The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-21
BREAK IN WHEAT
FOLLOWS ADVANCE
May Reaches $1.01, but Drops
Four CentS-StoCk Market
Still Dull.


tlouS III wheat operations yesterday May
continued to rise and reached $1.01% in
the early trading This. however, was fol-
lowed by a break of Asa cents. the bears
getting the best of the contest towards
noon. A decrease of $500, 900 in the visi-
bic supply is looked for Monday. The
stock market was dull and narrow. Open
ing quiet and somewhat heavy. prices
Sagged without pressure during the first
hour. When efforts were made to cover
short lines the tone hardened and an i'm
prOvement took place, with Union Pacific
st. Paul and Steel preferred the fea-
lures.
What the Brokers Say.
M. DOran & Co.'S Chicago grain letter
Wheat-Scalpers characterized wheat as
mean trading market. Bulls and bears
We're both extra cautious and were easily
Stampeded from their position. The for
mer IS tempering his enthusiasm with
the idea of reaction and the latter
mas constantly before him the evidence of
depleted stocks and the possibility of the
market attracting more widespread at
tenton. 1t was a drawn battle up till
noon; after which the bears got somewhat
the better of it. May touched S1.O1% in
early trading, but later broke 45sc Out
side markets We're firm relative to Chica-
so, especially in the Northwest. Receipts
We're again &ght $500, 900 bushels de-
crease in visible is looked for Monday
Jones, of the Commercial West who was
50 emlnently correct in estimates last
year, is out with bulliSh bulletin on situa-
Jon In the Red river valley and saws
spring wheat crop elsewhere is seeded and
making good progress. but late. Receipts
Tor 55,O0O bushels of No. 1 northern were
Cancelled Thursday. Rust damage was
reported from Hungary but effect was
offset by showers in drought districts of
Roumania. Argentine shipments LOCO, 900
less than last week. English cables firm
and continental markets strong and ma
terlally higher. Modern Miller was bear
lSh, reporting further Improvement in
All sections. Winter wheat belt weather
was Springlike, throughout the forecast
district Liverpool closed a fraction high
er. London I'D to Id higher Berlin IL
higher and Budapest PIC higher
Corn-The pit offerings We're inadequate
TO meet light but general buying de-
mand at opening, and result was a quick
advance in deferred futures The trade
soon dwindled to small proportions with
Scalpers following wheat fluctuations. The
easier cash market changed the tone and
increase III estimated receipts precipitated
q pTeak on which most of early advance
was lost All OF our stations in Illinois
aIe Duylng corn again. and reporting in
creased offerings. A house with extensive
elevator interests in Nebraska was a
heavy seller on advance suggesting an
increased movement. The weather is ideal
Iqr farm work, and for growth of corn
ALREADY In the ground The tie I'm in
lake transportation is still cOmplete and
elevator strike is unsettled Cash mar
ket was 12u112c per bu lower We hardly
see now TINS market can digest the in
creased receipts probable next week
Oats-There was next to no interest in
oats. Offerings light and the market fol-
lowed trend IN other pits. The May broke
SHARPLY on selling of few 5S and the
ueIeffed futures eaSed off when other mar
kelS turned weak Sample market was
= "a &c bu lower. Demand still rather
Slack. Receipts moderate with some in
crease estimated for tomorrow, but we
uo not anticipate heavy arrivals. as move
ment is still light.
j. c. Geraghty q Co.'S CORRESPONDENTS
say of stocks:
Logan & Bryan-Union Pacific about
one point higher and that is about the
only change in the market London was
a little easier. An unfavorabie hank
statement is expected. What little trad
ing there is, is done mainly by the bears
Who sell one day and buy the next day
There IS absolutely no gossip and nobody
IN wall street seems TO be looking for
any change either way. 1t is a market
winch by reason of its dullness and the
indifference of the public would not stand
much liquidation, but liquidation is on
4 small scale. We see nothing to i'm
prove the situation or prices in the i'm
Dick Bros.-Although heavy for a time
IN sympathy with London. the stock mar
ket quickly recovered and was generally
STRONG. Some encouraging advances were
made by the leading railroad issues and
the closing which was strong at about
pest prices of the day. showed gains all
through the list Further gold engage
ments were announced and indications
pointed to an unfavorable bank statement.
but these factors had little influence Steel
was outA -lltIfl- SnOrlS made the Fries
quite strong.
o'Connor & Van Bergen's correspond
entS say of stocks:
There is little to be said of the market
except perhaps prices have held fairly
well. in spite of/Mr. Hills rather pessi-
miSuc views as to the business outlook
which was widely circulated in the morn
ing papers. and the prospect of q rather
unfaVorab BILE bank statement tomorrow. al
though IN reference to the latter there
Is quite a diversity of opinion several
aFtra k-af fK-.a hoy
themselves that loans are ant to show a
reduction which, If SO. will offset in great
measure the net loss of about Sc 600 600
in cash. Revival of the Northern Securi-
ties matter in the courts has also had
much to do with the dulineSS. many bro
kerS advising cOnSerVatiS until il has
proceeded further. Union Pacific has had
occasional spurts Of activity as different
reports from the court favorable to Har-
ever other business developed traders
We're disposed 10 bid prices up. and for
the first time in weeks. the street seems
disposed TO view the brighter SIDE of the
situation. It is nearly time for crop ad-
vices 10 become more of a market factor
and we are also likely to hear soon of the
presidential campaign matters. We look
Tor more active market a little later
with chances in favor of higher prices.
Chicago Produce.
CHICAGO. Nav 20.-Rutter firm
creameries. 14G195ke; diaries, l2@ITc'
Eggs steady: at mark. cases included.
10 4 G451ac. Cheese weak: daisies, 9695sc;
twins S1e H9: Young Americas. 9R915c'
Poultry. live steady; turkeys lie: chick
ems, l2c; springs, tx to , lbs. S.. 50G6