The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-04
BANK STATEMENT
NOT FAVORABLE
Has But Little Influence on the
Stock Market, Which Con-
tinueS Firm.

The grain markets were dull throughout
yesterday In the early part of the day
wheat was Indifferent, but closed firm.
The strength which has been noticeable
for some days past has about spent itself.
II came largely from shortened interest.
but there is very little to justify belief
st. Louis, as well as Chicago and other
markets, must sooner or later come 20
the question of supply and demand, and
that with prices so greatly out of lne
Will get all of the No. 2 red wheat they
care to buy.
The corn market was heavy and lower
Country offerings are still small and the
shipping demand fairly good, but the mar
ket IS evidently adjusting itself to new
state of conditions. From last years
large crop there are stiIl large reserves
of corn in the country. From present
appearances it would be well to sell on
rallies. Like the corn market the oats
market is heavy and lower. In sympathy
with the weakness in corn and wheat,
oats failed to go up. There is an active
pear contingent operating on the theory
that the price discounts the shortage in
NJ. Doran & Co.'S Chicago grain letter
says:
Gables practically unchanged, closing with
nrmer tone, due to nervousness over
Balkan situation. The map showed gen.
erai rains throughout the Northwest,
which is rather detrimental to movement.
ne opening was firm, quickly changing
front on weakness in ST. Louis December
and the persistent selling emanating from
houses with St Louis connections, and
this was the only feature of a dull mar
ket. The cash situation continues very
strong. A Duluth wire says: Cash wheat
none can be bought. More wheat has AL
ready been sold for quick shipment than
can be got in; Cash wheat is worth sic
to ship East"
The winter wheat markets are at a
premium over Chicago and the movement
OF wheat is away from Chicago with no in
Guceme4t to bring it here. Heavy sell
ing of December near close widened the
discount under May to &c
/. Corn-The corn market was dragging
throughout the session, with no recupera-
1--WE power. The trade was light and
confined largely to the professional eIe-
ment. who favor bear side and had prices
gong their own, way The bears have
made money and are playing on velvet
and dominate the market at this moment
The map showed exceptionally favorable
weather for maturing of crop. Shipments
large; cash business was rather slow, al
lhough there were bids within NC of
working basis for round lots for ship
ment Sentiment for time being seems
to be against the price. Liverpool was
32c lower "'S
Oats followed the course of prices In
other pits. There was prominent local
selling, with no support given prices In
dications point to moderate movement;
sample market easier, 15c lower and edge
was OF the shipping business.
OConnor 81 Van Bergens stock letter
from New York says:
Ioday's two hours of business has af-
forded further opportunity TO emphasize
the continuance of strength, which was
seen at the close yesterday. 1t is to be
observed that the steel securities are
rather the leaders in the Improvement
while transactions in ST. Paul Atchison
pennsylvania and Erie have been on a
fairly liberal scale. The traders were
rather disposed to await the announce
ment of the bank statement which when
published proved rather disappointing to
them, though we think it makes a fair
Eolved in connection with the Bank of
commerce matter and the United States
Steel syndicate influenced the items ma
terially. 1t is gratifying to be able to say
that the week closes with a much more
cheerful tone prevailing. but we feel
sure that there are many things here
which will require time and patience in
their reimbursement and will prevent any
material activity or higher market. and
except for quick turns We cannot advo-
cate much increase of commitments on
the long side.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-Market holds the i'm
provement of last three days we'll
Prices are irregular, but on the whole,
without much change from yesterday
The bank statement was neutral: It
vas not so favorable as had been honed
for though. There has been good in
vestment in buying of stocks on the re-
cent break and that buying continues
or course, after so sharp a rally. there
was a good deal of profit-taking and there
has been some covering of shorts. Our
Wow of the situation is that stocks are
selling on an attractive investment basis
We believe there is little or no show for
the short seller in stocks the balance of
this year, and we would buy f1rst-class
dividind-paying properties on the weak
spots.