The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-02
BULLS CONTROL ALL
THE GRAIN MARKETS
June Wheat Jumps Four Cents
and Other Options Show
Great Strength.

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their New York and Chicago cor
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat gave the impression of
being an oVerSold market Those who
supplied the wheat for the covering of
the. st Louis line were nervous and cas-
lily frightened The cash wheat was in
demand and June ranged 4c a buShel
higher Duluth loaded out close to !, &c.,
600 bushels for shipment to Buffalo. An
a1l-raii agreement effective until July s
promises material assistance to the mil
lerS. An aA-rail rate is made meeting the
lake and rail rate. and mflers will be
enabled to nave stocks at lake ports and
it is expected that Northwest mills will
be run close to their full capacity. The
5,50O,0 GOO bushels decrease in Bradstreet'S
compared with a decrease of 2.000O 900
instant response Rain was pretty gen
eraI over both wheat belts and a few IN
favorable reports We're at hand.
Corn-Shorts were as eager to cover at
the opening as Tuesday and a reconsider
alton of the existing conditions had con-
yerted many bears over night, The buy
ing was general and not confined to any
one group Of SPECTATORS. The weather
was considered too cool for the best
growth. Perhaps the most effective items
We're the various indications that the in
creased movement was over for the pres
ent. at least. The cash market is sur
prlsinglys strong, ranging from 1 to 115c-
higher. The situation depends largely on
the receipts.
Oats-All options from cash to septem-
Der futures were strong. with June the
leader. Receipts are under last year and
estimates for Thursday are less than 100
cars. The sample market is steady and
shipping demand improved at higher
prices. The tone of other pits was a help.
Cash oats are on a legitimate level, but
We have not much faith in September
while crop conditions continue as promis
ing as now.
J. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-There is not much
selling pressure and very few stocks
wanted. Tuesdays action, in view of the
favorable bank statement, was a disap-
pointment to the street, but this has not
increased liquidation. At the ruling price
gold seems likely. The tendency towards
stagnation in general business and al
properties is a fundamental wet blanket
We hardly think a bull market is DOS
sible at this time.
Walker Bros-The market was duh
and unintereSting and transactions light
The traders sold a few stocks. All day
the duIlness continued. The close was
without feature
Dick Bros.-The markets. very irreg-
ular. During the greater part of the SEES
sion the tone was heavy, but there were
numerous recoyeTies toward the close, so
that closing prices showed few changes Of
Importance. Further declines We're scored
in some of the loW-priced shares, but
most OF these issues rallied well later
The closing was generally firm.
O'Connor & Van Bergen's stock letter
says:
Market news has not been influential
to any degree except perhaps reports of
excessive rains in certain parts of the
wheat growing area, on which all eyes
are now centeFed as most important fac
tor. There is nothing in the sluggish
movement of prices to give the slightest
clue to their immediate course. The fact
is, crops are making satisfactory growth
so far, and this is one Of the most sig
nifcant facts in the situation. The loss
in winter wheat crop acreage is offset
by an almost record acreage of a COM
bination of spring wheat corn and cot
ton, and 1t alSe looks very much as if we
would receive comparatively high prices
for our product. The crop prospects have
also a most direct bearing on the iron
and steel trade, as result of increased
railroad prosperity and a, resulting de-
mand for material and equipment The
general good weather. is also helping sen
timent in various lines of industry The
present selling is of too small a char
acter to indicate any special weakness
as the cause, and therefore it is believed
and We are inclined 10 concur in the
opinion, conditions are such that the
market is in excellent shape to respond
to good news, especially from agricultural
sections, whenever the leaders set the
pace.