The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-12
WHEAT DECLINES
FOLLOWING BULGE
Good Buying by Professionals
Caused AdVanCe-StoCkS
Show Weakness.

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 early strength was on local
bulling on report of rains in Red river
valley more than on the crop report. The
latter aroused no enthusiasm through the
country and brought no buying orders
The report considered in relation to last
month and last year may be considered as
bulllSh. If, however, it is taken in con-
junction with present values, it is doubt
ment can be derived from it. At any rate
it played little part in the fuctuatlon.
The customary break following these re-
ports was realized about noon. This ex-
perience has been repeated so often it has
come to be looked upon as inevitable by
professionals. In view of light stocks we
do not feel like advising the sale. of old
July. At the same time the price is high.
1t will probably prove profitable pur-
chase for turn on sharp breaks.
Corn-COm was small market and
were helped by the very light local re-
ceipts and by the shipment Tuesday of
$500 600 bushels. The lake situation has
been relieved somewhat by the indepen-
dent boats, principally lumber craft offer
ing to load grain. The regular lines are
still tied up.
Oats-Oats were the strongest grain on
the floor. maintaining their strength dur
ing the break in wheat. A number of
large interests bought both July and Sep
TENDER freely. Aside from the very light
receipts the strong cash market there was
nothing noteworthy in the situation.
O'COnnor & Van Bergen's stock letter
says:
With the unfavorable crop report, scan
dals as to bucketshops, rumors of heavy
proposed borrowing by New York Central.
declines in traffic returns and maintained
heavy gold exports as a basis of pro-
cedure, the bears using the steel stocks as
club have used their utmost efforts to
able result attained is to have somewhat
checked a rather fair investment demand
which had begun to manifest itself on &C
count of cheapnesS of money, which hest
tates for a fear of moderate liquidation
may possibly ensue with a consequent
lower range of prices. There seems to be
a general disposition Of late to give fullest
weight to any adverse features in the sit
uatiOn. the newspapers especially doing
their share. While this is true, it must
not be forgotten also the money so bOr-
rOwed is to be used in purchasing equip
ment. rails and other necessary material,
and had it not been for these purchases
we would have perhaps seen a greater
business depression than already realized
The market continues a guess affair and
specialties will be moved UP or down on
special causes. 1t has been on the down
ward swing, however. for some time, and
therefore, fair rally at least is about in
order
]. c. Geraghty & Co.'S correspondents
Logan & Bryan-The market was heavy
and dragging. There is continued pres
sure on the Steel issues and some of the
other industrials. The bearish sentiment
among traders seems to be increasing.
Buying canals and subscribing to Japan
csc loans are matters of such uncertainty
and experiment that they cannot help I'M
settling general confidence to some extent.
So far the money market is not affected
and the banking interests seem to think it
will not be- There is not a great deal of
pressure on the rails, and on the other
hand there is no very urgent buying 1t is
a good market to look at for while
Walker Bros.-The market was influ-
enced by the continued selling of Steels.
The decline in this caused selling for both
long and short account in the rest of the
market and the list at one time was de-
cidedly weak. Just before the close. how
ever, the shorts began covering stocks put
out earlier in the day. and there was a
small rally which left the general list out
side of Steels at only fractional change
for the day. There was a good demand
FOR Amalgamated lust before the close
which caused a sharp advance.