The Saint Paul globe., 1903-09-04
WHEAT BECOMES AN
INACTIVE MARKET
Prices Are Forced Lower and
DuilnesS Then Rules the
Pit.

Although the weather conditions
throughout the Northwest are unfavor-
able, wheat weakened yesterday and the
market lapsed into dullness, with pit trad
erS working for lower prices. At the
opening it looked as if the bear element
was in position to cause a big break in
was bearish, showing clear weather in the
spring wheat belt, and the cables failed
10 respond to the advance of Wednesday,
However, private advices told of the con
tlnuous wet weather in Minnesota and
the Dakotas, so the reaction was slight
The close showed slight loss.
Corn closed a shade higher. The
weather condition throughout the corn
belt is the controlling factor The nights
continue cool and the days are not as
warm as the backward crop requires if
1t is to ripen before a frost comes. The
corn market promises to be a strong one
for some time to come. Oats were a little
higher in sympathy with corn. There
was fair cash demand and good buying
yesterday.
Dullness has again settled down upon
the stock market. There was but little
trade yesterday. and what transactions
We're made were between the professional
traders. There was some buying of At
Gibson. but the selling interest was of a
better element than the purchasing ele-
ment
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
=. Wheat-The market barometers prior
Gables were Indifferent to our advance of
Wednesday, Liverpool opening unchanged
and Paris q @1Ac lower. The map showed
generally favorable weather conditions in
the Northwest, excepting for a few scat
tered showers. The opening was a shade
easier. prices quickly becoming firm, in
of offerings. The Northwestern receipts
continue light. and private dispatches from
the spring wheat belt report rain, and it
is evident the official map has not COR
chr aot1
late. The close showed a moderate loss
for the day.
Corn-The market was firm at the open
ing and held advance rather we'll, conSid-
ering trade late in the session was small
and business slow. The wea ther continues
to be chief bullish factor. The map this
morning was not bad but forecast sug-
gestS cooler conditions and the crowd at
once took fright. It's not surprising
shorts show great activity over weather
as present conditions keep corn from
growing.
O'Connor & Van Bergen's stock letter
is as follows:
Extreme dullness has prevailed and
business has continued nominal. The
advance in the rate of Bank of England
somewhat affected London prices, but
had no effect on the list here or upon
foreign exchange rates or the local money
market. 1t naturally suggests a closer
money market abroad and a postpone
ment of gold imports which might
otherwise have been reasonably expect
little activity but in the buying did not
appear to be as good as the selling never
thelesS the stock has held firmly through
out the day. Favorable crop reports will
tend to give a better Tone and to a great
extent. steady the market. nevertheless,
although we know the rapidity with which
sentiment in Wall street changes and the
uselessness of attempting to foreshadow
the future course Of market, Judging from
prevailing conditions, We expect con-
tinuation of dullness and lack of activity
for long time to come.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan: The market is irreg-
ular and generally a shade easier No
change has developed in the general
conditions. Pending the three days ad-
journment the market is dull. Bear
traders take advantage of this and are
looking for weak spots. We see nothing
TO change our views on present condi-
tionS or outlook. We see nothing to
make high interest rates in New York
or to reduce the profits of the proper
ties.
Herrick: With very narrow trading
the market showed a rather harder ten
dency in the afternoon and as operations
were largely professional and mostly
confined to the traders on the floor.
stocks soon became sold out The profess
Stonal bear pool in Reading seemed to be
meeting with opposition at 54