The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-06
BFARISH REPORTS
CAUSE A SLUMP
All Grain Markets Are Lower
and Stocks Become
Easier.

Wheat eased off yesterday. The cables
were lower and primary receipts were
heavy. The bulls found little news TO adj
vance prices and all reports had a bear
ish tendency.
Corn was also weak. There was but lit
tie trade in this grain. The weather in
the corn belt continues to be perfect for
the maturing crop. The Ohio state bull
letin says that the crop in that state will
amount to %, 900, 600 blu. Oats reflected the
weakness of the other grains. Near the
close the market turned firm.
Stocks sold lower The trade was light
and entirely in the hands of the profess
-sional operators. Today the Steel divi-
dends are to be declared. Brokers ad-
prices.
What the Brokers Say
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-There was little In wheat news
TO encourage the bulls. The buying was
chiefly in the way of covering by shorts,
While the selling. particularly of May,
was rather aggressive. Cables were off,
rejecting the heavy Russian shipments.
The extreme weakness in St Louis De-
cember was dominating influence of the
mornings trade. An increase of $3.50 600
in the visible, which is much larger than
- was anticipated, gave further encourag e-
ment to bears. Receipts ran in excess of a
year ago, and a message from Duluth
points to heavy arrivals there. There was
some reinstating of long December. The
ONO state report shows a wheat crop of
29, 600 which is 10, 000,00 less than
last years; Liverpool Hc lower and Paris
= c to 1c lower.
Corn-Corn had few friends after the
firmness near the opening The trade was
mostly professional, and as that element
Is money ahead on the short side they
can afford to pound prices further The
bulls are dlSheartened and inclined to
keep out of the market under present
conditions. The weather conditions are
favorable for maturing OF the crop. In
TACT 1t Is nearer ideal than at any time
IN history Of the crop. The demand for
Shipment was only encouraging feature
of news and totaled 300, 900 blu. The gov
eminent report on the 10th will probably
snow l to 11s points Improvement the
poor condition in South offsetting the i'm
provement in surplus states.
OatS-Oats were easier with other
grains and the sample market was
against the futures, some grades 1@1A c
lower and better qualities about sc off
Inc selling was largely local and there
was noticeable improvement in the
Dug ing. when May worked down to 36Hc,
and this buying closed May unchanged
j. c. Geraghty & Co.'S correspondents
says of stocks:
Logan & Bryan-Prices are easier. 1t
is dull and waiting market pending
the action on dividend on Steel There
Is some scattered selling of long stocks
but nothing of moment. Most of the
pressure. such as 1t is, comes from the
bears. There seems to be no well-defined
expectation as to what the result will be
IN respect of the Steel dividend If it
Were to be passed the stock would show
more weakness. If it is to be cut in two
the stock is selling at a fair price. If
II IS not 10 be cut there would, we think
be better feeling in it. In any event, we
see no reason to change our views as to
present conditions or outlook. The lead
ing properties are, we think, all worth
me money. There is large short inter-
est and the bears have about exhausted
their ingenuity in devising or suggesting
irrational theories as to why lower prices
nave been we'll bought and We think will
spots. ~