The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-24
PREDICTIONS FOR
HEAVY SHOWERS
KEEP PRICES DOWN
forecast of Rain for North
western States Makes Wheat
Market Bearlsh---Trade In
Stocks Remains Professional

8T6QlcIlOn Tor ram IN the Northwest
where crops are suffering for want of
moisture. had a decided effect on the
market yesterday. and wheat ruled easier
but displayed little Indication of weak
ness. However. there was some scattered
liquidation in anticipation of the threat
ened drought in the Northwestern states
being relieved But to a large degree the
bearish news was offset by poor harvest
returns from Southern Illinois, Accord
ing to the state crop report of Illinois, the
harvest yield will be fully so per cent
shy. The condition in Indiana. Ohio, Ken
lucky, Tennessee and Missouri is similar,
and poor harvests are feared in all those
states.
Corn was quiet and steady. and there
Were but few speculative operations yes
terday. and only a moderate general trade
low, greatly retarding the growth of the
crop. Warm weather will greatly i'm
prove the condition of the corn, but as
long as the weather keeps cool the market
VIII remain strong, although brokers say
us price at present is too high to advise
dltference, the condition of the oat mar
ket. Yesterday $ sFeceipts were moderate.
which was the bull elements principal
factor to sustain the high prices The
growing crop is of good appearance.
Stocks remain dull and but little inter-
est in the New York market is shown
yesterday SIdnQdrQ securities. such as
Pennsylvania and st. Paul, gained ground
However. the trade is entirely profess
slonal. At tighter money market is ex-
pected, as banking houses will soon be
Obliged to furnish funds for the movement
of crops.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-The wheat market was nervous
and unsettled. Mondays bulls realized
hTIfUPG lvvaI cot n
promise Of rain in the Northwest. Com
MISSION houses were the buyers on the
breaks on further damage news from the
Northwest and the rather bullish Illinois
state bulletin, which reports harvest
practically over in the southern portion
OF the state, and returns cry disappoint.
The st. Louis market was strong and
Northwest markets steady.
COrn-The market showed more strength
than was to be expected in view of the
improved weather, rather liberal receipts
and heavy realizing, which has been in
progress for the past three days. The
action Of the market is rather puzzling
the long corn. AS in wheat. speculation is
largely IN the hands of local operators
We are bulls on corn for a long pull, but
ah6Ilclpate decline from present prices:
Oats-The Oat market was steady with
very little action to prices, except in July
which was cratic at times.
5. B. Shotwell & Co.'S grain letter says:
Wheat-The opening. was easier, but
trade was light, with Northwestern
houses selling moderately and local bulls
bidding for 1t. but not buying much. No
support of consequence was shown The
close was sc UP for July and 4 down for
September from last night
Corn-At the opening the market show
ed easier tone and looked as if Armour
and Cudahy brokers were all selling. Bull
houses representing the East We're best
buyers, but prices eased readily under in
nuence Of small offerings. Our reports
indicate corn crop two weeks late. but
stalks are looking fine and are growing
nicely. The Missouri river washed-out
bottom lands are being narrowed and will
grow corn fast, and with late fall will
produce a good crop.
Oats-The improved weather poor cash
demand and improved grading induced
considerable selling. Armour and Patten
both sold July
J. c. Gerag hty & Co.'S correspondents
Says of stocks:
Logan & Bryan-The market closed
strong and higher. The. early dulIness
and the efforts of the bears the last few
days has succeeded in creating no liquida-
ton of long stocks. We think stocks are
worth current prices and that no material
decline on current conditions is proba BILE
We would buy on the breaks for moderate
Dick-The market was extremely dull
and lifeless today. There were no i'm
poFtant fluctuations until in the last hour
s wren - Of r: b q l. ran up sharply on a
developed new strength. The rallies of
point or more from the lowest were
maui ny iCduluS STOCKS. Material rpcOv-
cries We're made by Pennsylvania. ST. Paul
ana Missouri Pacific. Crop advices were
OConnor & Van Bergen's stock letter
We have to report a market which in
the main reflects a lower range of quota :
tlohS tnan Yesterday, but market which
Is also quite free of excitement and
Whlch oilers one or two instances of slight
improvement. Business is at low ebb
and there would seem to be ample time
D60nfn fI1,a -;e-%;,
ton and draw their own differences from
It. We ind strong disposition on the
part OF the banks to recommend the
greatest caution, and we believe that their
conservative course is eminently wise
They admit that a heavy demand for
p money is bound to come from legitimate
mercantile sources and that the necessi-
~ OF providing these funds is already he
ing felt. The danger lies more in this
one proposition perhaps than almost any
other. and while We regret to dwell uncf,
this rather threadbare subject vet if 81
constantly recurs that we find it almost
80 impossible to write a comprehensive let
yer upon the EXISTING conditions without
referring TO it. Extensive borrowing on the
part of railroad corporations who are un-
wiling or unable to float their securities
AT the present time, and extensive under
writing OF electric corporations trolley
lines and enterprises Of various kinds
are constantly in evidence upon the books
OF money-lending institutions. Neverthe-
Tess vast amount of money will be LEI
loose IN July for dividend purposes. and
we sun reel that recovery should be
In order. 1t will be greatly welcomed
by the brokerage houses throughout the
street, who have line of customers or
thin margin and it must be borne If
mind that any sharp action win be-
promptly awaited of by such persons. 4
cannot have very prolonged course
therefore. and if the rise should come
two or three weeks would probably be
the extent of the bull movement but
Whatever purchases are made or whatever
Is done upon the long side of the market
should be done with ample margins and