The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-01
MARKET is FORCED
LOWER IN SPITE
OF BU[LISH NEWS
All Grains Sell Below Thurs
days Closing Quotations
July Oats Experience a Bad
Break Stocks Are Dull.

Despite buIIish news, yesterday the
wheat market had decided bear tend
ency, and all efforts of the bull interests
to force prices higher failed, The mar
ket opened at an advance, on cool wealth
er reports from the Northwest. There
was big selling on the bulge. and prices
quickly slumped. The decline continued
until the close, which was 5sc to &c un-
der Thursdays.
Corn. was also ruled by the. bear ele-
inent yesterday. 1t opened easier on sell
ing by commission houses and profess
SIGNALS. The close for July was weak
showing a loss of 2Ac from Thursday;
nervouG After opening &c under Thurs
days eIose, July jumped to 4314c and then
dropped to S31ae. The close was 11Ae
Stocks were dull and inactive. There
was little or no trade and prices held
firm. Once or twice during the session
the bear interests tried to depress prices,
but failed. An attack was made on New
York Central but without result To-
days bank statement is looked for with
great interest.
What the Brokers Say.
NJ, Doran & Co.'S Chicago grain letter
says
Wheat-There was IuIf in the bull ac-
tivity in the wheat pit over the absence
of influential buying; pit operators per-
sistently "gunned" for long lines with
says high temperatures ripened wheat too
fast and developed blight in half of Min
nesota and generally in South Dakota
and that the deterioration is fully 20 per
cent in some sections The cash Situa-
ton is such that an increase in local con-
tract stocks is not likely. Red winter
wheat is very hard to buy.
Corn-PriceS for corn were fairly steady
at decline on a comparatively light trade.
The crop is relatively as backward as
month ago 1t is just tasseIing and bloom
has been injured in the southern portions
of the belt by hot weather.
Oats-General trade today has been i'm
portant with heavy tone, the interest cen
Vanced by short covering to 43Hc. At
this point cash houses supplied the de-
mand, breaking price to 34Ac. At the
close there was little excitement with
price 331ac
S. B. Shotwel & Co.'s grain letter is as
follows:
the low temperatures in the Northwest,
but shorts were best buyers, and there
seemed plenty of long wheat for sale ON
every little bulge. About noon the st.
Louis contingent sold considerable Coun-
try offerings of wheat were reported
large. Toward the close Peavy started
selling. The close was 5sc to &c under
Thursday night.
Corn-Corn opened easier, with local
professionals and commission houses sell
ing long. corn in scattered way, induced
by predictions of warm weather and by
recent improved conditions. The close
showed considerable strength in futures,
with July 2Ac under Thursday night.
OatS-Th1S market opened about where
1t closed. with not much doing, except
In the July which was very nervous
selling off rapidly with wide range be-
Thursday night.
]. C. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The market is dull and
prices generally unchanged from yester-
days close Operations are reduced to a
minimum but the market is without sell
the bear interest. We look for dull
market the next few weeks. and see no
particular reason for lower prices on
good dividend-paging stocks.
Walker Bros.-The market today was
dull and uninteresting and there was lit
tie or no news. Prices held up well and
We're steady all day. There was some
proht-taking in the afternoon but it did
not affect prices very much.
Dick Bros.-The market has been very
dull and professional today and price
movements unimportant. The tone, how
ever. was generally strong. Traders made
a drive a New York Central but did not
bring out any stock. Conflicting opinions
as to the bank statement tomorrow Kept
it from being influence.
Bache-The opening was irregular and
unsettled. Room traders were bearish.
London was not a factor and business
was nearly at a standstill. The after
noon session was devoid of feature and
extremely dull
says:
a careful inspection of the situation
forces us to the conclusion that we are
face to face with duh and unelastic
state of affairs, which may continue for
a couple of months. By this we mean
that stocks have reached a point where
the most sanguine bear would hesitate to
sell a large line on short Contracts They
have also reached point where reason
ably good investment demand is constant
ly apparent, which is having a slow, but
certain. effect upon the market. Let US
therefore, in forecasting the future, an
tieipate sixty days more of unsettled con-
ditions and then brighter outlook for
the winter and coming spring. The coun-
try IS prosperous, but we are hamper
ed by the relations between the banks
and treasury. and by the workings of the
custom house, to degree that Is most
harassing to all who are interested in
the financial welfare of the country.
Chicago Produce.
CHICAGO July S1.-Butter-Steady