The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-29

The market was almost entirely in
the hands of the professionals yester-
day, and until the last hour was dull,
with what little business there was
poorly distributed. Opening steady at
some advance in the active list, the
tone was generally strong, but with
out enough trading to hold the i'm
provement, and soon became reaction
airy, but not weak. AT the declines
light offerings were responsible for
some covering by the smaller bears, and
the tone hardened perceptibly in the
early afternoon with a sharp rise in
Louisville & Nashville the feature. In
the last hour, on more active business,
a general Improvement took place and
the market closed strong, somewhat
below the best, but at general advances.
What the Brokers Say.
M. Doran & Co.'s Chicago grain let
ter says:
Wheat-The larger part of the news
was favorable to the bulls. The cash
crop and statistical items were pretty
generally arrayed on the one side, but
sales of a broad trade decreased to
some extent their effectiveness Trans
actions on No. 1 northern at May price
were reported early in the day. Min
neapolfs mills all started up, and re-
ce1pts there were one-fourth winter
wheat. Country elevator stocks ex-
pected to decrease 100000 blu for the
month of March, which will bring the
total down to about $780, 700. The ex-
portable surplus in Manitoba is esti-
mated at 100000 bu, compared with
ZO,0OO,0OO a year ago. Crop advices
took on rather pessimistic tone and
covered sections of Oklahoma, Kansas
and Nebraska. Southwest receipts
kere 1900 bu, and shipments were
z0l,O00. Argentine reports market strong
on unfavorable weather conditions, and
English cables reported the re-estab-
Hshment of import duty on grains
probable. Liverpool closed I'd higher
Corn-The corn market was an Ar
mour affair and this applies to both flu
lures and the sample market The poor
quality of the corn back in the coun-
try is the reason given for expecting
higher values, but our advices are quite
to the contrary. Receipts light both
here and elsewhere, but grading was
good, there being eleven cars contract
out of seventy, and the quantity trans
ferred from private houses keeps uI
recent average. The cash was 11ac to
&c up with the drying houses the prin-
clpal buyers. The best corn was taken
by Armour & Co. Demand continues
very poor indeed. AS long as Armour
& Co. are active in the May the July
will be sympathetically influenced to a
considerable extent. Liverpool closed
unchanged.
Oats-The Armour interest devoted
some attention to the oat pit this
morning and this market followed ir
the course of corn. The appearance OF
bull interest caused some anxiety tc
cover among local shorts. There was
some lack of a better demand from
Eastern distributing points. Our Of
fers, however, cover entire Eastern
territory and We only sold a few ode
cars. The Seaboard reported $4,000 blu
taken for export
]. G. Geraghty & Co.'S correspond
ents say of stocks:
Logan & Bryan-For dull market il
acts we'll. Louisville & Nashville was
the leader but the whole list improved
Gossip contained some hint of liquida.
ton but neither the action of the mar
ket nor the volume of trade indicates
it. There is some absence of selling
pressure which characterized the mar
ket in the main for many weeks past
Underneath the whole situation is thu
fact that stocks are selling on an at.
tractive basis and that general bust
ness and banking conditions are a.
good as could be asked.
Walker Bros.-After dull and frac.
tionally higher opening the marke
lapsed into a state of stagnation anC
remained SO until afternoon when som,
activity sprung up and revealed {
scarcity of stocks. Short covering ad.
vanced prices rapidly all round OF
small volume of business, closing a
nearly highest prices of the day. There
was no news of moment.
O'Connor & Van Bergen's CORE
spondents say of stocks:
The market has been extremely linn.
tied and narrow, although few stocks
were offered. Traders did 80 per cen
of the business, little outside interes
being manifested. The outside profes
sional element have evidently come t.
the conclusion they were little hast,
last week and have decided to avail
final disposition of the Northern Sc
curities matter rather than be again
surprised by some unexpected contin
gency arising out of present settle
ments and consideration. The genera
market had little feature except per
hapS the significant strength of tn
steel stocks, rejecting the belief tina
the full preferred dividend will be pal,
and that the forthcoming statemen
will not prove as bad as many are in
clined to believe. A steady accumula
ton of Union Pacific around S3 wa
noted, accompanied by apparently goo,
selling of st. Paul, the latter, it wa
thought, to facilitate buying of tn
former. London continues it's bullish
ness of Americans. Little or nothin
is heard Of the probable gold export
on account of plethora of money an
continued ease in rates of money.