The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-03
WHEAT IS FORCED
UPWARD ON COOL
WEATHER REPORTS
More Rain in Northwestern
States Aids Bull Element in
Advancing Priees-Trade in
Other Grains Is Light.

The wheat market Saturday was
controlled by the bull forces, and from
the opening prices advanced steadily
without any reaction. More wet and
cool weather in the Northwest was the
potent factor. The Southwest houses
had some grain for sale on the first
advance, but all offerings were quickly
absorbed. The close showed gain
of l15c to 1%c over Fridays close.
Reports of improved crops in the
corn belt made the corn market open
heavy. There was little trade at the
opening, but later, on the advance in
wheat, corn livened up. The last quo
tations were Nc to sc higher than
Fridays close. Oats showed little in
dependent strength and trading was
very light Towards the close there
was some good buying, but the day in
oats trade was quiet one.
Stocks remained dull and inactive
Saturday. The favorable decision in
the Northern Securities case forced
that stock up a few points, but the
trading was light. Atchison held up
we'll under the renewed attack of the
bear forces.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-The local element which pound
ed wheat Friday discovered their error
this morning when they tried to cover
and found prominent holders bidding
against them for offerings. The spring
wheat market led off with good exhibit
ton of strength and our prices responded
readily. Good authorities say the yield in
the Red river valley will be about nine
bushels to the acre, which IS about one
half a crop.
Corn-The corn market was rather dull
and neglected, wheat absorbing the bulk
of the interest. Rains, accompanied by
lower tempera lures. prevail in the south
west The moisture is beneficial, but cool
nights and days keep the plant at a stand
Oats-Under selling of all options, prob
ably against the followers of the July
oats opened lower The September how
ever, Immediately developed good
strength with purchasing of good quality
taking UP the scant offerings.
s. B. ShotweH & Co.'s grain letter is as
follows:
Wheat-Saturday's market was one
great big bull affair all the way through.
The crowd was bullish principally on re-
ports of too much rain in Northwest.
Southwestern houses had quite a line for
sale on the early advance, but the mar
ket took it readily and prices continued
to advance with no pressure of conSe-
day, 11ac to "a c over Friday night.
Corr-Early in the session corn was rela-
lively heavy. Crop reports showed i'm
proving conditions. The close was up Ac
to 5sc from Friday night.
Oats-There was nothing of Importance
In the news on oats Saturday. The mar
ket was simply firm in sympathy with
wheat, with very little trading.
O'Connor & Van Bergen's stock letter
says:
The lack of London quotations, together
with the absence of very many brokers,
caused an unusually quiet opening. Mark
ed strength was shown in certain spe-
cialties. owing to the report that blocks
of certain stocks had been taken care of
by strong banking interests The pressure
on Atchison was renewed but had little eff
feet in depressing the price, and New
York Central and Rock Island continued
weak owing to the fear of a bond issue
in the case of tie former and the uncer-
tainty regarding the new mortgage about
to be created by the latter. The market
was dull until the announcement of the
Minnesota decision in the Northern Sc
curities case. While this decision is not
far reaching, its favorable character was
immediately reflected in the great
strength shown by Northern Securities
stock itself, as we'll as the different rail-
roads whose interests are involved with it.
The bank statement had so confidently
been expected to reflect the heavy compul-
sorry selling Of last week by a large dim
mutton in loans that natural feeling
of disappointment was evident and stocks
reacted sharply when this decrease did
next sixty days will show very dull
market, with fluctuations within narrow
limits, and after that we look for the
general situation to become somewhat
better.
j. c. Geraghty & Cos correspondents
say of stocks:
Logan & Bergen-The market Is dull
and unchanged. The items of news was
the Atchison statement The market is
without selling pressure and the outlook
dull. The bank statement was Favorable
Our own view is that the apprehension
of bankers as to the demands for money
to move the crops during the next few
weeks are not well grounded The corn
crop is still IN doubt, and the market will
very likely be subjected to bear pressure
at times. We feel that good dividend
paying stocks bought at these prices need
not be sold at a loss.
Bache-The market was at a standstill
at the opening. although the tone was
firm. Short covering was apparent in a
few stocks. Atchison acted fairly well
and for the present the bears seem to
have given up their campaign in the
stock The bank statement was not con-
sidered favorable The market sold off
moderately after its appearance and the
closing was quiet with firm undertone