have a
reaction one is due and il VIII Drot.a Div
be q coed thing. as Il viii give the trad
eEs who sold ont too soon an opporfrIY1ify
10 buy back their stocks, and there sIlolli;5
De more bulls TO help along the next raIIy
man were active in the recent one Con-
per II London was OF today and there
vas heavy profn-taking in some of fht
Soppers- We do not for moment think
that thu upward movement in coppeFv is
over The public is just beginning To szss
interested and feeling is confident an