The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-19
GRAIN MARKET IS
FORCED LOWER ON
FAIR CROP REPORTS
Attempt to Bull Prices Fails
and All Cereals Show a Loss
at the Ciose-Stocks Remain
Inactive.

- The grain market was. dull and heavy
Saturday Trade was light in all the
pits and prices were forced lower. Shortly
after the opening the bull crowd tried to
advance the price of wheat, but whenever
there was an upward movement plenty of
grain was offered for sale on the bulge.
Just before the close of the session the
market became weak and the close
showed loss of &c to 5sc for all OPP
lions.
Corn trade was featureIess. The mar
ket became weak later in the session on
good crop reports from Nebraska. The
bull element tried to boost prices but
failed completely. The close was Hc to
5sc under Friday. Oats were also with
out feature. There was a good deal of
scattered selling and prices declined in
sympathy with wheat and corn. The
loss for the daY was &c for all options.
Although the bank statement for the
week was a favorable one it was also a
disappointment, for the loan item showed
no reduction The statement had little
was entirely professional There was
some selling of Rock Island and Reading.
A slow recovery from last weeks closing
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
Wheat-The market showed consider
able firmness early in the session, the
movement of new wheat and the wet
weather throughout winter wheat belt,
which is delaying late harvesting and
threshing: The Liverpool market was 1ad
lower. Estimated cars Monday, 80.
Corn-The early strength was followed
later in the session by profit taking and
pounding of prices by local traders, who
took advantage of the weakness in wheat.
There Is plenty of moisture throughout
the corn belt but temperatures are not
high enough to make good forcing wealth
Oats-The opening was lower on selling
by local small holders, with commission
house demand very small. A small re-
action with wheat made a show Of
oats came out with some selling also by
commission houses Late in the session
the price dropped closing weak at low
figure.
letter is as follows:
Wheat-The market opened dull and
heavy. After the early decline there was a
moderate rally, but on this rally the mar
ket acted tired and scalping bulls We're
looking around for somebody to sell to.
The close showed a loss for the day of
&c to &c.
Corn-The opening was dull and fea-
tureless. There was not much pressure
but the local crowd was inclined to buy it
In spite of favorable weather. Our Ne
DrasKa advices on corn show much i'm
proved condition and we feel assured of
god crops. Towards the close the market
became weak, partially in sympathy with
wheat. The close was Nc to 5sc under
Friday.
Oats We're quiet and displayed no new
features The market showed weak tone
under free scattered offerings by disap-
pointed holders. The close showed a de-
cline in all options of &c for the day.
OConnor Van Bergen's stock letter
says:
The stock market was in waiting con-
dltlon prior to the announcement of the
bank statement and developed nothing of
interest. After its announcement there was
some selling by the traders, who were
disappointed that the loan item showed
no greater reduction. While the statement
was distinctly a favorable one. the late
advance had somewhat discounted it. The
result of todayS transactions has not ma
terially altered quotations. Selling was APP
parent in Rock Island and Reading How
still largely professional ene market is. is
shown in the action of metal stocks
which were so sharply sold down the mid
die of the week and which have so easily
recovered the ground lost. The pressure
upon the market has been gradually de-
cfeaSing as the week advanced, and each
day has found less aggressiveness on the
part of the bear party. The fact is dwell
upon here quite strongly that the invest
ment buying, though considerable, is not
yet sufficient to overcome liquidation and
bear attacks, and until some strong f1nan-
cial contingent comes into the market we
must expect to see conditions improve
but slowly
j. G. Geraghty & Co.'S correspondents
say of stocks:
Walker Bros.-The market opened
steady this morning with prices fraction
ally lower than the close of last night
There was some pro6t-taking in the morn
ing and the prices eased off in some
cases 1 point. although there appeared to
be quite good buying orders on any re-
cession
Dick Bros.-Opening prices in most
cases were the best of the morning The
Toledo. st. Louis & Western common and
preferred We're the exceptions. advancing
" points respectively on buying said to
be for Grand Trunk railway, who are
credited with having control of the road
Bache-Ihe opening was quiet and un-
certain. There were appearances of short
covering in st. Paul and views of the
Northwest crop reports were more hope
full, The market was dull and sagging I'M
I'll the bank statement, which was rather
Disappointing, and the market sold off
in the last hour and closed quiet.
Sharp d Bryan-The only feature of to-
days situation was the bank state
inert. which was in some way
disappointing, but on the whole
was strong one. But we think
next week s statement will show different
results. The market opened steady, but
soon weakened and continued SO even
after statement. New York Central was
very firm, but St Paul and Amalgamated
Were under pressure during the day