The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-19
CLEAR, DRY WEATHER
MAKES WEAK MARKET
+
Slump in Wheat and Corn Is
Caused by Return of
Sunshine.

General liquidation in wheat yesterday
caused slump in prices, the market clos
ing from 1c to Ac lower. The return of
warm, dry weather in the Northwest was
the principal factor, although the weak
cables aided the bear element in it's cru
SADIE against the high prices. The market
gave evidence of little but Scalping sup
port and the cash situation was dull.
Corn was heavy and lower. The heavy
frosts of Thursday night failed to
strengthens the market. and the close was
fully cent lower. The prospects for bet
ter weather made all attempts to advance
prices futile. Shortly before noon bunch
of damage reports came from Indiana
and Illinois and prices strengthened some,
but on the bulge there was consider
able profit taking and the close was about
at the low mark for the day.
Oats remained unchanged and the cash
markets are strong. In sympathy with
the slump in wheat and corn there was a
slight reaction, which was recovered be-
fore the close.
New York stocks are dull and lower
There is a persistent effort on the part
of the bear operators to force Steel Sc
curitieS lower An unfaVorable bank
statement Is expected today.
What the Brokers Say.
NJ. DOran & Co.'S Chicago grain letter
Wheat-The foreigners remain indiffer-
emit their cables coming at I'D lower.
This, with clearing. and cooler weather
in the market, which viii enable farmers
to do their threShing, and hence a larger
movement to market. soon caused easier
feeling. On the decline a large operator
bought quite freely. adding to an already
very large. line. This advanced prices
somewhat, but upon announcement of
clearanceS for week of only 1000, 900 bu
the market became much easier. and
closed weak.
/ Corn-The frost was quite general
! throughout the corn belt Thursday. ex-
tending into Illinois and Indiana. Some
tplaces it was very heavy. but notwith-
standing all this the market opened lower.
and on continued selling by weak longs
and pounding by bears they succeeded in
causing quite a break In the market. A
little later reports began to arrive from
Iowa, Illinois and Indiana to the effect that
great damage had been done to growing
crops Buying for investment accounts
turned the market strong and advanced
the price CSC per bushel Later. on the
weakness in wheat, a few of the buyers
took profits causing a reaction. and the
close was same as low prices of the day,
OatS-The oats market was a firm one
until just before. the close, when weakness
I'm wheat had the effect of closing the
market about sac under high point The
trade was large and buying first class.
O'Connor & Van Bergen's stock letter
says:
First prices from London were irregular
though not materially lower than oul
closing, but the selling of stocks for for
eign account noticeable in Thursday
market is again in evidence, rejecting IN
a measure the political disturbances fol-
lowing the retirement of MIR. Chamber
lain and his confrereS. Domestic news
was hopeful in tone. since the last twelve
hours had developed no frost and showed
improving weather conditions. A perusal
of the annual reports recently issued by
several Of the prominent railroads of the
country shows rapid development Of re-
sources, large increases in gross returns
and a decided Improvement in physical
conditions. This is particularly true OF
the properties operating in the South and
Southwest. During most of the morning
the market was dull and firm until re-
neWed liquidation in the steel stocks sap
ped whatever vitality the market had pre-
lViously shown. From what Information
can be gathered the banks have agar
been losing heavily to the interior, sc
that we are very likely to have a poor
bank statement.
]. c. Geraghty & Co.'S correspondents
say of stocks:
The market is again dull and lower
There is no change in conditions. but
there is a persistent selling of steel stocks
and other induStria!s which has its eff
feet on the whole list. 1t is not apparent
what the source of this selling is, but
those who are selling circulate the report
that the dividend will be passed. Prices
are fairly steady on the whole. We sec
nothing to change our views as to the
situation or outlook Dividend paying
railroad stocks are. we think, worth the
money and will recover from any tenn
porary depression. An unfavorable bank
statement is expected toomrrow.