The Saint Paul globe., 1904-06-16
WHEAT is NERVOUS
WITHOUT STRENGTH
Shorts Cover, but Prices Fail
to Rally From tuesdays
Decline

The following grain and stock letters
were wired to st. Paul brokers yesterday
by their New York and Chicago CORE
Spondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat was nervous market
within a range of ss to &c. The sharp
break of Tuesday brought some covering
and little local buying for a reaction,
S but no great amount of strength was
3 shown; The precipitation on morning s
map did not cover the area where har-
vest is in progress. Crop adviceS are not
numerous, but those at hand were favor
able. Minneapolis advices credit Mani
toba with $4,000, 900 bu crop, with pres
ent prospects the brightest in years. The
consumptiye demand for wheat is light
and contract grades are slow sale even
at concessions. Foreign markets are
lower. Values seemed headed for a low
er level, but it must not be forgotten that
the market has had a sharp break within
last week and some reaction would be
natural.
Corn-Corn was firm. especially the de-
ferred futures. The September premium
over the July was further widened dur
ing the forenoon. Bears were not aggreS-
sive and there is enough encouragement
IN the possibilities of the situation to give
holders confidence The moderate coun-
try movement, lighter receipts, present
and prospective, and settlement of lake
strike are features. The demand is still
slow. but exporters are showing more in
terest. and it Is possible a fair business
may be done around present values. Amy
improvement in this particular will be
quickly reflected in futures The cash
market was strong. ruling from 1e to &c
pecialiy> good demand.
Oats-Fhe market was without partic-
ular feature. July was rather weak.
observers generally report prospects ex-
ceptionally good. The cash situation is
unaltered.
]. c. Geraghty & Co.'S correspondents
say of stocks:
:. Logan & Bryan-The market closed a
little irregular, but without much change.
1t started out strong, but furry occurred
In Southern Pacific which checked the ad-
vance and gave the market little hesi-
eTn Pacific will issue $45, ,000, 900 of either
preferred stock or bonds. So far the re-
port is unofficial and indefinite The ef-
feet was to break that stock sharply. In
the absence Of definite information We
are disposed to think the wise thing to
do is to assume that whatever the pro-
posed action is, it will prove to be in the
interest of the owners of the property.
We see no change in general Conditions
There is lot of idle money which is ex-
penslVe. There are lot of cheap we'll
paying dividend stocks which are we
think, gradually being absorbed
Mcintyre & Co.-The sensation was the
announcement by the Southern Pacific
company that at a meeting of the di-
rectorS, held Wednesday morning, the is
sue OF $1O0, 600, 900 of per cent preferred
stock was authorized, of which $40 00O. .0O(
Is to be issued immedia tely upon the
Tatlfication OF the proposition which is
to be passed upon by stockholders
meeting to be held early next month. The
whole market was strong throughout the
forenoon at further fractional advances
from Tuesday, developed a general re-
dictionary tendency with heavy profit tax
ing sales the feature, a general decline
approximating II point.
OConnor & Van Bergen's stock letter
says:
The advance in the market was some
what checked by rumorS of a new stock
issue by southern Pacific. This came
somewhat as a surprise to the Street
as II mas been the. general opinion, the
cOmpanyS Indebtedness would he f1,nd
ed in the, form of a low rate bond rather
ned fnen dse a6lns AK 6;s further large stock in
movement of the stock. clearly Indicates
II mas not yet been. determined whethe5
rights to he received by the ccmmor
sharehoiders Will compensate for placins
the large fixed charges ahead of possibIf
common stock dividends, and we WouIC
prefer to await an official announcement
before expressing an opinion on the sub,
Ject. Inere seems to. be no doubt tht
plan viii prove a very favorable deyelon.
ment so far as Union Pacific is cor.
eeTned, materially Increase its cash re.
sources. and income, though we doubt i
e1e dlv1dend rate viii be raised in con.
sequence just at this time The I1larJ,ei
has been strong from start and reflect,
the much improved Speculative seDtimenl
everywhere expressed. All things con.
sldeFeo the general character. of the day.
that the motive back of this advance s.
of rather more substantial chaTa cfe,. nor
hapS than, has been the case in recent
s1rnhar advances. which proved only o
short duration owing to tEeir pIireI,
n1an1UuIa tive character.