The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-02
TOO MUCH MOISTURE
MAKES BULL MARKET
Damage by Regent Rains
Causes Upward Movement
in Wheat Pit.

: Wheat opened weak yesterday on re-
ports of fine harvesting weather in the
Northwest and improvement in the Euro
pean crop conditions. Later, when the
government weekly bulletin was issued,
this grain turned firm. The bulletin tells
of much damage to the Northwestern
crop. due to excessive moisture. The
close was strong.
Corn was the strong grain yesterday.
1t led all the pits in point of activity. Sep
TENDER shorts sought cover, bidding that
option up in their efforts to get the grain.
Oats also showed great, strength. All
commission house trade. Late in the
session there was considerable profit talk
ing on the advance, which caused a de-
cline.
Stocks ruled easier yesterday There
was but little activity, and before the
close of business became decidedly dull.
The gains of Monday were lost in yeSter-
days decline.
What the Brokers Say.
= NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The weak opening was in line
with the fine harvest weather prevailing
in the Northwest and abroad, and there
was a suggestion of the Northwest selling
eminent weekly bulletin, which reports
serious interruption to stacking and
threshing by excessive moisture in the
Northwest. Considerable damage is
Dakotas, Nebraska, Minnesota and Wis
consin. Buying by number of local
bulls and the continued firmness in coarse
grains were further helps to the advance.
{ The Northwest markets were firm and
the Southwest strong.
Corn-Corn led the grain pits in
strength, and the feature was the cover
ing of September by scattered shorts, who
were scared by the very light deliveries
and the bidding of 1sc over the option for
the No. 2 in store. This bidding, we
think was by the holders of the corn for
effect as We hear of no trades being made.
Oats-Oats throughout the day have
shown good strength, demand from COM
mission houses and from heavier local
spectators absorbing all offerings which
until latter part of the session were light.
Later there was some quite heavy local
selling in a profit-taking way.
OConnor & Van Bergen'S stock letter
says:
The market has remained quiet and ex-
tremely dull, with a general tendency to-
wards lower prices, and has shown but
little animation throughout the day. Prof
it-taking and absence of any general in
terest easily brought about lower quota
lions and declines. The reported transfer
of control of Metropolitan Securities COM
pany has been the chief topic of interest
and the street awaits more definite in
formation as to the causes leading up to
this transaction, which at the moment
remains in a rather unsatisfactory condi-
ton. The foreign interest in our securi-
ties is at a very low ebb, and while the
treaSurys plans for preventing any sharp
stringency in the money market in the
fall has brought about more favorable
attitude, nevertheless up to this time
there has been no inclination to invest in
our securities. We do not anticipate any
great change for some time to come and
look for the present dullness to con-
tinue.
j. c, Geraghty & Cos correspondents
say of stocks:
Logan & Bryan--The market is little
easier 1t Is dull market and bear
traders are selling. 1t seems to have
reached Wall street that the corn crop
is three weeks late and is exciting some
comment. Everybody outside of Wal
street has known it for three months.
Walker Bros-A dull and apathetic
market ruled. The general list sagged
prices yielding on the average nearly
] per cent, although there was at no time
any great pressure.
Dick-The market has been dull and
heavy. The buying power disappeared and
stocks sagged without showing activity
fractions stocks were particularly weak
on the denial of rumors of a consolida-
ton. Pennsylvania declined on expecta-
lions of poor July report