The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-22
MARKETS IMPROVE
But GAIN IS SMALL
Wheat Conditions Are Slightly
BuiliSh and Stocks Are
Fairly Strong.

The following grain and stock letters
were yesterday wired 10 St. Paul stock
brokers by their Chicago and New York
correspondents:
NJ. DOran & Co.'S Chicago grain letter
says:
Wheat-TechnicaIly the wheat market
was in good position to advance. The
decline within the week has amounted to
4c bu in the old July. Longs have
pretty Well sold out and short selling was
OVerdOne Wednesday. Therefore any
thing of a bulliSh nature was caIcula ted
10 have more weight with operators than
usual Damage reports continue to come.
from the OHIO valley and from portions
Of the Southwest, and spring wheat ad
vices were not quite so optimistic. The
Price Current says the week was too cold
for wheat growth Commission houses
neted some slight improvement in coun-
Try buying. and Kansas City reported the
same experience there. Outside markets
are firm and served as leader early for
local traders. Locally cash business was
very quiet The weather map showed
favorable conditions everywhere and rains
IN Kansas and Missouri.
COrn-The market had a varied expert
enCe. Armour bid for May in small lots
and the price again crossed Soc Local
traders covered July and went long on
the bulge, but soon found the option in
good supply. 1t is generally assumed the
bull interest was the chief seller on the
advance. The strength in wheat was a
factor. The cash situation is unchanged.
Demand IS slack and receipts are ex-
Oats-Oats were firm for a time, solely
on the strength in wheat. but the gain
was only fractional. There was consider
able preSSUre on July and September more
especially September. and the market was
in no shape to withstand it. Conditions
throughout the belt give no just cause for
apprehension regarding seeding. The de-
mand is slow.
J. c. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryan-The professional trad
sell It nm the 6TIIlT7aSc nd
buy il back the next on the small offer
ingS Of long stock. In the meantime the
market is without tendency. The public
IS Indifferent. The dullness Of the bust
ness situation is offset by the cheap
ness Of stocks and the easy money mar
ket. Pending the political conventions and
their announcement We think the public
Is likely TO wait. In the meantime we
see nothing to make any great selling
pressure and nothing to make any strin-
gency in the money situation. If we did
anything We would buy stocks when the
bears sell them down and accept mod
crate profits
BaChe-The injunction on behalf of the
Hartman interests enjoining the North
eTn Securities company from carrying out
their plan Of distribution came as a sur
prise, though this action was foreShad-
owed by utterances by counsel for Harri-
man and Pierce. The opening was strong
and was fairly We'll maintained during
the day. The market was strong at the
close. the fractions being the feature on
covering Of shorts.
Walker BrOs.-The market was inclined
to be very dull and firm. In the early
trading the activity was confined to the
specialties. In the afternoon the whole
market braced up and there was some
good buying and covering in the active
issues. There was no news of impOr-
lance. but the tone Of the market was
quite good and sentiment rather more
publish. The selling just before the close
was taking profits by professionals.
OCOnnor & Van Bergen's stock letter
says:
The market was fairly active and the
trend Of prices was to a better level
without change in the professional char
acter of the trading in the leading stocks
There was better sentiment based on a
growing conviction that the Northern Sc
cuTities litigation will be amicably settled
or that il is no longer available as a
means Of disturbing confidence. The alb
sence Of pressure of long stocks in United
States Steel preferred made the bears
more cautious in 1t and the railroad
stocks. LiquidatiO of short contracts
with trading for long account based on
the demand from shorts were the princi-
pal causes of advances. The higher priced
coal stocks enjoyed good buying. notably
In Lackawanna- Consolidated Gas re-
hected a little timidity on the part Of
small holders in view of this being the
last day for action by the mayor. The
afternoon market was quiet and a shade
easier in the absence of business. after the
early covering movement The tone was
steady at the close. somewhat frrer1lar