The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-02
FURTHER REDUCTION
IN PRICES FOLLOWS
NORTHWEST RAINS
Wheat Again Drops a Notch, In.
fluenced by Favorable Wealth
er Conditions Stock Market
Is Firm but inactive.

O1AA hAAoS&AVOs
1t will be at least several weeks before
can again howl about the possibilities of a
drought in the Northwest. The heavy
rains of Tuesday effectually killed every
vestige o fthe much-mooted dry spell.
In consequence of the rains throughout
the spring wheat belt, and receipt of re-
liable reports from Kansas and the
Southwest which indicate an exceptionally
large crop. prices slumped during the
first few minutes of yesterdays session.
July opening at CSC under Tuesdays
close. There was liberal support on the
weak spots and the market held fairly
firm. considering the pressure OF the
bearish news. Towards the close the
real slump came and July dropped
/ Lice and December and September fell
&c.
At the opening corn showed ten
dency to weaken in sympathy with wheat,
attempt of the bull interests to force the
price higher. Before the close prices
again weakened.
Oats showed some Independent action
at the opening and in spite of lower
wheat and corn this market maintained
its prices until near the close. when Sep
TENDER and December fell off nc. July
closed &c over Tuesday.
Stocks were inactive but firm yester-
day. There were many inquiries for
rangers, the improved weather conditions
undertone of the entire market was good.
Money was somewhat tighter
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The market opened easy on
further liquidation, influenced by rain in
spring wheat belt, fine winter wheat har-
veSting conditions and indications of
free and early movement of the new mar
ket crop. Prices We're nervous and sub,
ject to quick changes Oklahoma and
Kansas have raised heavy crops, but re
turns are disappointing from Missouri.
Kentucky. Tennessee, Illinois indiana and
Ohio, and at the moment spring wheat
prospects are promising. With this in
view it will be safer to go short in rallies
for time being.
Corn-After a brief period of weakness
at the opening. prices were advanced
sharply. The periodical weakness in
wheat was felt in corn. Weather condi-
tons are generally favorable for the crop
and demand for shipment is poor. Indi-
cations are that preSe.'S run of receipts Is
about over and arrivals will be lighter
next week. While present weather con-
ditions are favorable to growth the out
look for late planted corn is very uncer-
tain. it being particularly susceptible to
hot weather. We favor purchases on the
breaks of the September and May options.
Oats-The trade was limited with prices
ruling early in the session. The eaSineSs
in other pits closed the market fraction
ally lower. The. demand for local re-
ceipts and for shipment was fair While
there are complaints of too dry weather
from Central Illinois, the crop shows i'm
provement in the Northwest.
S. B. Shotwell e. Co.'S grain letter
Wheat-The market opened off sc for
July and about the same as Tuesdays
close for September and December and
was inclined TO weakness early on re-
ports of more rains in the Northwest. On
all weak spots during the early part of the
session there was liberal support shown
and prices held steady until near the close,
when they broke sharply and closed at the
low point for the day with July / 1-16c
under last night. September and Decem
Der &c under. Kansas City says their re-
ceipts We're moderate on account of re-
stricted railroad facilities for delivery.
They expect after July 10 their receipts
will be more than they can handle.
Corn-This market opened weak. but
shorts were anxious to cover and found
very little for sale. The market strength
ened in consequence. After the early up
turn corn showed no independent strength
and toward the close sold off in Synlpa-
thy with wheat July and September
closed Zee 1nder Tuesday, and December
3sc Under.
Oats-This market, especially the July.
seemed inclined to strength all day and
showed no material response to the weak
ness in corn and wheat toward the close.
and Ac under for September and Decem-
Der.
]. c. Geraghty & Co.. correspondents
say of stocks
Logan & Bryan-The market still holds
the strong tone. 1t is not active. but there
is no selling pressure and the tendency
seems moderately upward, There, is a lit
tie tightness in call money Incidental TO
local conditions the first of the month
Weather is favorable everywhere and ey-
erything is making good progress.
Dick Bros-The opening was irregular.
but the market remained firm until a drive
against Hooking Valley and C. F. & l.
caused a little setback. London sold
10000 shares of stocks. Railroad re-
turns continue most favorable. The trac-
tons were very firm. Standard Oil brokers
were credited with buying Missouri Pa
cifie.
Bache & Co-Interest centered in the
grangers and news regarding weather in
the crop districts was extensively dis
cussed. The Steel stocks were active and
curi ed in was that the change in the
executive was a bull argument The
Gould brokers sold c. F. l. and the de-.
cline in this stock and in Hooking Valley
caused the rest of the list to sell off frac-
tionally.
McIntire & Marshall-There was nothing
important in the days news to influence
specula ton one way or the other It
looks as though the gold export move
ment has eliminated. While general senti-
ment continues bullish we still see nothing
better in prospect than continued mar
row traders market.
Walker Bros.-The market opened dull
but steady. B. R. T. advanced on large
purchases on the very favorable state
ment of earnings. The market closed
somewhat firm at about the prices of the
day.
O'Connor & Van Bergen's stock letter
says:
Although the market has been dull and
somewhat reactionary, the change for the
better in sentiment continues and the
extreme pessimism of which we have seen
SO much lately is gradually wearing Off.
There has been some commission houca
buying. London has sold stocks before
the rally, there has been much profit tax
ing. but stocks have fully held their own.
and until the July disbursements have
been invested we look for somewhat high
er prices, although we do not expect any
great activity. Another feature of our
market which does not confirm the be-
lief in higher prices, il the fact that such
good securities as the Burlington extern
sion bonds and also the new Hooking
Valley notes, carrying guaranty which
cannot be questioned, are selling at such
bargain prices netting 5 and per cent
In sic fhay &c,