The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-09
NEWS IS BULLISH.
But PRICES SLUMP
Wheat Breaks on Account of
Heavy Liquidation and
Profit Taking.

In the face of extreme bullish condi-
lions wheat declined yesterday on heavy
liquidation and ofit-taking. All the news
was buliSh, but the amount of July grain
thrown on the market was so large that
nothing could be done to stem the tide
The war news from the East should
prove a big bull factor in the prices for
several days to come.
Corn continues to grade low. The pres
ent cold wave may help the grades. But
little of the grain arriving grades higher
than No. 4. The sample market yesterday
was weak and inactive. Oats were also
heavy Liquidation was persistent during
the entire session.
The war news and the Baltimore fire
had depressing effect on prices in the
stock market yesterday. OF the two the
fire news was the more important. Fear is
expressed that many of the large insur-
ance companies will be forced to dispose
of their securities to meet losses and that
the market for some time to come will be
Hooded with offerings of good standard
stocks and bonds.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
Wheat-The weather throughout the
winter wheat belt was clear and cold,
with lower temperatures fOrecaSted for
Tuesday. Argentine shipments were some
larger with the increase chiefly in Ar
gentIne and Australian clearances. The
Southwest receipts We're somewhat
heavier. Kansas City and st. Louis re-
celVlng 243,00O blu, against 107 900 a year
ago. Northwest markets were, relatively
speaking, very strong during one spell of
weakness: The Southwest sold the July
option. The French winter wheat CROP
acreage was officially reported as 258, 900
acres less than a year ago, and the condi-
ton II $40, compared with 20 $40 last
season.
Corn-The temperatures throughout the
corn belt We're low, with cold wave
coming in from the Northwest. OF the
AL cars received, 1853 inspected No and
no grade; 68 No. 8, and none contract.
The sample market was weak the No
ranging from &c to &c lower and the no
grade 1c off, being relatively stronger on
account of the demand from the sugar
refineries.
Oats-There is little to be said in re-
gard to oats. Liquidation was persistent
all day. The cash market is weak, vary
ing from &c to &c a bu lower.
j. c. Geraghty & Co.'S correspondent
say Of stocks
Logan & Bryan-The market is heavier
and lower. What seems certainty of
war caused good deal of depression
abroad. Enormous loss by fire in Bahi-
more is, we think, however, a much more
effective bear argument and one that oc-
CaSloned much more selling Of stocks
The natural inference is that insurance
companies and many others, large hold
ers OF securities, will be obliged to throw
them on the market. With two such SEN
sational influences as these against the
price, it seems the part of conservatism
to wait. All ordinary conditions and in
fuences. are supplanted by them for the
time being.
Walker Bros.-The market was weak
and with little support. London prices
We're down and the traders began to sell
our market off. Prices declined easily
and nearly every one took the selling
side. Numerous things contributed to the
selling movement and traders found many
stop orders We look for a continuation
of this declining market. The short in
terest was enlarged and this helped to
keep up prices slightly. The feeling was