The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-20
SUNSHINE BRINGS
LOWER MARKETS
Wheat and Corn Are Forced
Down by Fair Weather
Conditions.

An the grain markets closed lower Sat-
urday. Wheat sold off under the inf1u-
ence of fair weather conditions in the
Northwest and lack of demand by the
short interests. At the decline there was
some selling for export. The cash situa-
ton is less active than a few days ago.
The slump in wheat for the past few days
totals to about cents.
Fine weather in the corn belt made that
grain decidedly bearish Saturday The
close was about 11lc under Friday There
has been a general selling movement due
to the improved weather conditions. The
support which was given the marke ct
Thursday and Friday on breaks was lack
ing saturday as the short interests have
covered. Oats sold lower in sympathy
with corn and wheat. The cash situation
In this grain remains firm.
With the exception of the big break
in steels. the New York stock market
remained unchanged Railroad stocks were
somewhat ffrmer. but there was but little
trade; The bank statement showed a
shrinIage.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Fine weather in the Northwest
and very light support given the market
by the outside. started the selling move
ment and the day wound up with a heavy
feeling and much lower prices. On the
break there were sixty loads of wheat
taken at the Seaboard for export. A great
zeal or wheat was sold out on 'stop-loss
orders.
COrn-The shorts having well covered in
this market the last few days, fearing
frost' 1t left 1T without much support
when tired longs started Iquidating. We
think long corn is well lfquidated now
and we Will have no further pressure
from that direction in the market There
are some indications Of farmers being
more free sellers of corn We believe con-
siderable damage viii be shown up dur
ing the next week on account of recent
frostS
Oats-Although the receipts of oats are
running very light, about one third of
what should be expected at this time of
The year. the future markets broke with
corn and wheat. The demand for cash
IS excellent. Receipts continue running
light. our stocks are being rapidly re-
duced and prices should decline no further
until We get a better run of receipt.
says.
Todays market for the most part of the
time gave evidence OF decided weakness
beyond anything warranted by the news
OF the morning, but when the bank state
ment was announced a general improve
ment followed, and the break In the price
OF corn, owing to the continued favor
able conditions had also q steady effect
throughout the weakness attacks We're
directed mostly by the traders against the
industrial shares, particularly Pressed Steel
Car, American Car q Foundry and the
iron and steel stocks in sympathy with
Inc turther decline IN United States Steel.
Rumors We're in circulation referring to
an unsettled and feVerish condition OF
the financial community in q nearby city
Identified with the steel interests. Some
good buying OF stocks has been observa BILE
and the industrial shares at the low prices
received substantial support. People who
have carefully watched the trading in
steel remark very excellent buying of
these shares during the past few days
In general way the railroad list was
only temporarily affected and closed
strong. We have not felt inclined to ad-
wise our friends to buy stocks pending
the uncertainty OF the harvest, but as the
weeks pass the dangers from this source
become less and less. Altogether We think
We can properly say that the market is
entitled to better prices the coming week
and that We are approaching a time when
ON weak spots stocks should be bought in
moderate way.
J. 9, Geraghty 6 Co.'s correspondents
say of stocks:
Logan 81 ,Bryan-The market is with
out much change. There was bear pres
sure early and steadier market later
The bank statement showed shrinkage,
but shrinkage is the usual thing at this
season and is not alarming. The banking
situation is all right. Much of the bear
ishness of late centers in the steel stocks
We think the bears on stocks are just as
wrong now as the bulls were a year ago
and that stocks should be bought.