The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-23
TRADE IN WHEAT
is STILL BEARISH
Despite Reports of Crop Dam.
age Prices DecIine-StockS
Are Dull.

The following grain and stock letters
Were. YESTERDAY wired to ST. Paul brokers
by their New York and Chicago corre-
SpondentS:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The market was weak with 10
cal longs very much disheartened and
selling freely. All attempts by the pro-
fessional element to bull the market on
the crop situation have not enlisted the
aid of the country and the advances
could not be maintained. There was a good
deal which was bullish in the crop news
but spectators apparently think the
present price level discounts cOnSidera Bile
damage. The Modern Miller says: THE
winter wheat crop is two weeks late and
In need of higher tempera lures and sun
shine. Considerable acreage will be pTowed
up in Indiana, Ohio, Michigan, Oklahoma
and Texas The crop is best in Kansas,
Missouri, Nebraska and on the Pacific
coast"
English cables expect gradual falling
off in supplies from Argentine from now
on. Trade in wheat is local and if pit
operators have fqUidated pretty thorough
~ temporary reaction may follow. The
general trend of prices is downward. Liy-
erpOOl closed CSC lower.
COru-The Armour selling of Nav was
the feature of the trade and the line dis
posed of IS figured at upwards of a mil
lion. AS July was relatively strong the
pit assumed some of the commission house
buying was for Armour. The market was
draggy and for most part small, with oc-
easIOnal periods of considerable activity.
Cash demand continued poor Receipts
are in excess of year ago and offerings
from Illinois are increasing The cash
market was easier. Liverpool was $50
a c higher.
Oats-Oats shared the weakness in
other pits. Trade was fairly active and
commission house liquidation was quite
general The whole list dragged and
seeding making good progress and well
advanced The soil is working well and
the seed bed will be good. A period of
warm weather viii start crop in great.
O'Connor & Van Bergen's stock letter
says
The speculative situation is certainly
very puzzlIng, much can be said in favor
OF both the long and short side Ordi-
nariIy with two such important interests
as Hill and Hartman and the people
each represent antag OniStIc, whether the
fight be a legal one or otherwise, would
certainly be disquieting. That it is not
and the fact that those bearishly in
clIned have not been able to use the fact
to their advantage Is one of the signifi
cant favorable features of the market and
IS doing much to gradually restore con-
fdence. What influences conseryat ism
perhaps more than anything else at the
moment IS uncertainty as to crops. Con-
dItlons to date have been far from favor
closest attention and will until more def
mite information comes to hand. The
expected favorable bank statement Sat
urday viii have no further effect than
of funds awaiting opportunities for safe
investment. All things considered we
are inclined to agree with many con-
sentative market observers that fiuctua-
lions for the time being will probably be
confined to narrow limits and this sort
of market Is about the best that can be
expected.
J. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is dull
and uninteresting;; Rails are firm and
average a little higher. There is con-
tinued pressure on Steel preferred, and
while the short interest is said to be
large. no doubt some Of the selling is
of this character. We think there Is
more or less inside liquidation going on
induced by the prospect Of a reduction in
the dividend rate. The strength in the
rails is due to lack of offerings and COW
ering of scattered short interest. We
see no change in conditions or prospects
and look for dull market until after
the political conventions. Stocks are
cheap and money is plentiful and we
think they may be bought on soft spots
for moderate profits.
Dick BrOS.-The market has been at
standstill. the trading being very light
and the price movement sluggish. Many
leading shares did not move more than
half a point. The trading represented
nn,qqthing but scalping by professionals.
There was no news Of Importance The
closing was dull and featureless.