The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-14
BEARISH REPORTS
DEPRESS MARKET
Favorable Crop Conditions
Cause Wheat and Corn to
Decline.

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their Chicago and New York CORE
SpOndents:
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Bearish crop news and exceed
1ngly dull speculative conditions continued
to depress the market. Spring wheat seed
ing Is completed except in the Red river
valley, and the acreage is about the same
as last year, with conditions favorable for
8 good start. The winter wheat belt was
favored with suitable weather but there
was possibly too much rain in sections
of the Northwest. The Minneapolis stocks
decreased 100000 bu last week. The lake
situation may compel some of the Eastern
buyers to replace Northwest wheat here.
A Duluth house reports a block of Mani
toba wheat sold for export.
Corn-The late independence of the
corn market was sacrificed to increased
country movement which foreshadowed
heavier country receipts here and to the
weakness IN wheat. The selling was scat
tered, with provision interests shorting the
July. Snow in his weekly report says
planting Is making rapid progress under
excellent conditions, and the prospective
acreage is materially larger than a wear
ago. Purchases through Nebraska were
large both Wednesday and Thursday. and
out Illinois note evidence of a freer move
ment. The demand is slow. The cash
market was 1bc lower, most of samples
being, sold before the futures broke ma
terially.
Oats-Oats continued to show the best
strength of the grain list. The May held
above previous close throughout the ses-
sion. influenced possibly by a fair de-
mand. The cash market was steady to FEC
higher. Snow says there is a good even
growth and general prospects are I'M
usually favorable.
j. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-There is no improve
ment in the tone or. action of the market.
fiT111a To draep
Further exports of gold, the uniformly
unfavOrable monthly reports of the rail-
roads and the continued selling pressure
on steel stocks are forcing scattered liqui-
datiOn and creating a bearish sentiment
among professional traders. The bank
statement Saturday is thought win be
unfavorable. There is, of course, a large
short interest, but there is not much in
sight to disturb them. The tendency is
toward a little tighter money situation.
The immediate outlook is not, we think,
Dick Bros.-The market has been fairly
active and very cratic. AS rule,
stocks have been weak, but there were
many exceptions and only a few of the
changes were of consequence. Amalga-
mated Copper continued buoyant, while
steel stocks We're again very heavy. st.
Paul was steadily sold and Pennsylvania
was also literally supplied. There was
very little news. Forecasts of the bank
statement were less unfavorable than eX-
pected. The market closed with a rally,
however, final prices We're not much above
the lowest
O'Connor & Van Bergen's stock letter
says:
There was no change in the general
character of the market from what we
have recently had. The continued pres
sure on United States Steel stocks in the
face of reasSuring reports of trade has
unsettled and rather disturbed SpecHla-
tive sentiment that was beginning to show
more confidence in the situation. Large
gold exports and prospects of another
unfavorable bank statement Saturday led
to more or less conservatism. If these
features We're eliminated we are inclined
to believe we would have seen the bottom
prices of the movement for the time being
at least. it being generally admitted a
rally is much over due. AS it is, we can
not expect turn now at least until bank
figures. are known. The extent of the
short interest in the market is freely dis
cussed. The best opinion is it is very
large, and. in fact. is becoming more
or less unwieldly in certain securities.
Foreigners did but little, buying on bal
ance. Money slightly harder