The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-29
WHEAT MARKET is
WEAK AND LOWER
Bearish Crop Reports Dampen
Bull Enthusiasm Stocks
Are Dull

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their Chicago and New York CORE
spOndents:
NJ. Doran & COS Chicago grain letter
says:
Wheat-Wheat was friendless except
for occasional support of local bull, and
the days news was almost uniformly
against the market. The July options
were especially weak. Weather was ia
VorabIe and crop adV1ceS We're generally
optimistic. The Santa Fe officials estimate
a yield in Kansas of $4,000 600 bu, and in
Oklahoma %, 900, 600 to %. 000. 900 blu. Pri-
vate adVices reported no damage what
ever from recent rains in the harvest
district. The Northwestern receipts show
a tendency to increase, and Winnipeg had
200 cars more than year ago. Con
unental cables were noticeably weak,
While Liverpool. in a small way, reflected
our decline. Outside markets are weak.
Corn-Pit sentiment was rather bullish
at the start. being affected by the sales of
100000 bu of low grade late Monday This
argument loses much of its force when it
Is understood sales were made at a sac
fifice price. The reduction in freight
rate at and east of Buffalo and the lighter
receipts indicated for Wednesday were
other bull features. Cash corn started
strong. with the option following on the
reports the crop having made rapid prog
FeSs In Iowa and the principal corn states
east of the Mississippi In Missouri, Kan
SaS and Nebraska the growth has been
rapid. but cultivation hindered by rains
OatS-The feature in the oats pit was
the strength of September and the weak
ness IN July. Trade was light and ship
ping demand is fair Receipts are fairly
liberal The cash market was Il C lower
Tor the high grades and from steady to
shade higher for lower qualities. The
government weekly bulletin says the crop
condition continues promising in nearly
all sections, but heading short in some of
the principal Oat states, with less favor
able prospects than previously indicated
l. N n OT~Y-6c 15araf &c
say of stocks:
Logan & Bryan-There is almost no
change in prices and nothing doing The
approaching holidays and convention
both contribute to make a waiting market
In the meantime there is no selling pres
sure Every time the bears put out a few
stocks they find it difficult to get them
back. The Reading statement was unfa-
vorable, but it's effect was very circum-
scribed- Investment buying of good bonds
continues. We still feel that later if
Will extend quite actively into the dividend
5ollow
Dick Bros.-The market has been ex-
tremely dull and the tone has been heavy
1niy fractional declines were registered
There was very little news. Metropolitan
was one of the strong features. advanc-
NnS Sharply on short covering The trad
ng was wholly professional and none of
can't 0-e nm
1 OConnor & Van Bergen's stock letter
Bearish traders gave up early in the
session attempts to bring about a reac-
lion when they found their stocks were
being too well taken. What price varia-
tions there have been are hardly worthy Of
comment. The strength in United States
Steel common is pointed out by several
financial people as of likely Importance
II is said the buying is being Conducted
IN very skillful manner. apparently to
httract little attention as possible. It
LOOKS as II we have got to be content
with about this kind of market until after
the Fourth. unless political discussion be-
romes more heated and probable Demo-
ratio uncertainties are paraded to en-
considerably cheaper