The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-08
FAIR WEATHER IN
NORTHWEST PUTS A
CHECK ON WHEAT
Opening Is Lower on Favorable
News From the Spring Wheat
States Wall Street Bears
Force 500 Line Stocks Down
Eight Points.

A bundle of bearish news opened wheat
weak and lower yesterday. There was
considerable selling by scattered traders.
The decline was due to lower cables and
better weather conditions in the North
west. Later there was some commission
house buying, but the close was at loss.
Corn opened steady ON small receipts
and strong cables. Offerings were light
and there was a good demand from COM
mission houses. Later the coarse grain
became somewhat weak in sympathy with
wheat. The close was about the same
as Thursdays. Oats was a dull market
yesterday. There was little trading and
no new features.
500 Line and Canadian Pacific securi-
ties We're hammered lower yesterday. The
500 stocks fell off eight points and failed
to regain the lost ground. The market in
general was firm but extremely duh near
e., What the Brokers Say. gs7 -
rs NJ. Doran & Co.'s Chicago grain letter
Wheat-Wheat opened with sharp
break on Indifferent Liverpool cables a
weak Paris market and better weather
conditions at home and abroad. Commits
sion house buying checked the decline for
time and brought about partial rally
Kansas City wires that acceptances are
running light and total receipts are 80
per cent below. year ago.. The pit oper-
at1ons of the past few days appear to be
in large scalping way pending the gov
ernmentS report and more definite news.
Corn-The coarse grains acted indie
pendent OF early weakness in wheat, Scor-
ing quick advance with commission
houses good buyers. Continued easiness
in wheat brought long corn on the mar
ket and prices worked to level of Thurs
day night ~
Oats-Oats opened active and firm and
at a slight advance on good commission
house demand and offerings scattered. AT
the advance there was heavy local real
izing and price, suffered decline of 12e
from top The offerings were well alb
sorbed and the market later showed good
strength. x
S. B. shotwel's grain letter is as fol-
lows:
Wheat-The market opened weak and
lower under influence of favorable wealth
er with not much trading. The Patten
on the break. The local bullish crowd
We're working hard for higher prices and
succeeded in rallying the market. On the
upturn Armour sold moderately. The
close was 20 @Ac under Thursdays.
CUrn-The7 market opened just where it
closed Thursday night, with no new fea-
lures and very little trade. The range
was very narrow and market was Iifeless
during entire session. The closing. prices
showed no change.
Oats-Like corn, this market was dull
all day. The close was about the same as
Thursday night. -~ '+ir
O'Connor & Van Bergenrs stock letter
says:
There is only a moderate amount Of
satisfaction to be gathered from the action
of today's market, inasmuch as it is ap-
parent that to the covering of short con-
tracts large part of the rally which we
saw at the close Thursday night was at
tributable. rather than to the substantial
1ty of the buying power. Perhaps it is too
much to expect anything beyond a fair
display of firmnesS at this time, or suf-
hcient accumulation of buying orders
to. materially advance prices. Stand
ard stocks generally have held well
though at the time of writing
they are mostly lower than at
the opening figures. The rather spectac-
51llar movement in Canadian Pacific was
largely attributed to the efforts of profess
sional traders. The price of the stock
may invite short selling, but it might be
a very, expensive venture. While the
banks have lost to the subtreasury
about $1,000, 900 receipts from the Interior
and the possible reduction of deposits and
loans will probably result in but little
change in today's bank statement.
e j. G. Geraghty & Co.'S correspondents
says of stocks:
lower. Naturally, after the recent condi-
tons. it will be more or less nervous.
and there will be proft-taking on the hard
spots. 1t is. however, much duieter
market today and the pressure has been
In. spots and due to bear effort.
Walker-7The market today WAS steady
and at the opening there Was quite heavy
covering. The market became dull
through the middle of the day and the
trading light. In the afternoon there
was no inclination to sell and prices be-
came steady.
Dick-The market opened buoyant. but
later sold off sharply on profit taking
and new professional selling Raids were
made on several stocks, notably Canadian
Pacific