The Saint Paul globe., 1904-06-19
MARKET HARDENS
But TONE is DULL
Slump of Southern Pacific
Checked After Slight Decline
by Heavy Covering

Owing to a London holiday trade In
stocks was limited. Southern Pacific
gained a point after further selling to
meet the demand of shorts. The gen.
eral tone remained dull. Wheat open
ed strong on account of buying by Op-
orators caught short. Interest dwin-
died, however, in the absence of news.
What the Brokers Say
NJ Deran & Co.'S Chicago grain let
ter says:
Wheat-LiverpooI cables came un-
eXpectedly higher, based on anticipated
light worlds shipments Monday and
on unfavorable Russian and Argentine
crop advices. Local operators were
short over night, and were quick to
cover at the opening, making a strong
market the first hour. Trade and in
tereSt dWindled in the absence of any,
thing further in news to maintain the
bultSh enthusiasm. Weather was fine
and the forecast contained no unfa-
vorable features. Cash demand is
slow. Liverpool closed 15d higher. Es-
timated worlds shipments Monday,
S,800,000 bu.
Corn was entirely in the hands of pit
traders. Prices held firm until wheat
weakened. Estimates for Monday were
larger than anticipated and this, with
further liquidation of July, carried
pIiGcS oIL SndrpIy. we expect a 1aIlng
off in receipts before long. Cash de-
maRd is still poor. Liverpool closed
1sd to u d lower.
OatS-There was a small trade, with
the only feature being further liquida-
tionefn July The deferred futures held
relatively firm. The cash situation con-
tinues strong and crop prospects are
bright.
]. G. Geraghty & Co.'s correspondents
say of stocks:
Randolph-Some further selling of
Southern Pacific occurred at the open
ing this morning under which the stock
declined to the lowest price on this
movement. There did not seem to be
much Of the stock pressing for sale,
however, and in a very short time a
covering movement set in which car
rled the price up over point. The rest
OF the market hardened, but the tone
was intensely dull and there was no
feature IN the trading. Railway earn
1ngs for the second week of June which
are coming to hand are generally very
favorable, as they compare with a
week last year in which flood damage
was quite extensive. The market clos
ed very duh but strong with fractional
net advances.
Walker Bros.-The market was dun
and featureless. A London holiday
probably helped the lack Of interest
In fact, the general list closed at the
top. Southern Pacific closed at about
the best. The bank statement had no
eHect and was not particularly COM
mented on, having been anticipated.
Ihe outlook seems more favorable and
sentiment is improving.
OConnor & Van Bergen's corre-
spondents say of stocks:
While there Is undoubtedly a slight
increase in speculative confidence
which is, as yet, perhaps, more notice.
able in the bond department. we can
hardly expect any marked activity else
where or a material broadening in
trading. Until the several disturbing
uncertainties which are both with and
peIore us are either eliminated alto
Sether Or we can be assured in Some
yet unknown way they will resuIt in
nothing more adverse than their nres-
ent purely sentimental effect. The
street has apparently made up ts-mind
regarding the Northern Securities do
clston, which is expected soon. that tha
court will decree Mr.. Hills distributine
plan legal and the matter will end
there. Railroad earnings appear for
the moment to be doing better. later we
VIII see the effects of recent reduction
In operating expenses. Money situation
needs no comment, and in view of all
We feel fairly safe in concluding we
VIII witness more or less conservatism
IN the next few weeks, to be followed
later, we hope, by a more active in
tereSt, based on improved conditions