The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-23
GOOD NEWS FROM
NORTHWEST CAUSES
BREAK IN WHEAT
Market Advances at the Open
ing but Soon Declines on
Bearlsh Reports New York
Securities Gain Strength.

Grain yesterday, with the exception of
oats, was weak at the close. Wheat open
ed strong on good buying orders and in
sympathy with corn. Then there came a
batch of poor threshing returns from the
8 Southwest which materially aided the ade
vancng market. After an hours trade
the Northwest correspondents of Chca-
go houses flooded the floor, with bearish
reports telling of the great improvement
, in the, spring wheat crop. This news put
stop to further advances and sharp
n decline followed The loss for the day was
1a@Ac.
According to the statements of brokers
the corn crop is two weeks backward
e. and the yield viii only be rs per cent of
the average harvest. At the op<.irN of
the market this news sent corn. upward
and good buying resulted. On the advance
in prices there was heavy selling and real
izing and the market declined 1c from the
high price for the day The loss for the
session was 1sc to &c.
Oats were the strong grain yesterday at
the opening of the session. There was
good class of buying and prices steadily
g advanced. On the bulge considerable
grain Eyas offered for sale and before the
close this market developed weakness
The close was Il over Tuesdays.
The stock market showed a marked i'm
proVement yesterday and traders now be-
ueYe that the heavy liquidation in SteelS
and Rock Island is over. However, steel
is still nervous. Better prices for the en-
tire list is anticipated
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-This market advanced early,
mostly on strength in corn and continued
poor thFeshing returns in winter wheat
territory. On the advance there was
selling through brokers' The selling sup
piled all demands About this time the
Northwest commenced sending in reports
of improvement to growing crop Shorts
having covered, the market turned down
ward and prices declined sharply.
CoTn-SeVeral thoroughly reliable men
have returned from the West, where they
have been investigating growing crop
of corn. All agree it is fully two weeks
backward, Estimates are from SO to rs
per cent of a crop. These reports had
the effect of advancing prices q of cent.
On the advance there was the same kind
of selling as in wheat. and with a de-
cline in the wheat market corn turned
weak, selling off lie. At the close there
was a good class of buying with indica-
lions that weeks holding had been sold
off.
Oats-At the outset oats were strong
with good demand from all sides and
opening prices were 1sc to 14c over Tues
days close.
s. B. ShotweH & Co.'S grain letter is as
follows:
Southwestern contingent Were sending bull
news of disappointing yields in hard
wheat as well as soft wheat sections
This news held the market firm with
Southwestern people buying freely. Sell
ing was scattered consisting mainly of
profit taking by small holders. About
noon Armour and Lohrke were reported
as best sellers. There was also some
other good class selling and prices were
quick to respond to the pressure. Peavey
and other houses with very good North
western connections received adviceS to
the effect that spring wheat crop gener
ally is showing decided improvement in
condition.
Cern-H was the same old story in
corn. The. crowd was bullish early.
Some of the important shorts have COW
cred large lines and were working with
the bulls for an advance this morning.
Crop talk just as contradictory as ever,
but reports rather unanimous that the
growing corn is still very uneven. The
close was about low point. for the day
and showed a loss of &c to %
Oats-Oats seemed TO be the strongest
grain on the list Although there was not
much trade, prices held firm in face of
decline in both wheat and corn near the
close. The close was We over last night.
OConnor & Van Bergen's stock letter
says:
it is with a sense of some satisfaction
that we are able to report a calmer COLI
Q1tlOn OF dHaHS ana q nlSner range or
prices in the main 1t would be unWise
to aIIude to this as indicating any very
marked improvement in sentiment, mas
much as it is due, of course. in some de-
gree. to the covering of short contracts
While we may struggle on with mixed
money market and uncertain issues of
various kinds before the minds of the
community until the autumn. the innate
prosperity of the country is so great that
the tide is bound ultimately to reach
flood. We have almost record wheat
crop, our reports are bound to increase
and the necessity felt by many people
throughout the country for economy will
diminish our imports to a considerable
degree. With a balance of trade there
fore that is favorable to us, with very
heavy railroad earnings. with the shrink
age which has taken place and the econ
omies which are being practiced. the year
1904 should bring to this country great
prosperity If in the interval we have
to wade through waters that are more
or less deep and troublesome, 1t be-
hooves each man to so arrange his
house in accordance with his means AS
to the future value of good rSoperties,
this country is far too prosperous for any
other comment to be made upon them
other than that they are now at going
yates desirable to buy.