The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-18

The following grain and stock letters
Were wired yesterday to st. Paul brokers
by their Chicago and New York CORE
SpOndents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat was a very strong mar
ket. much stronger indeed than the trade
anticipated after Mondays rapid advance.
There was considerable profit-taking on
the opening bulge, which only carried
prices back to the previous close The
trade was larger but still mostly profess
sional The long wheat disappeared and
1t Is a little difficult to say who took it.
Northwest markets, especially Mime
apolis which Jagged Monday, was rela-
lively stronger during the first two hours.
Flour adVices had a better tone. Receipts
everywhere We're light. The government
weekly bulletin reported a general inn
proVement throughout the winter wheat
belt, but conditions in Ohio valley are
still poor. Spring wheat seeding is prac-
tically completed The early sown is
coming up and growing nicely in the Da-
kOtas and Southern Minnesota.
Corn-MOndayS closing prices were
barely maintained after the market was
rescued from an carly break by the con-
tinued strength in wheat and the covering
of several short lines put out Monday.
Late in the session the market again
turned weak. The government weekly
bulletin reports some delay in planting in
Iowa, Nebraska and Missouri. but planting
on the whole is making favorable progress
IN the Missouri upper Mississippi and
Ohio valleys. Private Illinois adVices are
was by houses with country connections
and was suggestive of country purchases.
Oats-Little interest was manifested in
the oat market. The tone was weak and
prices dragged, excepting in May which
held relatively firm. Illinois crop adviceS
We're good. The government weekly bull
letln says that except for variable condi-
tions in Iowa and Missouri the crop out
look throughout the principal producing
states is promising. The demand is slow,
but the sample market was steady.
j.. NTeTa2ltN x
say of stocks:
Logan & Bryan-There was not much
change in prices. The general market
shows a little rally early on covering of
shorts and on traders playing for a reac-
ton after several days decline. The COW
ering of steel is said to have been partic
ularly large. Very little Improvement.
however, was maintained at the close.
There is no Improvement in outside in
Vestment buying. Stocks. are not high
ana may not go off much but We see
nothing encouraging for bull market at
present.
Dick Bros.-The market has been gen
orally strong, although somewhat irreg-
ular. Trading was more professional than
of late and the fluctuations represented
little Of significance. There was no i'm
portant news. The close was rather
strong.
Walker Bros.-The market opened
steady and with better prices The trad
ing was light and commission houses did
very little. There does not seem to be
any indUcement for the public to get into
this sort of a market Before the close
prices steadied and the market closed in
active.
O'Connor & Van Bergen's stock letter
says:
Prices enjoyed quite a substantial rise
up to noon. which was very well main
tanned. although trading has run again
into extreme dullnesS. Steel issues have
evident strength on reports that the iron
and steel trade is not so demoralized as
some have tried to make the public be-
Iieve, and il is fairly safe to conclude
earnings for the present quarter will more
than pay the full dividend on preferred
without encroaching on the surplus. The
much talked-Of gold exports causes no APP
prehension among those who understand
the situation as exports of the metal arc
still under imports. not to speak of the
large annual output. When money works
higher. and it is gradually doing SO, we
viii at least temporarily hear the last
of what is termed the enormous outflow.
Most of the depressing features have been
worked overtime TO create a general pes
simistic feeling, as result a better tone
is beginning to put in an appearance.
Commission houses. though not borrow
ers, report a much sitter tone to rates.
The market has displayed no particular
characteristic except to reflect a gener-
ally oVerSold condition