The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-04
CHICAGO MARKET
FOLLOWS THE LEAD
SETbY NORTHWEST
Minneapolis Prices for Wheat
Advance on Poor Crop Re.
turns Reaction Comes Be-
fore the Close of the Days
Stocks Dull.

The Chicago market was ruled yester-
day by Minneapolis prices. At the open
ing wheat was higher, due to poor crop
reports. The advance brought out con-
siderable long wheat, and prices eased
off towards the close. Corn is a waiting
market. Commission men and brokers
do not care to get too deep into that
grain before more definite outlook OF
the crop is obtainable. There was little
trade in oats.
Stocks were extremely dull. and trade
light The outlook is for dull and UNI
Interesting market for several weeks.
standard railroad securities. The entire
list of prices was forced down slightly
yesterday.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
had influences of news of a most pros
nounced bullish character from the North
west in the way of sensational reports re-
Sarding damage which has been done, and
the cutting down of previous estimates on
production of spring wheat very material
~. Most of these reports border on the
fact that blight and rust and the HeSSian
fly as well, have done the damage. Our
local bulls were ready to buy wheat on
this news, and it was only near the end
of the session when the Northwestern
markets broke so sharply that we sold
off in sympathy.
CornEIt is evident that recent rains
and warm spells which have been noted
in the corn section have led many bulls
to call a halt till something more definite
transpires. Reports which were receiv ed
here today were rather mixed. but most
claim an improvement. After a steady
opening, due to sympathy with wheat
some heavy selling by a couple of com
mission houses through strange brokers
was noticeable. The demand for cash
corn was rather lax, and Withal we are
not inclined to look for any material ad-
vance at the moment.
S. B. Shotweu & Co. s grain letter is
as follows:
WheatIThe market opened firm with
general trade large and principally on the
buying side, influenced by Minneapolis
strength. The market was very puzzling
all the way through, the strength in Min
neapolis being the main support to the
Chicago market A good many Mime
apolis people bought September and sold
December in their market, guessing on
late harvest and late movement. The
close showed a loss of 1Sc to sc from Sat
urdays close.
Corn-At he opening corn acted very
heavy. Cash handling houses were moder-
ate, but steady sellers of corn, probably
indicating increased country acceptances
The close was Ac to &c under Satur-
day
Oats were dull and steady today, with
no few features. The close was firm at
1sc under to &c over Saturdays.
OConnor & Van Bergen's stock letter
says
you. of a dull period of the following
late excited condition of the market is
already in full force here today, and in
stead of transactions amounting to many
thousand shares daily, we see only a
small volume of business doing. Little
of interest has attached to today'S trans
actions, indeed they are so purely of a
professional character that they lack sig
nificance. One or two features are wor-
thy of considera ton. We refer first to an
improved tone in the bond market; sec
ondly, to the reports which reach US of
considerable investment demand for rail-
road shares. It would seem that the con-
tinUed favorable reports by the railroads,
the generally satisfactory conditions of
business shown by the financial agencies
and the encouraging crop outlook have
impaired to a part of the investing public
at least, courage to buy securities. Wall
street saw fit to express much disap-
polntment over Saturdays bank state
ment While it was not all that might be
desired it Is every day growing more
patent that most houses have supplied
themselves in the way of time money,
sufficient for their needs, and that the
Likelihood of distress amongst this class
OF borrowers grows less as the season
advances. The market closed generally
lower than the opening figures. but the
fluctuations call for no comment.
j. c. Geraghty & Co. s correspondents
say of stocks:
Sternberger. Sim & Co.-Brokers and
spectators alike can safely go away on
their vacations. We feel they Wilk not
lose much by their absence. as, no doubt
the market will remain quiet for some
time to come. and until such time nothing
new will transpire. The only news TODAY
o. consequence was the monthly govern
ment cotton report. The report shows
better than last month but is not quite
up to last year However,, with a little IA
vorable weather there will be enough to
go around. Reports from Chicago about
the growing crop are not very assuring.
but from other sources we learn that the
crop looks well. No doubt the outcome
of the cotton and corn growth will have
to be awaited before the market takes a
turn in either direction