The Saint Paul globe., 1904-06-11
HEAVY SELLING IS
CAUSE FOR DECLINE
Wheat Is Forced Down by Liq-
uldatiOn and Bearlsh
Crop Reports

The following grain and stock letters
were wired yesterday to ST. Paul brokers
by their New York and Chicago CORE
SpOndentS.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The market was depressed by
general liquidation and commission house
stop loss selling, which was backed by an
ample supply of bear news. The weather
conditions are favorable and the tenor of
private adviceS suggest a good supply of
are reported from many sections. The
plant is heading out as far north as Ne
braska. Cash demand lis very slow and
cash wheat is reported weak at many out
side points. Duluth says demand is slow
and the crop promise is inducing many
farmers to sell the remainder of their
supplies. We are bearish on wheat on
cash demand and improved crop prospects.
Liverpool closed 3s to Il lower.
Corn-The weakness in wheat was a
sympathetic bear factor in corn. The pit
talent were inclined to be bullish and
made several unsuccessful attempts to
rally the market. Local receipts were
IN excess OF estimates and the anticipated
arrivals for Saturday are even larger.
Cash demand continues slow and indica-
uOnS point to increase in local stocks this
week. All grades in the sample market
closed unchanged. The movement of No.
: corn from private houses to store for
July delivery is under way earlier than
usual: If present price level is main
talned there will be considerable increase
later in the month. We are bearish on
corn just as long as receipts keep heavy
and demand poor.
view of the weakness elsewhere. Trade
was very light with pit operators bullish
The cash demand continues good and re-
ceiptS small. The sample market was
steady for good qualities and from &c to
1c bushel off for lower grades Crop
reports are exceptionally satisfactory. We
Wouid leave July alone for the present.
The September is a sale.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market continues
to creep higher. To our mind it has all
the finger marks of a bull market. 1t is
slow, but it is gaining in activity and
interest. Holders of stocks who have per
Slstently refused to sell through the con-
ditfons that have prevailed for the past
four or five months are not likely to sell
now. and the market is bare of offerings.
look are favorable. If they continue so
1t must establish an attractive outlook
for the future. Our view is that while
the market is dull, that the buyers who
wait for an active market will pay higher
prices for their investments. There are
plenty of good dividend paying stocks sell
ing on per cent basis or better. The
resources of the bond market are being
exhausted and the investors must soon
turn to stocks. We would buy stocks and
buy them right now.
OConnor & Van Bergen's stock letter
says:
While the activity was not very marked
Ine scarcity OF offerings and the prompt
absorption of such stocks as were offered
at advancing prices was very significant of
the more hopeful aspect of the situation.
Whilst brokers profess disappointment
about the lack of outside response to the
Improvement in prices, the consensus of
best opinion on this point is inclined to
the belief that this is a matter which will
adjust itself later should the permanency
OF the change, be better established. The
public Is still very cautious and is not
apt to be enticed again with any false
moves. There is much curiosity expressed
on all sides to see what really will be the
effect on speculation if the government
report proves as good as generally ex-
'pected.