The Saint Paul globe., 1904-06-10
MARKET TAKES ON
A BEARISH TURN
Fair Weather and Favorable
Crop Reports Cause a De-
cline i'm Wheat

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their New York and Chicago CORE
Spondents:
says:
Wheat-Better weather ands crop ad-
vices. coupled with the local character of
trade. gave the market a bearish turn.
The Northwest was a fair seller on bet
ter spring wheat prospects and local bulls
were worried at rapidly advancing har-
vest time, which gives promise of fair
July receipts. We are conservativeIy
bearish. liverpool closed unchanged to
7sd higher.
Corn-The market was weak in tone,
but prices closed a trifie higher on a
late squirt. Trade was purely local and
such support as was given came from
floor professionals. Bulls found little en-
%eatbs4 n IN f6e days be news coth THE
movement is liberal Receipts here con-
tinue large. The sample market was
steady for good grades, but 1c a bu lower
for the poor ones. The shipping demand
is slow and practically nothing has been
taken from store during the past few
days.
ton gave firm tone to the market
Trade was small, but values were well
maintained. The Price Current says the
crep is. progressing fayorably and letters
tionaly optimistic. The Kansas state
report gives condition as 80 on Increased
acreage The shipping demand is good
and the sample market firm. Receipts
were light If any such crop as is now
indicated is harvested the present Sep
temheT price will look high. Estimated
O'Connor & Van Bergen-s stock letter
says:
There has been no development of in
terest that would account for the rather
abrupt cessation of the buying power
which appeared Wednesday Traders
although inclined to be bulIish on pros
poets of favorable crop report, having
learned caution. turned sellers rather
than take a chance in present hStless
condition of tradingsf Stocks have been
well taken, however, prices having been
shaded but slightly insSpite of this profit
taking. London has shown more spec
ulative interest in our affairs than for
some time. buying some $4,000 shares
mostly Union Pacific and Atchison The
principal influences contributing to ad-
vance III Reading are first the class OF
buying around 40, which was reported
particularly good and the fact that peo-
pie close to official quarters are mani
Testing much interest in the stock Esti-
mates from well informed sources con
rlnue very confident as to this quarters
earnings being over SIS. 600, 009 and there
VIII be no change in the first preferred
dividend. announcement of earnings will
not be made this year until the latter part
OF July We are inclined to believe the
market hesitation is due in a great meas
uTe to inclination to wait official figures
from the government as TO general agTi-
cultural conditions.
]. g. -Geragfty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market holds its
modest improvement of the past few
days. It is, of course, not active and
activity at this time can hardly be ex-
peeted. There is. however, no selling
pressure from any quarter Bearish en-
thusiasm has evaporated and holders OF
stocks seem ,contented with their hold
ings. We think the market may be
bought with safety. Great Immediate re-
turns can hardly be expected. but a Tit
tie patience will be rewarded
DICK -Bros.-The market has. been quite
dull The trading dropped back to very
small proportions The list was firm but
only firm. The fluctuations being mar
row. as rule. the leading shares showed
no gains. Expectations of a good erou
report and a good bank statement on
Saturday had influence but did not induce
buying. -
Walker Bros.-The market was very
quiet and uneyentfuI. After STEADY
opening there was slight decline, caused
largely by traders selling With the ex-
eeption of some ACTIVITY and strength ir
Snelter stocks. the general market lapsed
into duhness, but closed strong at about
last nights prices