The Saint Paul globe., 1904-08-31
WHEAT SLUGGISH
ON LACK OF NEWS
Market Says Off Under Profes.
sional Selling and Scores
a Loss on Day

Wheat sold off on small volume of trade
and at the close yesterday was apprecla-
bly, lower than the close of the preceding
day.
Lack of definite news of a startling ma
ture was the cause of the SluggiShneSS, ac-
cording to the traders.
Stocks also were quiet; but distinctly
bullish tone underlies the market appar-
entity.
What the Brokers Say
NJ Doran & Co.'s grain letter:
Wheat-The wheat market rather drag
ged today although the loss in the end
was not great. The local professionals
were inclined to sell the market in ab-
sence of anything new in the Northwest
situation. AdviceS were, on the whole,
confirmatory of the prior damage claims,
but they have for the moment lost their
effectiveness q S buying incentives. ThreSh-
ing returns were no better and the gov
eTnment weekly bulletin gave official sane
ton to much of week s private crop news.
kota is still unripe and late wheat is be-
ing further damaged by rust. Much of
the crop will never be cut" The weather
throughout the harvesting area is cloudy
materially higher, but lost something of
the advance on large offerings of the me
dium qualities of Russian wheat The
close was ss@1ad higher. Speculation to-
day was light and trade mostly profess
siOnaI and market felt the lack of sup
port on the part of the public. Prices
may work lower and if the break is a
sharp one We advise purchases. ESti-
mated receipts tomorrow, 81 cars.
Corn gradually worked lower, except
Ing September the price of which was
well maintained; Trade was small and
local. with crowd against values. Fluctua
tions were rather nervous. Commission
houses We're at one time good buyers in
moderate way of the December and pre-
MUM over May was further increased.
Private advices covering a wide area
claimed four weeks of dry, warm weather
necessary to mature crop. The govern
ment weekly bulletin indicates three to
four weeks necessary for late corn, but
reports crop on the whole as having made
a decided improve nent, although cool
weather has prevelted rapid growth in
Ohio valley and lake region. Receipts to-
day were again heavy. If the present
rate of arrivals is kept up the corn bought
IN the country last week will be pretty
well IN by-trst of next week and a sharp
drop in receipts seems probable. Liver
pool closed q a I'D higher. Estimated re-
ceipts tomorrow, 1872 cars.
oats eased off with other grains, the
near deliveries showing the most loss.
Trade was light and, aside from selling of
September and December by cash houses,
speculative influences were mostly sym
pathetic ones. The movement east of the
Mississippi is falling off Cash closed 10
203 cars.
There was an improved tone in the pro-
vision market. with the strength mostly
IN lard. There was buying early in the
DAY which was suggestive of shipments.
Estimated hogs tomorrow, $4,000.
j.. c. Geraghty & Co.'s New York stock
advces:
Paine, Webber & Co.-Apparently the
coppers advanced too sharply yesterday
and there was. considerable realizing at
the opening this morning. Traders gen
orally sold lot of stocks for reaction.
They have been surprised by the limited
selling and at the way prices have stood
up. 1t looks now as if they would like
to buy back their stocks and take the
bull side again. The buying of Royale was
largely for Western account. At the slight
decline there are very few copper stocks
offered for sale and brokers have good
buying orders just below the market The
outlook is favorable for higher prices.
The railroads and industrials in the Wall
street market had good reaction, get
ting dull at the bottom and then deve1-
oped an advancing tendency again We
shaH have more of a traders market
all around and think that rallies and re
sell and buy stocks.
Logan 6, Bryan-The general tone of
the market was a little easier. After a
considerable show of strength early the
market has shown more liquidat ton of long
stocks than for some time past. This is
doubtless due to uncertainty regarding
crop conditions. The tendency of reports
on the cotton crop are unfavorable The
corn crop still has three weeks of a crit
1cal period to pass through. This makes
a temporary uncertain feeling in the mar
to indicate that both the cotton and corn
crops will not be fully UP to or in excess
of the average The promise of a few
week ago is, however heine IMPAIRED IN
same extent 1t might do to take profits
on long stocks for the moment
- Connor d Van Bergen's correspondent
SAYS:
London has been quite an important in
f1uence in the days market. 1t is esti-
mated foreigners have taken all told 40, :
GOO shares. 500 railway shares and the
steels seem to be specially favored in
their purchases. Sentiment appears to be
quite bul1ish on our stocks based to a
great extent ON prospects of large harvests
in all directions except wheat Early in
the day there was profit taking which the
market absorbed easily, but later on weak
ness in fractions, on reported possible
hitch in deal of which there has been so
much talk. the market had something of
a setback. Floor traders still report some
scarcity SG.aiI Y, OF offerings and good buying of
setbac cks by what. is thought to be the
Hartman interests