The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-03
BULLS CONTINUE
TO CONTROL WHEAT
Short interests Make Cash Mar.
ket Nervous Stocks Are
Dull and Heavy.

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their New York and Chicago CORE
spondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The cash situation and contin-
ued nervousness on the part of shorts
made strong market for near deliveries
with some recession from high point dur
ing the day. The September options were
rather weak and under considerable pres
sure. from local operators. June sold to
S6Ac. The local stocks contract are in
strong hands and materially higher prices
We're bid for No. l northern without
drawing cut much.-A few cars sold as
high as Csc in store. The flour news was
more. optimistic; as 80 per cent of the
A4tInnIeapohs mills are in operation. Wheat
stocks at Duluth. and Minneapolis have
decreased 100000 bushels the last four
days. The Missouri state report was. 81
the same as month ago. The local re-
celpts were light and total at primary CEN
ters was but little over 125 900 bushels
There was considerable rain showers on
the map and some talk was started
of too much moisture
Corn-Some break from opening high
prices was universally anticipated after
the big and rapid advance this week and
although the early activity dwindled into
small market during the day values
We're below expectations, while estimates
Tor Friday are considerably larger. The
cash market was steady to Zee lower for
higher for better ones. There were some
complaints based on continuous rains and
rather low temperatures throughout the
corn belt.
Oats-OatS were a small market with
interest chiefly local and the trading In
centlVeS of a sympathetic character Cash
Wednesdays prices. Crop advices are all
OF the same favorable tenor The Price
current says the crop is progressing ia
EofabIy. we believe cash oats will go
a TJr1x
TENDER is new crop proposition: and IN
der present favorable outlook is safe.
Connor q Van Bergens stock letter
financial writer says: ''Some com
tort is being taken from the fact that the
only weak spots are being shown in com
pafatlVely unlmportant properties and
good support Is being given standard Sc
curItles. The only liquidation noticea bic
Is in a group of stocks which averaged
comparatively low prices before the de-
cline commenced. Generally speaking ffe
market IN its present very embarrassing
state seems to ignore good and bad news
alke. AS we have before said, the flu
ture OF the market depends mostly on
the outcome of crops, more than any other
TACT. and While the cold weather and ex-
cessIYe rains of the past few days have
created quite buIIlSh uptuTn in the grain
markets, it should cause no fear at this
stage of the situation. The railroads
most directly concerned with the ulti-
mate outcome of crops seem apparently
Indifferent to advance in grain markets
While the foreigners are doing Verv lit
ties the speculative sentiment is re-
ported quite optimistic, and there is a
good deal Of investment buying of specu-
lative stocks.
]. c. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The market is kill
Ing time. If it has any tendency it is a
dragging one. Some of our correspondents
think there is an increasing Scattered
liquidation by holders, but the market
does not show it to any appreciable de-
gree. There is no interest ON the buying
side at all events. It is just dull, hope
less, helpless market. If anything so
improbable as rally should come. we
think stocks should be sold on it.
Walker BroS.-The market was stag
nant again with prices unchanged. Con-
solidated Gas was the feature and acted
cratic with no reason to account for
same. There appeared to be some profit
taking in Shelter common. Bonds are
well held and the demand is fair
Dick Bros,-The market was very dull
and heavy although the pressure was not
heavy. The days news was rather I'M
favorable. Some of the inactive shares
were again weak. Shelters were quite
reactionary. Liquidation appeared in Con-
solidated Gas and Delaware & Hudson.
None of the declines was serious. The
closing was fairly firm.