The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-20
WHEAT MARKET is
FORCED DOWNWARDS
Corn and Oats AGe Also Lower
and Stocks, Too, Become
BeariSh.

Wheat was an irregular but active
market yesterday. The opening was
weak. then followed a short period of
strength, and again prices eased off. The
opening was without one buIlish feature.
Later the elevator interests purchased the
December, which strengthened the mar
ket. A report from the Northwest showed
that in spite of fair weather the pri-
mary receipts run far below last year.
Near the close prices broke on profit
taking.
Corn sold lower, and had it not been
for the covering of shorts the decline
would have been a big one. There was
considerable liquidation and receipts ran
heavy; Oats We're also down. This was
an inactive and weak market.
The advance in the stock market met
setback yesterday and the good gains
made during. the latter part of the week
were partly lost. London sold lower. and
this influenced our market. The weak
ness was augmented by the failure of d
baltimore trust company. There Were a
few slight rallies during the day, but
the close was at the lowest figures
What the Brokers Say.
M. Doran & Co.'S grain letter says:
Wheat-Wheat looked very weak early
very strong towards noon and very weak
again at the close. In the early news there
was an absence of any new bullish fea-
ture, which led to. considerable profit-tal-
tepeStS. bought the December and this
persistent buying was the pet feature
Primary receipts were 700 900 bu short of
last season, and the weather continues
perfect for movement and arrivals at
minneapolis We're on a small scale. The
high prices OF the day were caused by a
lively scramble among local shorts as a
result of report of $50, 900. No 2 red sold
to ST. Louis. Minneapolis shipped Satur-
day l2S cars to country mills. One mes
sage from a prominent dealer there says
the market Is facing a serious situation in
regard to wheat supplies. If the higher
estimates of the spring wheat crop are
correct this after harvest loss will bring
figures down to the Jones estimate Finan-
cal troubles in Baltimore and uncertain
" IN Wall street created nervousness late
In the session, with a consequent decline
and very weak close.
Corn-Corn was on a toboggan and was
only saved from a more serious decline bv
the demand from shorts. There was more
INCUBATION at the opening on very large
receipts and a disposition on the part of
the country to sell, particularly through
Limos. Trade was not large, the tone was
dull and price lacked any recuperative
power. Long lines are now pretty well
tereSt in May.
Oats-Oats were weak and friendless
and there was further liquidation on in
creased receipts and fine weather for
movement. There was absolutely no fea-
ture to the trade
O'Connor & Van Bergen's stock letter
says:
Influenced by a lower range of London
prices and heavy selling from that quar-
ter our market declined after the open
ing at material recessions from Saturdays
closing. The weakness in the market
was augmented by the announcement of
an important trust company failure in
Baltimore. Toward noon the trading be-
came quiet, with some small rallies. but
without any real demand, and in the
early afternoon prices broke sharply when
a second Baltimore trust company was
reported to have gone into the hands of a
receiver. While bear traders took ad
vantage of the situation to work fo1
dent, but the more important selling
came from London. Sentiment reacted
easily from the better feeling eVinced in
the past few days. and the market closed
heavy and depressed at about the lowest
figures