The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-29
BULL|SH NEWS FAILS
TO ADVANCE PRICES
K
Weather Conditions Are Still
UnfavorabIe, but Market
Closes Weak.

Although the weather conditions were
greatly in favor of the bull element yes
terday, wheat easied off a shade and the
scalping crowd played the short side OF
the market. The Modern Miller furnished
a decidedly bullish report. but prices were
not affected. The weather conditions of
continental Europe have improved, but
the conditions in England and Ireland are
still unfavorable. There is a great demand
for cash wheat, but offerings continue
light &
Corn at the opening yesterday was firm
and shade higher but enormous snip
mentS from Argentina Offset the promised
advance. There has been a chilling rain
throughout the corn belt and this would
have aided prices had it not been for the
heavy offerings from South America. The
market became dull and heavy before
the close and prices gradually worked
lower
Oats is an irregular market but on the
whole there has been but slight change
There has been considerable selling by
large interests, but despite this prices
have held fairly firm. The demand for
Stocks worked slightly higher yester-
day and there was a 1 to 2-point advance
in some of the standard railroad securi-
ties. Shorts also sought cover. which aid
ed the advance. Secretary Shaw's plan
for the relief of the money market was a
factor in the upward movement.
What the Brokers Say:
NJ. Doran & Co.'s Chicago grain letter
says:
Wheat-The Northwest weather and a
moderately bdllish Modern Miller report
were in favor of the price, but the local
crowd was playing the short side and bulls
did more selling, forcing out smaller longs
on the decline. The weather in England
continues unfavorable. but has improv-
ed in Western Europe.
Corn-The corn market opened firm on
bad weather in West. The bull enthusiasm
was dampened by enormous Argentina
shipments The market became very dull
and heavy, gradually working lower with
bulls letting go more of their lines. The
weather is very unsatisfactory for ma
turing of corn.
Oats-There has been more selling of
December and May by the Howe party.
The situation must be strong one or
this selling. The demand for cash is good
The disposition on the part of the farm
er is to hold his oats back, which will
make light receipts and with the East
practically bare of cash oats, demand will
keep good.
J. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is firm
and working higher. There is the same
absence from pressure of long stocks
which has been apparent for some weeks
crease in the desire to buy. AS we see
conditions the secretary of the treasury
will hardly be called upon to help out
the money market
Dick Bros.-Stocks have been more &C.
tive and decidedly stronger today than
for some time. Short covering was large
1y responsible for advances of from l to
p per cent in leading stocks. st. Paul.
Union Pacific, Amalgamated Copper and
others of that class all moved up sharp
1y. Towards the close the covering move
ment seemed to have been completed and
the market closed reactionary.
OConnor & Van Bergen's stock letter
says:
Under the influence of a dull and fea-
turelesS London market, the local market
opened quietly, no transactions being re-
corded in many of the standard stocks I'M
til several minutes after 10 o'clock 1t
was naturally expected that the action Of
Secretary. Shaw in announcing definitely
MS position regarding the relief of the
situation in case of money stringency
would have some effect. but like the I'M
eXpectedly favorable reports of the Erie
and Atchison roads, the news fell fiat
owing to the absence of outside interest
In the market. The proposed action of
Secretary Shaw, We consider, however
to be far reaching, not so much on ac-
count of what may actually be done, but
as showing disposition on the part of
the administration to lend a helping hand
should circumstances demand ii. We
feallze that the requirements for moving
the crop VIII this year be very heavy
not only on account of the growing CROPS
put also on account of the grain which
was not moved year ago. AS the day
mas advanced the statement of Secretarv
Shaw seems to have had, in a limited
degree, somewhat the same effect that the
action of the pool eff bankers exercised on
former occasion. and prices have grad
ually improved. The bank statement 10
morrow will again fail to show any an
pfeclaple decrease in loans.