The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-19

Fine Weather i'm Northwest and
Firmness in Liverpool Market
Cause Display of Strength
Early in Session Stocks Are
Active, With Nc Change Likely

Wheat was a weak market and gray
itated toward lower prices. Early in the
session there was some show of strength
inspired by firmness in the Liverpool
market and reports of fine weather in
the Northwest, but. 1T fell away and left
things rather dull. Minneapolis prices
We're slow to respond to the general in
fiuence and remained good until about
noon, when they. too, gave way Corn
and oats also felt the depression and
neither presented any striking features.
Stocks continue active in a general way
and there is no striking indication of
change.
M Doran & Cos grain letter was as
Wheat-Long wheat continued to come
on the market today, and this fine
weather in the Northwest tells the whole
story. The break was accentuated by
selling on stop orders. There was dis
play of strength at the opening, due to
frmness in the Liverpool market, but it
was short-lived. The Minneapolis prices
were up most of the session and did not
lose their advantage until noon. The gov
eminent weekly bulletin reports harvest
ing and threshing delayed by poor wealth
er conditions, and some injury is reported
to grain in the shock, and this later is
confirmed by our private messages. Cars
tomorrow, so.
Corn-It was draggy market, with pit
traders playing the bear side. Accept
anceS more liberal and the nearby fu-
lures showed the effect of selling against
them. The weather is more favorable, al
crop. The Iowa state report is very
bullfsh and shows how urgent is the need
of warm weather and sun to develop
normally early planted and to produce
anything of value in late planted corn.
The government weekly report is of the
same tenor as the Iowa report, complain
ing of lack of seaSonabIe weather Care
tomorrow, 145.
Oats-The market has been rather quiet
all day. fluctuations being narrow and
trade light The Illinois state report
makes the crop ss,OOoO 900 blu, the smallest
since 1895. Had it not been for the pro-
nounced weakness in wheat and corn
oats would have closed higher than yes
terday.
Estimated receipts for tomorrow. 125.
j. c. Geraghty & Co. had the following
from Logan & Bryan:
Wheat-The market is weak and about
1870 lower. 1t was another day of luui-
dalton by scattered holders and some
bear pressure. Fine weather throughout
the West is something of a factor but
the absence of export demand also con-
tributes. st. Louis reports a good de
mand, but business in Kansas City Is re-
stricted by floods. This takes the edge
off the cash market at the moment. Liv-
erpool is firm. This market is q nervous
one Receipts are still small and clear
ances fair.
Corn-The corn market is dull and
easier. Larger country offerings make
some selling pressure on the September,
ande Indicate that the prevailing fine
weather is making some Improvement in
crop prospects in the West. The cash
Oats-The market Is dull and easier
Receipts are liberal and the demand
moderate.
Provisions-The market is irregular. but
s. B. Shotweil G Co.'S grain letter was
as follows:
Wheat-Liverpool was steady. Local
the estimates. The Illinois crop reports
speak of a small yield of wheat, estimat-
ing To- 600 blu, as compared with 80, :
100000 last year. The market opened
firm and higher and advanced A@$c
early in the session. but at the advance
the Northwest was free seller and
prices turned weak. At the decline Ar
mour was buying openly. but some peo-
pie think he sold under cover. About
noon Patten and other local longs were
letting go some of their, wheat on the
break, and continued selling moderately
until the close. The market closed q O
1Bc under last night.
Corn-The market opened lower on the
fine weather, but worked a shade higher
early in sympathy with wheat. The mar
ket closed Il @Bc under last night.
]. c. Geraghty & Co.'S stock letter was
as follows:
Logan & Bryan say: The market is ac-
through the list early. but at the close
the edge seems off the market for the
moment. There is reported to have been
a large covering by prominent shorts. We
do not feel bearish on the market and
its outcome. We think most Of the good
dividend paying stocks are worth the
money but the market has had big ad-
vance, the short interest must be pretty
well eliminated and reaction to some
extent is due. There is nothing in com
mercial or financial conditions on which
to inaugurate another bear market. Or
reactions we would buy stocks.
OConnor & Van Bergan's letter from
Strong. Sturgis & Co. is as follows:
Up to this time general prices
have continued to advance, ant
Notwithstanding heavy profit taking
and selling for foreign account, have
shown no signs of reaction. Manipula.
ton has been plainly in evidence ant
professional interests have continued IL
control Investment and commission
house buying has been but scattered. ant
It is very plain that the short interes
was much larger than believed and t.
this the strength of the market during
the past three days must be attributed t.
q great extent. The Erie annual state
meilt will not be issued until next week
but it Is pretty generally known that 4
will be most favorable and will show
per cent earned upon the common stock