The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-29
DECLINE IN WHEAT
is SOON RECLAIMED
Prices Break at the Opening,
but Become Firm Before
the Close.

Weakness in the ST. Louis wheat mar
ket caused prices to break on the Chicago
board yesterday. After a decline of 1c in
the December option the market
strengthened on firm cables and the big
cash business of Tuesday. During the last
half hour of the session pit traders be-
came active buyers.
The corn market followed the action of
wheat. The bear interests tried to make
a big raid Oh account of the banking stu
alton in st. Louis, but they failed. After
slight decline the market became strong
on heavy cash purchases. Oats were firm
on small receipts. There was little trade
The tone of the stock market was much
improved yesterday. While trade was not
extremely heavy, there was a good I'M
dertone and the tendency of the entire
list was upward. Railroad stocks were
strong and the industries also showed i'm
prOvement
What the Brokers Say:
NJ. Doran & Co.'S Chicago grain letter
Wheat-Wheat was weak until past
midday, under influence of threatened
financial troubles in st. Louis and the
break in the December there. The restor-
atlon OF confidence among. depositors of
The trust companies and the consequent
better feeling caused a rapid recovery in
the wheat market there and here The
market developed considerable strength,
particularly in the December, during the
late trading and closed at sharp ad-
vance The news continues of buliish
character: Minneapolis stocks decreased
so far this week $4,000 bushels and large
export sales of flour are reported from
there. The excellent cash business Tues
day was a feature.
Corn-The bear party attempted to raid
corn on the st. Louis news and weakness
i'll wheat, but without success. A promi-
nent short was buyer on the decline
The tone became very strong near the
close and prices advanced rapidly, The
demand for shipment is steady sales
amounting to 100000 bu Country offer
ings are 1lght and elevator people say it
is easier to sell corn than to buy it. The
perfect weather for the movement which
has prevailed so long is about to-end ac-
cordlng to the weather map. The quick
advance at the close is an indication of
what will take place when some news
turns up to convince the shorts that they
are wrong.
Oats-Oats We're fairly steady during
the morning weakness in neighboring pits
and there was good local buying when
wheat and corn became strong, which
carried prices to above TUESDAYS close
Ihefe was no particular feature to the
trade. however.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan q Bryan-The market is steadier
and on the whole a little firmer. Bearish
efforts were resumed in some of the in
duStrlalS with some effect, but the tone
of the rails is firm. The market is dull
Pressure from liquidation is however
slight. The Gould stocks show especial
StIenglh. The Atchison statement was
Very favorable. The underlying conditions
are good. the undertone of the market is
Strong ana we think in the near future
the market will do better.
Dick Bros.-The market has been very
irregular. There We're no unfaVorable de-
NelopmentS in St. Louis and this caused
more or less covering. Manipulation was
seen IN Missouri Pacific and other Could
shares. but induced no real buying Penn
SyINanla was bid up on assurances that
the regular dividend will be paid other
wise the price movements We're sluggish
and the net changes were unimportarf.
SAYS:
The stock market scarcely admits Of
comment. but prices have held with rea-
sonable firmness, and the trouble in ST
Louis appears to have been greatly ex-
agSefated. 1t would be strange indeed if
after two years of such conditions ss
have obtained in money matters institlI-
uons throughout the country should not
snow weakness In certain directions. The
ease With Which money was made by I'M
derWriting enterprises of various kinds
was so conspicuous that it is evident that
b69 aTe nSIs as well as individuals must
themselves IN ventures until the danger
line had really been passed It is nr0h
aple that New York experienced this evil
ana forced process of liquidation SOON
er Than some of the other cities. bur If
mas evidently continued both in Baltimore
Gnu ~ FliItsp 4I and now to a less extent
AGAIN IN the West. Solvent institutions
are not going to be injured by this and
lhe country in general has made money
viii not take any great length Of time
to overcome the bad influence exerted bv
t these suspensions. In the past, during
the period which comes immediateIy after
such panics as we have known. erest
prostration has been observed in the gen
eral business of the country This is not
me case at present. and. although losses
have been enormous. many of them bave
been simply the extinction of paper nrofo
It's 1;sco and the country itself is in very
uI1erent position as regards commercial
and manufacturing affairs than If has
ever been to our recollection before when
Wall street has been swept by a financial
CONFUSION - 'i'Ci1i