The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-17
BULLISH MARKET
MEETS WITH CHECK
Favorable European Cond;.
tons Offset Poor Reports
From the Northwest.

Wheat suffered setback in its upward
movement yesterday. Despite the bull
ish news from the Northwest the mar
ket weakened on the European situation
The leading traders are playing the long
side of the market and are cons family
adding to their lines. Shortly before the
close yesterday some elevator interests,
who were buyers early in the session,
sold, causing slight break. The cash
situation remains unchanged.
The heavy frost In the corn belt made
that grain strong and firm yesterday
More frosts are predicted, and should
they maueriaiiZe great advance in prices
Is looked for. The market was higher at
the opening yesterday, and on heavy buy
ing and covering closed strong and firm.
oats was bull market yesterday. The
close was CSC over Tuesdays with a
heavy trade The cash situation remains
firm.
What the Brokers Say
NJ. Doran & Co.'S grain letter gays:
Wheat-The foreign situation remains
unchanged and the home situation grows
stronger every day. Continued rains in
the Northwest, causing reports of great
damage to crops, not only in our North
western states but in the British North
west. The pit situation Is rather mixed
some OF our best traders favor the long
side Of the market and keep adding to
their lines A prominent elevator opera
tor bought early, and later sold out his
line of wheat. causing break
Corn-This was altogether q weather
market. Tuesdays prediction of frosts in
the West proved true this morning, a
number of places in Nebraska and Iowa
reporting heavy frosts, and predictions for
tonight are for froSts throughout the en-
tire corn belt as far east as Indiana The
market opened higher under heavy trad
ing, the country being well represented
on the buying side of the market Profits
were taken by number of the largest
TRADERS, which caused a reaction and
covering by shorts the market closed firm
If the prediction for frosts throughout the
corn belt prove true, we will see a very
Wild market in our estimation
Oats-There has been a good trade, with
prices strong. The market closed at about
top top prices, &c over Tuesday. Cash mar
ket was strong and higher
j. {. Geraghty & Co.'S CORRESPONDENTS
say of the grain markets:
Wheat-The market is about unchanged.
1t was strong early on the advance in
corn. but later turned dull. Cables were
steady and the cash markets are un-
changed. Nothing Is doing in the way
the tenor of Northwest advices Coasid-
cradle damage has no doubt been done.
Without an improved export demand and
increased movement we will now begin To
pile up stocks. Poor wheat is likely To
be pressed for sale Unless Something
new comes into the situation and until
American prices are on a parity with Flu
ropean prices, we are inclined to think it
VIII be rather difficult to maintain an adj
vance or even maintain the present level.
Even with fair export demand we are
likely to accumulate stocks during the
next few weeks, and without an export
demand we are likely to accumulate them
quite rapidly.
Corn-Frosts are predicted for the corn
belt. This was the cause of the advance.
Reports from Nebraska are conflicting AS
TO damage. The cash situation is dull
and Hntmportant Unless further frosts
of a damaging character should appear,
we are inclined TO think the trade will
conclude that the injury so far has not
been serious. We think the resulting of
trading in this market the last few days
has been to even up the general interest
Some of the large shorts have covered
and some of the large local holders have
gone out. We are inclined to think it will
require something definite and important
an the way Of damage reports to maintain
an advance or present prices
Oats-The market is strong and higher.
Small receipts and good cash demand are
underneath the pride, but the sympathy
with wheat and corn was also an influence.
The cash grain houses are pretty fair
speculative buyers.