The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-27
WHEAT is NERVOUS
BUT PRICES HIGHER
Heavy Selling Ceases and
Shorts Cover, Causing a
Fair Advance.

The following grain and stock letters
were yesterday wired to st. Paul brokers
BY their New York and Chicago CORE
NJ. Doran & Co.'S Chicago grain letter
Wheat-Wheat was nervous during the
morning. but the trend was upward and
before the close most of Monday de
past few days was evidently oVerdOne and
we think liquidation has been pretty
thorough. The market is still q local one,
which is chief drawback to a sustained
old July and think 1t will do to buy for
present The old bull interest took an
active part in the trading, buying old
July openly and selling at times through
commission houses. 1t is generally
thought the days purchases exceeded the
sales. Crop reports from Indiana, Ohio
and Michigan suggest p to 30 per cent
Corn-The weakness in May and the
covering by some Of larger shorts were
the features in the trade. The discount
of the May under deferred futures was
further widened. The strength in wheat
was a sympathetic help. The statistical
news was largely bearish. Only eight
cars were transferred from private houses.
the decline in May checking the move
menU. The demand is still limited, and
such as there is is chiefly for yellow for
domestic consumption. Export bids from
Liverpool were IL under Mondays fig
ureS. The cash market was easier, rul-
ing from 11ac to &c lower.
OatS-Oats were strong on shorts cover
Ing and in sympathy with wheat. Cash
houses were buyers of May, presumably
taking in hedges. Trade on the wheat
was small. Receipts were One-half what
they were a year ago. The demand for
shipment East was slow, but the South
IS a fair buyer.
O'COnnor q Van Bergen's stock letter
says
About the only matter discussed or af-
fecting sentiment was the probable eX-
tent of gold export movement and appre-
citation of fact that greater part of it is
in the Panama canal payment. Money
rates do not give slightest indication OF
discOunting any probable adverse result
OF the outflow. Nevertheless the loss of
gold in this way always has sentimental
depressing influence on the street, and this
time it IS no exception. The stock mar
ket, as We have recently several times
repeated, resolved itself into a traders
affair pure and simple, with probably a
OF the recent selling has been for short
account there has also been more or less
liquidation from discouraged holders, who
have become disappointed at the with
draWal OF the large interests who were a
few weeks ago so active in advancing
prices, but now are apparently letting the
market shift for itself. Another reason
perhaps for the absence of buying power
may be found in the advice some con-
6erVatiVe houses are giving their Gus
toners to await results of the presidential
moment to change our views on the gen
eral status of the market and would sug-
gest the taking of quick profits until
something occurs to infuSe more con-
fdenee into the situation.
J. G. Gera ghty & Co.'S correspondents
Say of stocks:
Logan & Bryan-Traders sold stocks
Short Monday on the dullneSS and as
heretofore bought them back on the small
offerings. There seems to be nothing else
In the market at the moment. It is Who'll
~ waiting market with the owners OF
stocks evidently well satisfied with theil
property. The large exports of gold are
not considered Of Importance, and there is
nothing in sight to disturb the easy money
situation. With an Indifferent public any
thing in the way Of continued advance
does not seem likely, but on the other
hand. the bears have not much to go on
and when they are disposed to sell stocks
cheap they may be bought for moderate
profits.
Walker Bros.-The market at the open.
Ing was very dull and trading light This
state Of affairs continued until afternoon
when traders began to buy up some of the
active stocks. Shorts covered and the
market became quite strong. There was
little stock for sale
Dick BrOs.-The market has been very
dull, but the tone was considerably firm.
er than Monday. The closing showed
slight receSsiOnS, but most stocks made
slight net advances. Late in the day il
was rumOred that the Panama payment:
had been made in Paris, and that drafts
will De made direct upon the United
States treasury AtchisOn made a very
favorable march report, but the figure!
did not help the stock much.