The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-20
WHEAT PASSES THE
ONE DOLLAR MARK
May Option in Chicago Sells
at S1.O3- Stocks Are
Dull.

The following letters relative to grain
ana stocks We're received yesterday by
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The goal of the wheat bulls
$1-waS reached at the opening and ex-
ceeded by &c before the Gle The bull
fever was prevalent all over the floor in
a greater or less degree. The general
tenor OF foreign market news, the intense
anxiety over possible European complica-
tions, growing out of Eastern Situation,
and the general broadening of speculative
interest In our market all contributed to
the days advances. Excitement at times
was intense and fluctuations wide on
small trade. Wheat was easily the leader
OF the advance. BY the opening hour
Liverpool had responded fully to our
thursdays gain, and cables called atten-
ton to almost entire absence Of Russian
clearances during the past three days and
to the probability of a railroad strike in
Argentine. Spring wheat prospects all
over Europe are reported as not partic-
ularly promising and the demand for
wheat caag gfes was urgent; Every Eu-
with the exception of Budapest which
lost 12c. The demand from millers at
Minneapolis was good and 81 a blu was
paid for the No. L northern, and the May
option crossed the 81 mark there
Corn-Corn was something of disap-
pointment to its friends, tagging behind
until the last hour, when May worked up
nearly lc blu, portion of which was
lost before the close. The July and Sep
TENDER were relatively much the strong
er. The Argentine prospects We're report
ed good. The cash market was steady to
lie higher, with the best grades gaining
the most. Philadelphia and New York
Were bidding for corn for shipment
OatS-The market received the benefit
OF strength in other pits and of a partic-
ulariy strong cash position, the advance
in which kept pace with futures. The
trade was broad and buying of an excel
lent character. The receipts were small
ana IN good demand at 1c advance. The
East is an urgent buyer, particularly for
oats en- route or for prompt shipment
The stocks at principal Eastern points
are very light and railroad bloekades
have reduced receipts to a point much
below daily consumption.
j. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market again
shows fractional loss. There is no relief
most wholly professional. Foreign ex-
changes are still very much depressed.
Easy money, of course, helps, but with
the conditions abroad and possible compli-
cations in the political situation, decreas-
ing earnings of the properties, confidence
OF holders IS worthy of admiration. There
is an important short interest most of the
time, but outside of this it would be diff
cult to market many stocks. Apart from
moderate rallies by shorts covering, we
doubt if higher prices may be expected
OConnor d Van Bergen's stock letter
says:
Under the influence of foreign markets
and news of war the stock market opened
a shade lower, with London selling the
feature. AS there was no other Selling
bears took a fair part of these sales.
Hours of stagnation and steadiness fol-
lowed. and again in the last hour the
tone turned weaker, led by Amalgamated
Copper, in which there was liquidation,
and in others there seemed to be some
long stock coming out. Pennsylvania
sagged to the lowest Of the day and
closed heavy in tone. Just at the moment
the foreign situation seems most inf1uen-
tial on sentiment, though local conditions
as represented in railroad earnings, ex-
penses and rate disturbances encourage a
beariSh sentiment