The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-24
FINE WEATHER IS
CAUSE FOR BREAK
Wheat Opens With a Sharp
Decline and Corn Follows
Its Lead.

The following stock and grain letters
we're wired Saturday to st. Paul brokers
by their New York and Chicago CORE
spondents:
NJ. Doran & Co.'S Chicago grain letter
Wheat-The wheat market opened with
q wicked break and heavy commission
house liquidation based on springlike
weather throughout the belt. The warm,
muggy weather, the first real touch of
spring. did more than anything to inf1u-
ence local speculative sentiment. The
market ruled steady on the decline on
has improved in a small way on this
break. The Indiana state statistician
makes condition of wheat 40 and crop
going backward Northwestern reports
are somewhat better.
Corn-COrn was affected much the same
as wheat at the opening. Heavy covering
by, local professionals held July little
below the previous close, but the May
and September We're relatively weak and
at one time materially lower. Receipts
are heavy, Quadruple those for same day
OF last year. The demand for mixed corn
IS very poor. but there is some little i'm
provement in inquiry for yellow from in
terror.
Oats-GeneraI covering by local traders
was the feature and held this market
firm, compared to wheat and corn. The
cash situation shows little or no change
in weather conditions throughout the belt
are very favorable to growth.
j. G. Geraghty & Co.'S correspondents
say of stocks:
Walker Bros-The market was very
dun and trading light. Prices held firm
but the changes were slight. The bank
statement, while good had little effect.
We do not look for any great activity for
the present, but expect to see the market
hold steady. The tone and general feeling
is good, and with the cheap money prices
should advance.
Dick Bros.-The market had been stag
nant and the price movements have been
narrow and unimportant. The bank state
ment was quite favorable, showing heavy
gains in cash and surplus. The general
tone was firm and most stocks showed
slight net gains. Closing was dull but
steady.
Bache-The approval by the mayor Of
the Remsen gas bill caused a firm and
higher opening in Consolidated Gas. but
traders sold stock on the advance, caus-
ing a reaction. The general market was
without a feature. Although remarkable
it had a firm tone and little squirt oc-
CURED on the publication of the bank
statement, which was considered favor
able.
O'Connor & Van Bergen's stock letter
says:
One of the market features the past
fortnight has been lack Of leadership
The long 1903 liquidation has lodged
stocks in strong hands These men might
think lower prices inevitable and act &C
cOrdingly, but nevertheless they are al
ways long Of stocks, and necessarily must
be- as it would be unwise to throw a dead
mass Of securities on a market where
there are but few buyers other than
themselves. The movements up and down
from day to day are due purely to tech
nical conditions, traders at times having
oversold. find offerings light, quick ad-
vances occur, at top OF which long stocks
appear. New short lines are put out and
down go prices in consequence. The most
encourag ing development of the moment
is improved general weather conditions in
grain and cotton belts. This taken in
connection with large increase in short in
tereSt and fact most important financiers
are ranged on the bull side, we are like
ly soon to see fairly good rally, probably
next week. We do not look, however, for
time being for anything permanent until
conditions are more settled.