The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-09
BEARS CAUSE BREAK
IN WHEAT MARKET
-
In Spite of Rain in the North.
west Prices Are Forced
Lower.

The unfavorable weather conditions
In the Northwest had but little effect
on the wheat market yesterday. AL
though the news from the spring
wheat belt was bullish, the traders or
the Chicago Board of Trade were
bears, and every attempt to force
prices upward was a failure. The cash
situation was weak, prices at Duluth
breaking 2 3-4c. Saturday there wore
heavy rains throughout the Northwest
ern states, but the predictions are now
Tor fair and cooler weather
OF all the. grains, corn was the
weakest yesterday. The summertime
weather in the corn belt put a crinp in
the bull movement. The frost which
was predicted did not materialize. and
prices fell off Sharply. Oats followed
the corn market.
The stock market was firm and
easy There was a slight rally in
prices at the opening, lead by Atchison,
On the advance there was some urofit-
taxing and a decline followed. Sat
nrdays bank statement was again sun-
favorable
What the Brokers say.
NJ Doran & Co.'S Chicago grain 1ette,
says: - - So
Nheat--Wheat opened firm isoni the wei
weather in the Northwest. The advance
did not hold, pit traders being of a hear
ash mind and inclined to pound values or
the weakness in corn pit and the drop OF
24c In the price OF cash wheat at Duluth
Toward the close st. Louis houses turned
sellers OF May, after being moderate buy
ers at the opening. Reports indicate that
th1eshlng has been further delayed in the
Northwest by rain and that some damage
mas resulted to grain in shock and stack
Predictions are for fair weather in the
spring wheat belt, with possibly light
frost.
Corn-Corn was the weakest article or
the floor The .summerlike temperature OF
the past twenty-four hours and the gen.
orally favorable conditions prevailing since
the close on Friday proved too much of q
burden for the price to carry. The mar
ket opened weak and continued so to the
end traders ignoring the prediction OF
possible frost for Kansas and Nebra ska
corn IS maturing rapidly and that late
corn has advanced satisfactorily, except
ing in Iowa, and that the bulk Of the eroI
will be safe from frost in two to three
weeks.
Cats-The market was rather a small
one, merely sympathetic in small way
with the weak corn market. Country
trade light.
OConnor & Van Bergen's stock letter
says;
The market at the opening was AGAR
faVorably influenced by the London prices
although there appeared to be no increase
in commission house business. The bank
statement of last Saturday was unfavor-
able, as expected. but the decrease In
reserve leaves the surplus reserve at more
than twice the figure at which it stood In
the corresponding week one year ago. and
the continued increase in loans seems to
be fully explained. in the minds of the
public, 1t has been estimated that ex-
eursionists over the Labor day holiday
drew from the banks between. s., 900 00(
and 50. 900. 900. While this in itself might
seem trivial circumstance, it will be
readily realized such a withdrawal Of
funds would have an important influence
in the statement of the banks. The up
ward movement in Atchison was contin-
ued. and the buying of one or two houses
which We're active in the stock last week
was again manifest. We believe, however
that the sharp upward movement in one
he due to manipulative forces rather thar
a desire to accumulate the stock on the
part of strong interests.
]. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was cas-
Ter. rally early seemed to bring mod
crate offerings of stocks in the way OF
profit-taking and the tone became easier
The bear traders are always looking fol
opportunities. We think the market will
react from any pressure it may be sub
jected to at the present time.
N2lker-The market opened dull but
steady this morning with very little ac-
tivity IN Atchison and Rock Island fol
which there appeared to be a good de-
mand. Otherwise the market was feature
less and dull. Shortly before the close the
floor traders sold stocks and the market
yielded somewhat.
Dick-I'he market has been dull and
heavy today, with the trading wholly pro-
feSsiopal. After a rather strong open
inE prices began to sag and continued
heavy until the close.