The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-03
PROPER WEATHER
CONDITIONS FORCE
WHEAT DOWNWARD
Rain in theNorthwestern States
and Sunshine in the Winter
Wheat Belt Cause Decided
Slump in Prices.

There was still further decline in the
wheat market yesterday and prices are
gradually working back to a normal
basis. At the opening there was con-
siderable buying of September options by
shorts around 75c. and prices held firm
until near the close. when there was bad
break. Soaking rains have fallen
throughout the Red River valley and the
entire spring wheat belt has been well
watered. In the winter wheat belt the
weather conditions are ideal for har-
veSting. The close was l cent under July,
&c for September and &c for December.
Corn was easy at the opening, but later
in the session developed some strength.
Before the close corn followed wheat in
it downward movement and closed from
1bc to &c lower. There We're some dry
weather reports from Central Illinois.
The trade in oats was very light, but
prices remained firm. Oats refused to
follow corn and wheat. although at times
it looked as if the market was inclined
to break. There were reports of dam
age from rust in Illinois. The close was
slightly above Wednesdays.
Stocks experienced another dull day
yesterday. Trade was extremely light and
there was little or no commission house
business. Scattered shorts sold some Sc
curititV. The opening was fractionally
lower, due to lower London cables
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
Whcat-At the opening the shorts
created good demand in the neighbor-
hood of 75c for September and the mar
ket ruled fairly steady until near close
when prices became week. Soaking rains
fell through the Red River valley and
there. We're showers in other portions Of
the Northwest Through the winter
wheat belt it is bright Snd clear Just
what is wanted for harvesting for new
winter wheat The market was good
deal of an evening up affair throughout
the session
Corn-Prices were easier early in the
session, becoming strong later on, cover
ing by shorts and a few disquieting re-
ports from Central Illinois Of too dry
weather injuring late corn. The map
is general shows very little, precipitation
through the belt The market eased off
with wheat at the close.
Oats-The trade was light and prices in
small way followed the trend of the
corn market. There are some complaints.
of rust and poor color, particularly from
Illinois.
S. B. shotwen & Co.'S grain letter
says:
Wheat-The opening was lower on the
report of general rains in Red River val
ley. Commission houses generally APP
peared to have a good many buying orders
Some of this buying was induced by this
Missouri state report estimating the crop
of that state at twenty-five million bushels
against sixty-one million bushels last
local scalping crowd, who were cleaning
up for over the holidays. The close was l
cent under last night for July, y cent
under for September and Is cent under
for December.
Corn-Todays weather map was all
that could be desired for the corn belt
The opening was a shade lower on fine
weather and in sympathy with wheat.
There was not much pressure, however,
and most of the scalping crowd was still
bullish early in the session. Crop re-
ports indicate corn gaining ground fast.
The close was rs to Il cent lower than last
night
Oats-This market was steady and quiet
and less affected by weather and crop
reports and not inclined to move in SYM
pathy with corn and wheat. The close
was a shade above last night for July and
December, with September same as last
night.
j. c. Gerahty & Co.'S correspondents
say OF stocks:
Logan & Bryant is an extremely dull
market There is some scattered selling
of long stocks in view of the holidays,
but in the main what little pressure there
is is traders selling short stocks. Money
is easier and favorable bank statement
is expected. We see nothing to make a
bear market. Think stocks should be
bought on the soft spots.
Walker BroS.-London came in lower
this morning and our market opened frac-
tionally below the close. The market was
extremely dull all day and there was lit
tie disposition to do business even among
the traders. commission houses reporting
a dearth of orders. The market closed
dull. condition which will probably be
Dick Bros.-The market was sluggish
and heavy all day. Selling was light, but
persistent and there was 40 support and
prices yielded easily The only activity
scored let declines of from half to one
point Indications point to a rather I'M
favorable bank statement tomorrow At
the close the tone was heavy.
Bache-The lower London had little eff
feet on our opening this morning. After
declines of some small fractions were re-
Hn6 no. ctr Ike hnN
cesSively dull During the first hour the
tone was heavy and there was little ac-
tivity at lower prices. The market looks
tired for the time being and sells lower,
although on declines stocks should be
bought. The close was quiet at the
lowest of the day.
says: :
Business on the exchange has again
lapSed into extreme dullneSs and tranSac-
lions have been smaller in volume than at
any time heretofore There has been no
news of any Importance, and the market
has had no feature and permits of but
very little comment. Prices are fraction
ally lower but general conditions, both as
to the crops and labor continue in favor
hopeful sentiment and to confirm the be-
lief that the market is gradually harden
ing, and that the trend of prices should
be upward rather than downward With
out question, money is more plentiful and
rates somewhat easier, and as has been
often said, the general anticipation of
great stringency in the fall is more tnan
likely to prevent its occurrence. While
there has peen no indica ton of any in
crease, Of activity or of public interest,
nevertheless good stocks are selling upon
basis which is attracting attention OF
investors, and, while an active bull mar
ket is not to be expected, we believe
gradual Improvement can be relied upon
Midway Horse Market.
Minnesota Transfer, ST. Paul, Mimi
Barrett & Zimmerman report quiet
market. Buyers from local quarters the
only ones buying. Stock well represent
ed, prices holding little weaker. Val
ues: