The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-29
WHEAT AND CORN
OPEN STRONG But
CLOSE At ALOSS
Market Is BuIiish Early in the
Session, but Profit Taking by
Operators Causes a Decline
Stocks Grow Stronger.

The wheat market was strong and firm
early. but the close was a shade under
Monday. Crop advices remain unchanged.
On the early advance there was consider
able profit taking by operators. The corn
markets movements was much the same
as wlleat's. There were some poor crop
reports received at the opening, but the
bad news had little effect on prices Oats
were rather heavy at the opening. 1t did
not respond to the early advances in corn
and wheat.
Stocks gained several points yesterday,
although the tendency of the Wall street
The granger stocks were especially strong.
After the early rally in securities there
was reaction, due to profit taking.
What the Brokers Say.
M. Doran & Co.'s. Chicago grain letter
says:
Wheat-The opening strength was on
general commission house buying and on
bullish tenor of foreign advices. The gov
ernment weekly bulletin confirmed recent
reports of an unsatisfactory condition in
the spring. wheat belt The winter wheat
yield is light, but has been secured under
exceptionally favorable conditions and no
field damage is reported
COrn-The market was big and broad,
with the buying coming from all classes
of spectators. The price movement,
howver, was controlled by local pit con-
ditions, rather than by any change in
the crop situation. The prediction for
showers in Kansas tonight caused some
apprehension and original bulls took
profits. The Illinois state report says
crop is in all stages of development and
needs rain. Prices felt the weight of
liquidation and eased off near the close.
s. B. Shotwell & Co.'S grain letter is as
Wheat-Wheat opened firm, with no i'm
portant pressure. After the opening it
looked as if considerable profit taking
was going on. with ST. Louis selling Sep
TENDER and the Northwest selling Decem-
Der. There was lot of evening up on
wheat Shorts covered freely and longs
realized with equal freedom. On the last
advance there was considerable for sale
and prices reacted quickly, closing nc to
1ac under Monday night
Corn-Corn, opened strong, principally
on dry weather reports from Kansas.
Prices did not get far above the opening
and local longs sold on every hard spot
With all the bad weather reports, the
market failed to show very firm under
tone and support was poor. The close
was &c to 9sc under Monday.
Oats-ThiS market followed wheat and
corn again, with not much trade. The
July was exceptionally strong at the close,
which was 2Ac over last night
OConnor SS Van Bergen's stock letter
says:
During the first hour trading in our
market showed signs of hesitation and IN
certainty, but following this, up to near
the close, the market has advanced. An
ticipating that the rally was too rapid,
we are not surprised to see a drive on
the part of traders this afternoon, which
has brought prices to a lower level again
toward the close. In spite of profit TAX
ing and the selling of stocks accumulated
on supporting orders last week. ST. Paul.
New York Central. Canadian Pacific and
Southern and Union Pacific have been
well and extensively bought and good
purchasing orders were in evidence in
some of the specialties. Bulletins from
the corn belt indicate a rather unfavor-
able outlook. There is little or no change
reported in the condition of the cotton
market. Call money is still in plentiful
supply, while rates for time loans are
without change.
j. G.. Geraghty & Co.'s CORRESPONDENTS
say of stocks:
Logan & Bryan-The market is a little
irregular, but on the whole higher than
Monday. 1t is a quieter market and the
feeling of uneasiness has for the time
being been very much abated Short in
terest is no doubt liquidated to a great
extent. The only thing we see which at
all threatens the situation is the eondi-
ton of the corn crop.
Sternberger, Sim &. Co.-Our market
opened fairly steady and on good buying
for foreign account. as well as some COW
some of the securities gaining from l to
21b per cent.
E. & c. Randolph-The market opened
generally strong this morning on con-
tinued short covering and advances were
recorded through the list until about /
day were reached. Even the most san
guine have given up looking for bull
market now and the general expectation
is that dullness will prevail.