The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-22
REALIZING CAUSES
BREAK IN WHEAT
Brokers Take Profits and a
Slump F oIIows Fridays Big
Advance.

The wheat market Saturday lost most
of It's strength of Friday on realizing and
profit taking. The extent of the trade
was narrow and most of the news was
bearish. The milling interests have en-
joyed big sales during the past month
and most of the large concerns are sold
ahead.
Corn was a quiet and easy market at
the opening The range of the trade was
narrow and was mostly in the hands OF
the professionals The country offerings
continue to run light The weather in
the corn belt is perfect for curing the new
crop Oats sold lower in sympathy with
the action of wheat and corn. However,
there was a good demand and offerings
were light.
Stocks weakened Saturday in spite of
q strong cables and higher London prices.
Steels preferred sold under and the en-
tire list followed The bank statement
was not a favorable one.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The market lost something OF
its strenuousness on realizing. The trade
was not so broad and local operators took
profits. There were no prominent news
features. Advice from the Northwest
were mostly IN way OF eUlpndZlnS We'll
known facts. The excellence of the flour
demand for the past month is spoken OF
and millerS are said to be sold well ahead
One wire says that while farm deliveries
are small, receipts will continue fairly
liberal for sometime on shipments from
country elevators. The weather is fine
and seasonable and suitable for the move
ment
Corn-The market was quiet and easier
with small trade. Latter was not large
enough to maintain Fridays level in view
OF declines in wheat and fine weather >for
curing and for the movement. Country
offerings were very small. as inStanced by
experience of our Peoria house, which die
not buy a bushel of grain on Fridays
bids. nor did any of their country stations
A large line house operating in Iowa says
that they have not purchased a bushel oil
new corn this season. as they are unable
to compete with feeders who bid we'll oVel
any price they can afford to pay. Loca
receipts are moderate, with some increase
estimated for Monday.
Oats-The market was under the in
tiuence existing in the other pits. Loca
operators realized, but demand was goOC
enough on breaks to hold the market
Receipts continue light and country pur-
chases small and demand for better
grades good.
O'Connor & Van Bergen's stock letter
says:
The London market was strong anG
higher, the feature being Steel preferred
which sold freely at the equivalent oil
N
appointing in view of the advance abroad
and failed to respond to the higher Lon
don prices. Steel preferred was heavy
and under pressure in the early dealings
and there was selling in it for liquida
ton, influenced by an article in the Times
today that the next dividend on the stocl
would be at the rate of per cent. The
decline in Steels caused the balance o.
the market to sell off about 4 to q pei
cent from the opening figures. The banI
statement was not a favorable one bu
it had no material effect on prices. The
closing, was quiet at about A@49 per cen
below last night
J. c. Geraghty & Co.'S correspondent.
say of stocks:
J. s. Bache & Co.-The market did no
respond to the strength of the steel is
sues in London. The calling of loan.
yesterday was something of a disturbing
factor and influenced the traders who haC
switched over TO the bun side to Close
their long contracts over Sunday. Thu
bank statement proved disappointing
This, however, was no factor, as the mar
ket held firm. The important event o
the week was a decision of the railroad.
to reduce freight rates SO 1-3 per cent OF
all manufactured steel for export. We Still
hold TO the opinion that the market il
healthy, acts well, and advise buying OF
all receSSions.
Logan & Bryan-The market is easier
The trading almost wholly professional
The bank statement was unfavorable
There has been considera BILE calling n
loans by banks which has oceasioned tn,
nigh rates of the past few days. So fal
all this has made no selling pressure o
long stock, but it prevents buying The
local conditions can therefore not be con.
sidered very favorable The feeling owe,
the labor situation is not encouraging. A.
against all these we have the fact that
the properties are all earning well anC
are selling on an attractive basis. 1t i.
pretty hard to size up and the action O.
the market indicates that everybody i:
finding it SO.