The Saint Paul globe., 1904-05-28
WHEAT is STRONG
DESPITE BEAR NEWS
Crop Reports We're Cause for
Decline, but Market Held
Firm.

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their Chicago and New York corre-
NJ. Doran & Co.'S Chicago grain letter
Bays:
Wheat - Wheat ruled firm, although
there was a good deal in the general news
against it. The crop reports of the
Modern Miller and Snow We're bearish in
respect to winter wheat The former
however. estimates but a half crop in In
diana, Ohio and Michigan Snow says the
spring wheat acreage is larger than year
ago and condition high. There was a
revival of gossip respecting closing of
Hour mills at Minneapolis, and the in
creased movement in the spring wheat
belt. The Liverpool market closed firm
at Ad advance. sympathizing with the poor
crop reports from Hungary and smaller
Argentine shipments.
Corn-There was a great deal of bear
news to AFFECT the market, which, how
ever. was stubborn on the decline. Those
skeptical regarding the increased move
ment We're silenced by the estimate of
cars for Saturday. The cash market wa g
weak, and from u to 11bc a buSheI lower
Shipping demand is poor and crop reports
bearish. Snow says: The increased acre
age promises to be very heavy, especially
IN Ohio, Indiana, Iowa and Nebraska
Hhe crop Is generally in, and coming for
ward with the stand fully as good as
usual Liverpool closed unchanged to
Oats-Oats We're strong and the deferred
futures firm at fractional declines. There
Rarket Telapsed into the dullness charac-
Seristic of it of late. The shipping de-
Snand is shade better The cash market
vas steady. Receipts were light, with
349 cars estimated for Saturday
O'Connor & Van Bergen's correspond
entS say of stocks:
Watson & Co.-The feature of the week
fn a monetary way has been the enOr-
NOUS receipts from the interior, exceed
3ng that OF any previous week in years,
the result of which gives the banks a
pet gain of some $12,000.000. The street
looks Tor very pleasing increase in re-
serve Saturday. as it can see no reason
why there should be any material change
In loans that could offset the above al
though, as experience has taught, the loan
Item IS by no means a certainty. How
ever. in view of the superabundance of
money the banks figures will give no
particular bearing. There was no special
feature in the market except perhaps, the
decline in Erie and Detroit Southern The
various news services attribute the for
mer to liquidation. We think it is per
haps nearer the truth to saw the selling
IS IN anticipation of a probable unfavora-
Ole April statement which will soon be
made public. No particular activity de-
veloped anywhere else in the list. There
mas been an anticipated large absence
from the street. which has a general holi-
day appearance.
Van Emburg & Atterbury-The market
mas been narrow and extremely dull
throughout the day. The heaviness in
ErieS was a feature and affected the
general list unfaVoTably prices easing off
fractonaIly until near the close, when
some recovery took place. A strong fea-
ture was found in the Smelling stocks.
which seemed well bought. A favorable
bank statement is looked for Saturday
but II was without effect on DripeS in co
restricted a market. as was the case in
regard to the important announcement
made late yesterday of the completion of
dull and without feature with price
changes generally unimpOrtant