The Saint Paul globe., 1904-06-18
WHEAT MARKET is
WITHOUT FEATURE
Expected Rally Fails to De-
VelOp and Trade Becomes
Very Dull

The following grain and stock let
ters were wired yesterday to St. Paul
brokers by their New York and Chi
cago spOndents:
NJ. DOran & Co.'S Chicago grain let
ter says:
Wheat-A rally was expected, but
very little was realized. even when
the market was strongest. and the
tone on the whole was heavy. The
news was against the price, but it was
mainly q repetition of facts and condi-
tionS already known. The weather is
fine. with forecast indicating disturb
anceS west and probably showers late
Saturday and Sunday. The Modern
Miller was decidedly bearish. Argen-
tine furnished some bullish items on
the droughtS interfering with ploWing
and planting. Shipments from there
this week show considerable falling off
compared with the previous week and
a year ago. The decline this week was
&c a bu, and for the past fortnight &c.
The trade is local and the market be-
comes easily congeSted- Everything
relating to the market is perfect from
a bearish standpoint. and any new de-
velopments are likely to aid the
bulls and start shorts to covering.
COrn-The session in corn was an
extremely dull one with little interest
in the market except by a few local
traders. Prices weakened With easier
tendency of wheat and lower prices in
oats. Receipts were little over the es-
innate, and Saturdays forecast shows
some increase. There are no signifi-
cant changes in the situation. Next
weeks movement to this market will
be smaller. The market is lowering
about a legitimate supply and demand
basis, and SO long as this is true there
is no reason to get too bearish.
Il
weakness, led by liquidation Of July
contracts. The situation presents no
new features. The cash position is
still strong and promise of new crop
bright. Barring future damage, we
think September price is high. The
cash market was strong to 1c higher
for best grades and from 1c to 1hc
lower for poorer ones.
J. c. Geraghty & Co.'S correspond
ents say of stocks:
Logan & Bryan-The market is 1T
tie easier The Southern Pacific mat
ter still hangs over it, and in the alb
Sence of definite knowledge the street
does not like the superficial aspects Of
the proposition. It is forcing consid-
erable liquidation in that stock and Is
giving a little check to confidence in
respect of the general market The
market has. however in the past few
months stood several very much
harder, broader and more fundamen-
tally bad propositions than this. In our
view Of the situation the course of
prices is not likely to be controlled by
temporary sspasms of fear. We are ad-
vising the purchase of good standard
properties that are paying dividends
and which are selling on a 5 or 6 per
cent basis. Our adviceS are that the
bond market has been pretty well
cleaned up by the investment demand.
That it will extend and is extending
to the standard dividend paying stocks
we have no doubt. We are inclined to
think that even if no better outlook of
Interpretation of the Southern Pacific
matter develops later, it will soon
prove to be of narrow Importance and
limited application.
OConnor & Van Bergen's stock let
ter says:
The trading has been tame affair
from start to finish, absolutely nothing
occurring to awaken the slightest in
terest. The situation seems to have
again resolved itself into another pa
tient, waiting attitude; this time for an
official announcement from Southern
Pacific directors. A gentleman of uE-
questioned reliability, who is in close
touch with the affairs of the street
called this afternoon. 1t is his opinion
great efforts are being made TO hold
I1p the Southern Pacific stock, and he
thinks one would not be very far
wrong in selling it short. We merely
give this for what it is worth, how
ever. The prospect of another excel
lent bank statement, the net gain i'll
cash being nearly $4,000, 900, re-
eeived but little attention. The album
dance of money here and attempts to
find an outlet in the better grade of in
vestment bonds. taken in connection
with the excellent conditions for boun-
tifuI crops, should stiffen the backbone
of the speculative situation, and unless
some unforeseen adverse development
presents itself it is ultimately bound to
make itself felt in a more generally
favorable way in the market.