The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-09
REALIZING CAUSES
SLIGHT REACTION
Profit Takers Force Price of
Grains Downward-Stocks
Are Stronger

The following grain and stock let
ters We're wired yesterday to st. Paul
brokers by their New York and Chi
cago correspondents:
NJ. Dor & Co.'S Chicago grain let
ter says
Wheat Ter opening up decidedly
higher, on a big volume of trade, the
market gradually worked off, closing
with a net loss in all options for the
day. Shorts have apparently been
pretty we'll driven in and longs took
profits freely against probability of inn
proved weather Saturday. While the
forecast is for more or less unsettled
conditions. the outlook is improved.
Damage reports in great abundance
were poured in and the estimates of
the extent of damage vary greatly, but
average 20 per cent, without taking
into consideration any deterioration in
quality. With all the pessimistic ad-
vices there were occasional MESA ges
from the Southwest which, while adj
uniting the situation to be serious,
were much more optimistic. Reports
from the Northwest were encouraging
Foreign markets We're all substantially
higher and crop advices covering Rus
STA, France and Italy were less favor
able, improved conditions being alone
advance has been based on a very I'M
certain speculative foundation and lit
tie outside trade has been attracted.
From this we advise caution in regard
TO going long at these prices.
Corn-Aside from the excitement
during the opening bulge, corn ruled
weak, with a marked downward ten
dency. The early advance met free SELL
ing which satisfied the urgent demand.
Afterwards prices We're left pretty
much to the mercy of pit operators,
who were bearish. With every sign
of weakness in wheat the market was
sold and the last prices were not only
close to the bottom for the day, but
lower all around than Thursday. There
was nothing particularly significant in
the news except perhaps the Snow re-
port which places the acreage at 3d.
100000, and the condition on July 1
at So
Oats-Oats readily succumbed to the
change of sentiment in the market in
the absence of any especially bullish
features in the situation. After open
ing higher in common with an grain
prices developed material weakness.
Snow gives the condition of the crop
at 9O.t, which is .06 higher than on
June l, and remarks that the crop is
late and harvesting is being delayed by
rain.
J. - OeIdSnly q 90. correspond
entS say of stocks:
Logan & Bryan-The market has alb
sorbed the liquidation of Thursday and
recovered from its uneasiness over the
crop situation. Probably the little
weakness in the grain markets con-
tlibuted to the latter result. 1t is a
strong market and at higher prices.
Expressions of confidence are steadily
increasing and the trade is broadening.
Searching parties with dark lanterns
are out after the better class of bonds
and demand of this character is no.
tceably extending to bonds and divi-
dend paying stocks which have been
considered of a secondary standing.
We are still of the view that the exist
ing situation and the prospects justify
an advancing market. and we reiterate
our judgment that all one needs to
watch is the crop prospects.
Brown & Co.-The market, after
some uncertainty in the early part of
the session, gradually hardened on
short covering. Crop damage reports
We're conflicting and the situation in
St. Louis was rather mixed, which
caused some unsettlement of sentiment
here. The outlook is still somewhat
mixed and it is difficult to judge the
immediate trend of prices. The public
is not in the market, evidently pre-
ferring to wait a clearing up of the
uncertainty now overhanging it.