The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-04
MARKET WEAKENS
BUT REGAINS LOSS
Fair Weather Causes Grain
Prices to SIump-Stocks
Continue Dull.

The following grain and stock letters
We're wired yesterday to st. Paul brokers
by their New York and Chicago CORE
SpOndents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The wheat bull had a discour-
aging situation to face the first hour. The
news seemed Overwhelmingly bearish.
Long lines went over in stop orders and
short selling was exceedingly popular
with the local contingent. The weather
was almost perfection over both wheat
belts and the forecast gives no Indication
of a break Northwestern markets were
weak. The cash demand and the -four
situation were very bearish. The pre-
Iminary guess on the Missouri state re-
port increased condition 3 points for past
month. With mo change in character of
news the whole tone. and trend of the
market was attested by the purchase of
about 100000 bu of old July, which the
crowd took to be for Armour Local
shorts become eager buyers and recovery
close.
Corn-Corn opened lower, with a heavy
trade both ways in July. The market
dwindled to a small affair and hesitated
awaiting some guiding influence. Strength
IN wheat served to run shorts to- cover
shorts became eager buyers, and recovery
~ .isrocAs are heavy. AdvIces from
Ine country indicate a freer movement
Inc demand is poor, particularly for ex-
port me weather is perfect and blowing
ana planting are progressing rapidly with
reports a record acreage likely
Oats-The market was affected by
surrounding weakness during the first
hour. Trade was not heavy nor sienif
lcant. The change in wheat gave a bet
Ter tone particularly for May, which was
strong and more than recovered the open-
ing uecI!he. We are firm believers in old
crop futures and think they Should he
bought on every recession.
>. =. Geraghty & Co.'S correspondents
say of stocks:
Logan e, Rrvap Il mo . s,,u4 -,
saw market There is nothing in the news
or In current developments to give tbe
market Roadway in either direction.
walker Bros.-The market at the OMEN
ing was inclined to be very weak and
the traders sold the active stocks. Later
there was a better tone, with some SIM
port, ana when Union Pacific was taken
up ana showed strength the rest of the
market advanced. There was very light
lTadlng, however, and the market was
qulet. The steel stocks were weak in the
afternoon and this had rother a bad. eff
Iect. Inc close was dull and steady and
WIN little interest on either side
Dick Bros.-The market has been some
what more active and decidedly frmer
There being a general recovery from a
rather heavy first hour trading Mexican
again showed strength and held its /
polnI gam TO the close Much of the
Iate buying was short covering but it was
evident that stocks were well taken I'm
during the morning.
OConnor & Van Bergen's stock letter
says:
Professional bear operators gave the
market an unsettled tone and slightly
lower prices in first hour, but long stocks
did not come out, and, as there was some
absorption for a time, a fair buying order
In Union Pacific turned the tone and COW
er1ng by shorts rallied the whole mar
ket. At the higher level business stopped
and later an easier tone ruled at reces-
sions. The persistent pressure on steel
issues is one of the most discouraging
features. Western weather reports were
cred favorable as far as having bearing
on sentiment here.