The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-20
BEARISH FEELING
IN WHEAT MARKET
Fine Weather ard Report of
Large Movement of New
Wheat Cause Break

The continued domination of the bulls
In the wheat market ended with break
on fine weather and the absence of any
new developments. BeariSh sentiment
was further encouraged by reports sug
costing a large movement of new wheat
within few days. The market, how
ever, remained firm on lower consulS, and
apprehension caused by threatened Rus
so-British complications. The stock mar
ket also was nervous on account of Rus
sia 5 action. On a rather smaller volume
of trading a slow but general improve
ment took place throughout the morn
Ing. The close was very active and very
strong at or near the best figures of the
day.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Opened with break on line
weather and absence of any new deyel
opmentS in the situation calculated to in
Bpire fresh buying and gave every indica
ton of working lower There were nu-
merous adviceS suggesting a large move
ment OF new wheat within a few days,
which encouraged beariSh sentiment. The
market however. was firmer than gen
orally anticipated the strength coming
from lower consols and from the news
affecting the threatened British Russian
complications, which caused considerable
uneasiness. The bulk of the crop advices
We're favorable. The government weekly
bulletin reports better weather during the
rast week and harvesting making gener-
ally satisfactory progress, although still
delayed IN parts of Kansas and the. Ohio
valley. 1t is completed in Missouri and
Nebraska, and well advanced in Ohio.
Private adTices Were of much. the same
toned bulletin says: THE prospects are
somewhat less favorable than previously
Indicated. due in part to rust in Nebraska
and Southern Dakota" A large North
western elevator concern says the crop
condition is all that could be desired and
barring unforeseen disaster they will have
line crop of excellent quality. The
weather forecast is favorable. The wealth
er and the new crop movement promise
to be the influential factors for the time
being.
Corn-The local crowd started the day
'bearish on fine forcing weather and the
reported improvement in country pur-
chases throughout Illinois and Nebraska.
Which were taken to reflect crop prospects.
The corn sold on break went into strong
hands and was firmly held, and when the
shorts attempted to cover the market
proved to be very tight indeed. Crop
news was favorable. The Illinois weekly
= bulletin reports corn progressing finely,
and the government weekly bulletin re-
ports a week of exceptionally fayOra BILE
weather conditions and the crop has made
rapid growth in all districts. There are
very few unfavorable reports. The cash
market was unchanged. Demand con-
unues slow and the volume of receipts
rather larger than anticipated.
OatS-Ihe market developed consider
able late strength and activity on buying
by local professionals, which was under
stood to be hased on rust reports. The
government weekly bulletin reports in
jury from rust in the lower Missouri val
ley. elsewhere progress is favorable. Har-
NeStins is general in the central valleys
and the middle Atlantic states, with
yield satisfactory The cash market was
weak and 1c a bushel lower.
O'Connor & Van Bergen's correspond
entS say of stocks:
Speculation has been under the inf1u-
ence TO a great extent today of uneasiness
evidently felt abroad as to the Russian
action. The foreign markets reflected
the apprehension at the opening. but have
since recovered on assurance that moth
ing serious is likely to result Attempts
nave again been made today using the
above as lever to bring about reaction.
out without avail the result being that
me street looks perhaps with more con-
Idence at the moment on the advance
move IMAM they have at any time since it
started.
The strength in Atchison does much To
stimulate sentiment the feeling being the
stock IS selling comparatively low the
prices OF securities of other tTanscontinen-
is good. and all indications point to har-
vests. that viii have larger monetary
value than has been the case for several
years. In our opinion it looks as if the
chances favor higher prices rather than
lower, the continued ease of money is
found to make itself felt in the high
grade securities of all kinds and to a de-
gree IN those that do not sell so high
N5sJs g Geraghty Co.'s correspondents say
of stocks:
Logan & BTyan-The market is an ar
i've illustration of the fact that funda-
mental conditions control prices and not
superficial fears opinions With consols
SHARPLY, off the last few days and Lon
suon a large seller of stocks, presumably
induced by fears Of European complica-
lions. the market showed some little
weakness early. The bears attempted to
take advantage of these features and sold
Freely. The net result of the days bust
ness; however. is a general Improvement
IA the whole list over yesterday Easy
money, favorable crop conditions and !.
GOOD business. outlook the 1ir,er
conditions. The bears make much of une
favorable railroad earnings. 1t makes all
the difference in the world in measuring
end OF something unfavorable or the be-
ginning of the end. In this instance small
rallnoad earnings are. We think. not the
peginnlng OF the end of prosperous times.
but are the end of the few months IF
business depression we have already gone
through. The future promises something
better. 10