The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-08
WHEAT RECEIVERS
FROM DECLINES
Market Shows Fair improve
ment, but Another Slump
Is Now Predicted

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 bullish opinion on the win
ter wheat situation given out by prom
inent Southwestern operator Monday
proved more effective after the decline.
The market proved to be a strong one
and the government weekly bulletin and
the forecast for unsettled weather
throughout portion of the belt were ma
terial bull helps. The former saws: 1.-The
winter wheat has suffered from the heavy
rains in portions of Oklahoma and Mis-
souri,. Elsewhere the crop has advanced
favorably, but the outlook in the eastern
belt is still unpromiSing." Excepting for
few weedy fields spring wheat is in a
very promising position. The local cash
ply Of breadStuffS Is II 600. 900 bu less
than on May l. but 100000 bu larger.
than a year ago. We consider the price
OF wheat high and a little fine weather
will entirely change the tone of crop ad-
vices.
Corn-The advances in futures and in
the sample market were of the nature of
reactions from the two days sharp de-
cline. The strength in wheat, the pre-
dlctlons for unsettled weather in the
western belt and the bulliSh attitude of a
local operator were factors. Country
purchases continue in a fair volume, and
conSlgnmenfS are increasing. 1t is
probable this movement will continue for
the balance of the month. Export de-
mand IS nothing, and shipping demand is
small. The cash market for No. 3 yellow
was 1c blu higher and for low grades
range of values.
Oats-Oats were firm but the advance
was mostly sympathetic with other
grains. Receipts were small. Country
movement is light. Shipping demand is
steady to 12c higher
C. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The action of the
market is a little better. There was no
great activity and a good deal of what
little improvement there is comes from
the covering of shorts Neither is there
any change that we can see in funda-
mental conditions influencing the mar
ket The market has, however, been
killing time for long while. We are al
most upon the political conventions and
viii soon be beyond them anticipating the
autumn results. 1t does not seem likely
that there will be anything in the can
didateS or platforms Of either party that
will disturb confidence. Business is very
dull, there is no doubt about that but it
p IS dulneSS that comes from conservative
and not from overStrained or exhausted
resources. 1t Is q conservatism on the part
OF the consumers and distributors which
Is not likely to last Indefinitely. Crop
prospects were never better.
Walker Bros.-The market opened on
a parity with last nights close and short
~ relapSed into stagnation which con-
unued until afternoon when sudden ac-
tiYity sprung up and prices advanced
rapidly and held firm to the close The
market showed that there were very
lew selling orders on the brokers' books
and slight demand caused the profes-
Slonal interest to cover shorts of which
there are quite few.
OConnor & Van Bergens stock letter
says:
Under the influence of strength dis
played by the cOalers particularly On
tar1o &@WeStern, which if reports be true
has been especially We'll bought, the mar
ket has given the first indication of recoy-
ering from the lethargy which has been
prominent lately Rumors and renorts
are numerous to account for the rather
aggressive buying of Ontario & Western
the most persistent being that Canada n
Pacific people in London and Montreal !
are heaVy purchasers, which if SO would
be rather significant as indicating per-
maps the control of the latter road mean
ing an outlet for this great transcon-
tinental system at this important point.
But what perhaps is nearer the truth
is the confident way in which the coz :
mHtee having the matter in charge
speak of the possibility of disSolyius the
voting trust. in spite of the forty pre-
ferred shares which have stood in the
1t is said the intention is to divide fine
capital into first, second and common
shares on a basis that makes value of The
present stock about 80. This is bv no
means official, however. The rest of the
list moved somewhat in sympathy with
these SpecialtieS creating rather an nm
easy feeling among the short interest
: which has assumd quite large propor-
uons. Foreigners have done little or
nothing, nor has there been news from
q abroad or elsewhere to affect the sitI1a
ton IN the slightest degree.