The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-07
GOOD NEWS HURTS
PRICE OF WHEAT
=.
Grain Sells Lower on Reports
of Improved Weather
Conditions

The following grain and stock letters
were wired yesterday to ST. Paul brokz
eTs by their New York and Chicago CORE
spondents:
NJ Doran & CO.'S Chicago grain letter.
says
Wheat-The only steadying factor in
the market during the forenoon was the
rather pessimistic view taken of the
winter wheat situation by a prominent
Southwestern operator after journey
covering most of the belt. He reports
best promise in Western Missouri and
Eastern Kansas. This was eventually
offset by better weather, slow cash de-
mand, narrow trade and beariSh foreign
news. All danger regarding serious dam
age from food has been aveTted and fore
cast is for clear and warm conditions.
Private adyices report harvesting about
to begin in southern counties Of Kansas.
There was little feature to cash bust
ness. Minneapolis reports seven -eighths
OF the mill capacity IN operation and pre-
diets a continuation of present liberal
wheat movement. Outside markets were
all weak. sympathizing but little with
officially estimated at 81, 100000 blu over
year ago. We anticipate lower range
of values.
C0rn-Corn was heavy all day. with no
recuperative power whatever. although
the crowd several times tried hard for
a rally. The last weeks bull motives,
small country purchases and wet weather
nave undergone complete change Of
front. Purchases over Sunday We're large
and houses with country connections were
conspicuous pit sellers. The weather has
come off favorable and a period now of
warm, clear conditions will give crop
good squirt. We look for lower values,
but some rally from this sharp decline
may be anticipated.
Oats-Oats were dull but rather steady,
with small trade at small initial decline.
Receipts We're moderate. The sample
market was from steady to zee lower and
estimates We're pretty fair. The cash sit
UatiOn is strong, but too much stress has
been laid on its influence on July.
]. c. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-There is no change in
the conditions and not much change in
prices. Ontario & Western advanced
sharply. on heavy buying, the cause of
which is still the subject of much guess
ing. Outside of that there was very
little change and very little doing. Easy
money is the n1ainstay of the market,
put the long and continuous Indifference
of the public has finally made an indif-
ferent professional element. There is no
shortage anywhere except in wheat, and
that Is problematicaL The market is
absolutely without tendency.
Walker BroS.-The market was dull
and steady and without feature, except
the advance in Ontario & Western. There
was lot of talk in regard to this and
the buying was heavy. 1t seems to have
gone up too rapidly. The general mar
ket remained steady. Money continues
easy. We do not look for any great
change at present. The close was steady
O'Connor & Van Bergen's stock letter
says:
Foreign news was quite favorable but
falled. however, to have any effect in
stimulating speculation, the days mar
ket presenting nothing new in any way
from what we have had of late The
Great Western issues were selected as a
likely weak spot in the list, the preferred
A receiving most attention it being ru-
mored not only that the dividend would
be cut but passed perhaps altogether
Private kilograms from ST Paul how
ever. saying there is nothing known Of
proposed reduction. We therefore con-
to manipulation in line with recent at
lacks On stocks of this class Ontario e,
Western maintained it's strength through
out the day on excellent buying said to
be for foreign account, mostly for peoo
pie closely identified with the Canadian
Pacific interests. We get no confrma-
ton of this however