The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-11
POOR REPORT MAY
FORCE THE PRICE
OF WHEAT HIGHER
Monthly Government Review of
Crop Conditions Is Decidedly
Bearish Stocks Sell Lower.
Led by New York Central.

There was no great advance in the
price of wheat yesterday, but brokers
anticipate that the bullish government re-
port. issued late yesterday afternoon, will
send prices higher today. The close yes
terday was sc over Thursdays for Sep
TENDER and ~ over for December. The
corn trade was rather small, but bullish,
due to the low estimate of SIT, which
is the lowest recorded in many years
Oats was inactive.
Stocks again sold lower yesterday, led
by New York Central. Liquidation was
heavy and the entire list was hammered
down The bullish government report is
expected to make a still further slump to-
Gay, although to a large extent it has
already been discounted.
What the Brokers Say.
nj. Doran &c Co.'S Chicago grain letter
says: -.
Wheat-Prices would have recorded a
big advance but for realizing by traders.
The Commercial West estimates crop of
900 bu. The movement of new
wheat is light and late. The first ar
fiV',@ have neen contracted for by M eth
western and Eastern millers. Our eon-
eistc. seochs are rapidly decreasing, with
no prospect of repIeniShing them in the
near future; all of which places the Sep
TEMPER option in an exceptionally strong
position. and it should be purchased on
every setback
was on scalping orders. Snow estimates
the July condition at SIT and the acreage
yi,0OO, 600. This is one of the lowest con-
GGltionS ever reported for July, and in the
iaSt thlrty-three years only four times
mas the condition at this date been as
low as 80. Complaints are becoming more
frequent of extremely hot and very dry
weather and unless we get general rains
further deterioration will result We adj
tupitV PFO
oats-rhis grain was without feature
toGliS, WIN Ialrly firm undertone, Dor
foWed mostly from the strength in other
PITS commission trade has been small
and without significance During latter
part OF the session there were indicati onS
or letting go on part of local holders. who
nave been the support of the market
these past few days. The market closed
steady at about Use advance over Thurs
says: '0'eei
Wheat-St. Louis houses supported the
market actively early and pit professionals
Were almost all bulls except one of two
longs. who We're realizing. Prices too
advanced sharply. There seemed to be
considerable December wheat for sale aft
advance, part of it apparently for North
west. Oklahoma and Kansas commence
ing to sell little cash wheat out of new
crop, but offerings not free as vet Near
the close the Eastern b,4lish contingent
We're working hard to close market strong
ana a We're buying freely. but on the bulge
81. Louis sold good deal of September.
and Armour sold considerable September
and December.
Corn-At the opening there was not
n1ach snap s to market and there seemed
PIenty OF september corn for sale on an
hard spoots. The provision people We're
best sellers of corn today.
OatS-Oats were rather neglected TODAY
and there was not much change in prices.
O'Connor & Van Bergen's Stock letter
says: ie''ei
Continued weakness at the open
ing IN New York Central caused a sharp
break in the whole market, and the ag
gressive short selling was much helned
and encouraged by the fact that it soon
became evident that yesterdays liquida-
ton had not run its course. The market
has continued weak and active all dav
There has been no great excitement or
oemorallzation, but prices have contin-
ued TO ran and again new records have
peen reached The market evidently has
no puylng power. and there is absolutely
no demand for securities and anv forced
sale Ole, OF long stock brings a sharp decline
anu lower prices. from which the market
SHOWS no inclination or ability to raIlv
current prices are not in accordance with
Ppreyaillng conditions On every hand we
near there will be no improvement until
pubic confidence has been restored ne
best information obtainable was that fhe
corn crop would show ST. which is con-
Sldele1 more imam was anticipated
>, = Geraghty & Co.'s CORRESPONDENTS
say Of stocks:
Logan & Bryan-The market is active
anu weak. GolG exports, fears of harden
ing interest rates and the government re
port this afternoon have made some scat
tered liquidation. The bears have taken
advantage of the situation and have ham
mered the market. We see nothing alarm
ing IN the conditions. We feel that What
ever stocks sell off they will come back
Whatever condition the government re-
port may show, particularly on corn crop.
II VIII be remembered that the reports
were made up to the last of June and
since that time the crop has made rand
progress. -Ap'o'
London came lower and New York Central
again led the list in decline Persistent
rumors of selling by large interests were
freely circulated. After a slight rally on
covering the market again became weak
In the early afternoon Sugar was mar
tfeularly heavy and lower
Dick Bros.-The market has been ham
mered today by the Well bear crowd
Banks have gained on all movements
and the bank statement may be better
than expected.
Walker-The market opened weak and
prices quickly declined upon vigorous SELL
ing all around. While the bears We're ag-
gTessive, it was evident that not little
OF the selling was liquidation of large
pull accounts. The bears made a special
drive against Afohicop until, fba rac,,Ik