The Saint Paul globe., 1904-04-21
DECLINE IN WHEAT
MARKET CONTINUES
Rain in the Southwestern States
Is the Principal Bear
News.

The following grain and stock letters
were yesterday wired to St Paul brokers
by their Chicago and New York cor
respondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Looked at from any point of
view the wheat position was a bearish
one. Crop news was no longer source
of encOurag cement to bulls and the cash
situation was weak. The pit bulls SWayed
the futures for short time early on dam
age claims from the Ohio valley, but the
pit was too much occupied with official
and private advices of heavy rains in the
Southwest and predictions for more to
become enthusiastic. Outside trade was
1ighti gs the tone was weak, values working
OH slowly but steadily. The September
was strong relative to July. The winter
ana spring markets We're both weak. The
lAanSas rains We're general and the heaYi-
from which drOuth complaints have been
most common has been relieved for, the
time being, at least.
OOfn-1here was a very good attend
ance in the pit. but trade was NOT large
operators seeming to be disposed to await
deInite developments. The bull party sold
May 10 those bidding for it, and that op-
tIOH was weakest, going to a discount un-
der July. It is generally assumed the Ar
mOur interest is being reduced as fast as
possible. If the market is to he free of
manipulation, legitimate conditions will be
Inc governing factors, and those offer
no reason for present values. The demand
GOES not improve even after the big break
We nave had since the first of the month
Oats-The market was dull and lower
with May leading the declines. Better
seeding reports contributed most to the
WEAKNESS, but eaSineSS in wheat and corn
helped some. Illinois adVices all suggest
excellent progress being made and soil
conditions are exceptionally good. The de-
mand which local bulls talked of Tuesday
seems to have fiattened out.
OConnor & Van Bergens stock letter
says:
The market has been dull and sagging.
United States Steel shares showed par
tlcular weakness, attributed in part to the
purchase of the Clarion company, guar
9nteeing SIS, 100000 of the latters bonds.
The tight for the control in Northern Pa
ciflc dominates the situation the contest
looking less friendly since the last decision
at St. Paul. If Mr.. Hill carries out his
proposed plans we believe it will make
for the general good The larger men still
have the stocks and railroads for the
time being at least have what money they
need Foreign markets are showing a lit
lie hesitation IN fear of possible Russian
loan. With Hill-Harriman matter out of
the way We have next to consider crop
prospects, iron and steel trade conditions
foreign trade movement, etc. The outlook
1aFOrS much greater demand for material
than III 1903. There is nothing to fear in
recent large railroad borrowings, as earn
1ngS keep well ahead of all charges and
the slight increase in interest is there
fore OF no Importance. 1t appeared as if
Jhere was some covering in Union Pa
Cll4Cs dllIOuStl Tie IIdueIS Qf0 not nGS1-
tate to put out more stocks on each rally
Judging by the large increase in cash by
banks and dullnesS in speculation, a very
favorable statement is probable Saturday
There are always rallies in a bear mar
ket and declines in a bull market and it
is likely we will have both and Opportuni-
ties to scalp the market.
j. G. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryant is still only a trad
ers' market There is not much change
either way and little Or no selling pres
sure. InduStrialS act a little heavy, par
ticularly Steel which is being subjected
to considerable pressure. Further exports
of gold are reported. In view of the gen.
eral eaSineSS Of money it has no particu-
lar effect. The general dulneSs is against
the market and makes the street rather
hopeless Of any material improvement and
encourages traders to work on the bear
side. We think it must be kept in mind
however that stocks are cheap and inter-
est low and that scattered holdings are
at a minimum.
Clark, Dodge & Co.-The market is mar
row and very largely made by room trad
ers. Heavy selling of United States Steel
preferred by bears has brought out some
liquidation Of this stock and some good
buying in Union Pacific and Southern Pa
cific during the past two days. The rest
of the market is fiat, but with little
liquidation. Traders are inclined to work
on the bear side Of the market.