The Saint Paul globe., 1903-09-22
MARKET IS AGAIN
RULED BY BEARS
Warm SummerWeather Causes
Wheat and Corn to Sell
Lower.

Wheat, corn and oats again sold lower
yesterday: Fair and warmer weather,
with weak cables. were the controlling
factors. The liquidation in wheat was
general. and there was large amount of
short selling.
Corn sold down on the favorable wealth
er IN the belt. The close was from 1hc
to &c lower than Saturday. But few re-
ports of damage by frost have been re-
ceived. The cash demand for corn has
improved and the grain Is being taken
quiet literally for shipment. Oats was
alse bearish in sympathy with wheat and
corn.
New York stocks opened at a fractional
advance, due to higher London cables and
the improved crop condition The bulge
was of short duration and the market
soon sold OFF, For the remained of the
day the stock movement was dull.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter:
Wheat-Wheat opened lower on fine
weather in the Northwest and lower
cables. Selling of long wheat was the fea-
ttSrs. tSre OF day: On our first break large
when they finished the market became
heavy and closed at about the low point
OF day. It's reported there were fifty loads
OF wheat taken at seaboard for export.
and takings here for shipment to seaboard
was something like 200,0 900 bu.
Corn-The weather throughout the corn
belt was very nice and liquidation started
IN at the opening. Buying power seems
small. A few shorts would cover at times,
which seemed to check the decline Then
fresh selling orders would arrive in the
pit, causing further decline. The mar
ket closed nearly &c lower than Saturday,
making break of 51@c in four days
There was quite a good demand for corn
for shipment
Oats-The market opened sharply lower
with general selling by the commission
houses on stop loss orders. The offerings
We're well taken by the best professionals
and fair upturn resulted The general
trend of price in tbIy Wi
other grains. selling by influential pro-
vision houses at close augmenting the
O'Connor & Van Bergen's stock letter
says:
The market has been somewhat frmer
and the pressure of last week on the in
dustrialS has for the moment at least
spent its force. There was a determined
effort in the early dealings to bring about
q new low record in the United States
Steel shares, but unexpected support was
met. after which the stock lapsed into
dullness and continued inactive through
out the balance of the day. The course
of these securities in the past few weeks
has had much effect upon the market
and any news which will take away the
undefinable uncertainty and mystery
which surrounds them would be most well
come. improved weather reports and the
sharp decline in price of corn had de-
cidediy good influence and did much to
check the early weakness but business
has been entirely professional and many
IL.
The traders generally continue bearish,
but they hesitate at present prices to put
out more stock. believing a rally to be
due. Scattered buying continues, but
manipulation in specialties comprises
comparatively the whole business of the
day. and We can discover no change in
the general apathy of people, either here
or abroad
J. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is without
material change. The prevailing senti-
ment in Wall street is still bearish Most
of the selling pressure comes from this
source. The bears succeeded in dislodg-
ing very few long stocks. The reports
of earnings of nearly all the properties are
most favorable. Fears of financial
strlngency are gradually being abated.
The short interest is large With damage
to the corn crop no longer threatening
the situation. we are inclined to think
that the next liquidation in Wall street
will be that of the short interest. We
advise buying good dividend PAYERS.