The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-12
BULL|SH REPORT
CAUSES NO GREAT
ADVANCE IN WHEAT
At the Opening the Market
SIumped but Before the Close
Regained the Lost Ground
New York Stocks Decline.

Apparently the professional operators
fully discounted the bullish government
crop reports. for when the market opened
Saturday, instead of advancing, wheat
slumped. There were some who antici-
pated big bull movement. but these were
disappointed, for 1t was fully understood
by the operators that the condition of the
winter and spring wheat as described in
the report only included a period up to
July 1, while the favorable weather of the
past twelve days has done much to i'm
prove the crop.
Shortly after the opening wheat recov-
cred from the decline, but the gain for
the day was Slight compared to the adj
vance which was anticipated. The close
for September was 79kc. or re over Fri
day. December advanced &c closing at
78kc.
Corn opened easier on lower cables and
fine weather reports. However, it showed
considerable strength throughout the ses-
sion, although trade was light There was
little business transacted in the oats pit.
Stocks were again weak Saturday. The
bank statement was more favorable than
was anticipated, although the showing for
the week could not be considered good.
New York Central again led the decline.
What the Brokers Say.
M. Doran e. Co.'S Chicago grain letter
says:
Wheat-The market gave the usual
contrary exhibition Saturday. The gov
eminent report was distinctly bullish,
but prices slumped at opening although
last nights level was soon regained. The
early sellers found difficulty in getting
strong during the latter part of the SEES
sion The government figures show loss
OF 6o,OOO0 900 bushels during the month of
June and since July 1. The very poor
harvest returns have become apparent
and spring wheat has its troubles yet to
face 1t is probable, therefore, we shall
not raise crop larger than a year ago.
Railroad reports and those of mercantile
houses trading in the Northwest all claim
the crop is going backward. notwithstand-
ing the rains. Our advice is to get long
on breaks.
Corn-The sellers of Friday were the
buyers in early slump The losses were
regained and prices ruled firm. with rather
light trade. Crop, according to official
figures, is 500, 900 bushels short of last
year. Buy May on every setback.
Oats-Trade in oats was very small, the
market, except just at the opening when
commission houses sold moderately, with
leading long interest about the best sup
port 1t was very duh during the greater
part of the session.
S. b. Shotwen & Co.'S grain letter is
as follows:
had wheat to sell at the opening. The
local crowd was bullish after the open
ing. On the hard spots considerable
commission house wheat came out and
houses with Kansas and Oklahoma cash
connections sold freely. The close was
about nigh point of the day.
Corn-The weather map shows favora-
BILE conditions for growing the crop. Lo-
cal bears hammered the market at the
opening and succeeded in breaking it off
sharply. There was not much trade, but
the market held fairly steady until the
close.
Oats-There was practically nothing
doing in this market today The close
was about the same as last night
O'Connor 81 Van Bergen's stock letter
says:
Although it had been anticipated that
the movement of prices on the stock ex-
change would be affected favorably or
otherwise, according to the character of
the government crop report. the decline
in prices this morning proved that the
market is too narrow and professional
to be influenced by news of any kind. In
normal market the movement of prices
is affected by news, in the present crisis
the converse is the fact. We believe that
the most important fea lures of the pres
ent situation are the constant liquidation
in the steel stocks. the necessity of
Consolidated Lake Superior company OF
raising money Immediately, the rapid de-
cline in so important a stock as New
York Central and the continued exports of
geld. On the other side We have the rail-
of very favorable weather for the crops
since July 1, short interest of material
proportions and the all important fact
that stocks are selling 80 to 40 points be-
low the prices which brought on the
money crisis of a few months ago.
]. c. Geraghty & Co.'S correspondents
says of stocks:
Bachea--E Extreme weakness dominated
the dealings at the opening this morning.
This weakness was more pronounced
when considering the government report
was looked on as highly favorable. The
market at all times continued weak under
the persistent hammering of bears. dis
lodging large amount of long stocks.
New York Central was again ile weakest
and was freely offered down by the bears.
Walker-The market opened dull this
morning with prices but fractionally
changed from close. st. Paul and New
York Central were again weak. Shortly
after the bank statement, which also
was not as favorable as expected there
was a spasmodic rally. but it was of short
Duration
Miller Bros.-zThe market closed a lit
tie above the bottom, but that was only
short covering. st. Paul looks as if some
body is selling their proportion OF the
new stock in advance of its being issued:
Logan & Bryant is sloppy market.
but bears are very industrious and a good
deal of pressure comes from that source.
The bank statement was poor one, but
the rates for money are. after ALL what
tell Wall street is. as usual in the
Jump. but that is easy.