The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-20
MARKET HARDENS
BUT TONE is DULL
Slump of Southern aCific
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 OPP
orators caught short. Interest dwin-
died, however, in the absence of news.
What the Brokers Say
d. Doran & Co.'S Chicago grain let
ter says:
Wheat-Liverpool cables came I'M
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 dwindIed in the absence of any
thing further in news to maistain the
bullish enthusiasm. Weather was fine
and the forecast contained no unfa-
vorable features. Cash demand is
slow. Liverpool closed ~ higher. Es-
timated worlds shipments Monday,
S,S0O,000 bu.
Corn was entirely in the hands of pit
traders Prices held finn until wheat
weakened. Estimates for Monday were
larger than anticipated and this, with
further liquidation Of July, carried
prices off sharply. We expect a falling
off in receipts before long. Cash de-
mand is still poor. Liverpool closed
- to 4 lower.
Oats-There was a small trade, with
the only feature being further Hquida-
ton in July. The deferred futures held
relatively firm. The cash situation con-
tinues strong and crop prospects are
bright.
j. c. Geraghty & Co.'S correspondents
say of stocks:
Randolph 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
ried 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 n
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 dull
and featureleSs. A London holiday
probably helped the lack of interest.
HI 1dGtt tie general list closed at the
top. Southern Pacific closed at about
the best. The bank statement had no
effect and was not particularly COM
mented on, having been anticinatnd
The outlook seems more fayorabIe 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 material broadening in
trading Until the several disturbing
uncertainties which are both with and
before US are either eliminated alto
BetneF or We can be assured in Soma
yet unknown way they will result in
nothing more adverse than their nreq-
ent- purely sentimental effect. The
street has apparently made up its mind
regarding the Northern Securities de-
clslon, which is expected soon. that fha
court will decree Mr.. Hills distributinf-
pan legal and the matter win and
there Railroad earnings appear for
IS 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 ali
We feel fairly safe in concluding we
VIII witness more or less conservs tieT,
IN the next few weeks, to be followed
later, we hope, by a more active in
terest, based on improved conditions.