The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-24
WHEAT MARKET IS
FORCED DOWNWARD
Clear Weather in the North
western States Causes a
Sharp Decline.

Lack of support of any kind made
wheat very weak and dull market yes
terday. Early there were some evidences
of strength on the small primary receipts.
but these soon disappeared and trade be-
came dull. The fine weather in the North
west, which is ideal for threshing, was
the potent factor in the decline. The close
was Ac under Tuesday.
The cool weather in the Northwest and
prediction for frost made corn a strong
market at the opening. The advance was
soon lost as the corn market followed
wheat. The demand for cash corn re-
mains good. but the movement is small.
Oats held firm yesterday. The market
was. strong early. but towards the close
declined in sympathy with wheat
The stock market was inclined to
weaken. There were some evidences of
liquidation, but the decline was mostly
due to bear pressure. A further slump
Is looked for today.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
day long, and wheat has been coming out
from opening until the close. The weather
in the Northwest is clear and cool, suit
able for threshing and movement of wheat
to market The threatened strike in the
mills at Minneapolis also had depressing
effect. Both the Northwest and South
west We're large sellers in this market
and on the decline considerable long wheat
held by local operators came out Re
ceipts are expected to increase next week.
Corn-With a cold wave approaching
from the Northwest predictions of frost
In the corn belt caused a firmer feeling
in the market. Shorts were free buyers
and some corn was bought for invest
ment. The cash business, while not as
large as some days previous was of
fair volume.
Oats-While the oat market has been
without special feature, there has been
shown excellent strength in face of
weak wheat market and rather liberal
realizing by local professionals. Receipts
continue light. Commission trade gen
orally lent support to price. December
option was relative the firmer under good
buying of that option against May sales.
Near the close, under sharp decline in
wheat. Oats receded $sc to 1sc from the
top prices. but closed very steady at de-
cline.
"a O'Connor & Van Bergen's stock letter
says:
The action of the stock market has
been disappointing, both in developments
and the lack of response to favorable con-
ditions. Undoubtedly the continued weak
ness has accumulated the feeling of de-
spondency already existing here. AT times
the market had all the ear marks of
active and urgent liquidation and was ac
companied by unfavorable rumors reflect
ing upon credits. principally due to the
failure of the Consolidated Lake Superior
company. This was particularly apparent
in B. & O: In New York Central and in
other directions the declines were rather
due to the efforts of the bears. The an
nouncement of Secretary Shaw's bond re-
funding proposition was accepted as a
renewal of the refunding scheme of last
spring and had only temporary effect
Steel. common and preferred, ruled COM
paratively steady, but the bonds were
under pressure. resulting from a general
idea that a large amount of these Sc
curities would be handed over to the par
Elephants in the preferred retiring syndi-
cate on Oct. l. All conditions regarding
weather are excellent, and the chances
for the crops are good. London houses
bought a few stocks. and railroad earn
ings continue excellent. but the malady
In our market lies not in future prospects
for the prosperity of the country but in
the misfortunes which have come to con-
Germs and individuals rather than to the
financial community at large.
J. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is heavy
and dragging. There is some selling in
one or two stocks that look like liquida-
ton. but in the main the weakness is
due to the activity of the bear element
Nothing dismays the bears and the short
interest goes on increasing. 1t must be
admitted that support is lacking We
still feel that good stocks should be bought
and that any decline the bear pressure is
able to bring about will be regained.