The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-21
MARKET RECEIVERS
BUOYANT SPIRIT
Shock of Suliy Failure Followed
by Return of Strength and
Aggressive Buying.

Though Influenced at the opening by the
failure of Sully Friday, the market soon
gathered strength which developed into
covering of shorts, amounting to almost
a bear panic. The buying was so aggreS-
sive and so clearly by shorts that 1T has
been suggested that people hurt in cotton
were short of stocks and were Obliged to
cover. The street was greatly relieved at
the assurance that Sully would be able to
pay in full and the general belief is that
the break in cotton will facilitate large
exports and help the cotton industry. The
market closed buoyant at the best prices.
M. Doran q Co.'S Chicago grain letter
says:
The markets were all nervous and TN
settled during early trading. Local specu-
lators generally played for a reaction in
all pits. The shorts were excellent buyers
and the severe breaks have doubtless
shaken out many weak holdings. Cables
strong, relatively speaking, and there was
not the Generalization in cotton and other
markets, rather anticipated as a result of
the Sully failure.
Wheat-The weather map revealed little
precipitation over the winter wheat area
and none at all In the Southwest. Re
ceipts at Kansas City and st. Louis small
and less than one-haf the shipment On
the other hand arrivals at Northwestern
points were larger The early news ON the
flour situation was beariSh and Mime
apoliS and Duluth markets Jagged behind
ours. The late strength was on reported
sales Of No. red winter at PFC over
May, which started local buying Liverpool
closed 9sQ TO. 72d lower.
Corn was a very chOppy- market, being
strong and weak by quick turns, and final
ly making a good gain for the day. The
shorts We're the best buyers and offerings
on the whole were light There was moth
ing specially bullish in news, although ca
bles expressed some anxiety for Argentine
crop in event of continued unfaVorable
weather. Receipts Were a little less than
year ago. Cash situation is unchanged,
and still bearish. Mixing houses made over
SO 600 bushels of contract corn Friday and
our stocks Monday will undoubtedly show
a heavy increase. Liverpool closed SD
lower.
Oats-Acted much the same as corn as
far as pit features were concerned. The
break does not seem to bring forward
cash buyers. Last night our Peoria house
spread offers broadcast over the East and
South giving buyers the full benefit of
Fridays decline in the futures, and she
ceeded in selling only three cars. Be
tween 10000 and so 900 bushels of stand
ard were made Friday.
j. G. Geraghty & Co.'S correspondents
say of stocks:
Walker Bros.-The market ON a large
volume of business was strong from the
start to the finish and closed at best
prices. There was buying in both long
and short accounts and the shorts, who
have been the principal sellers of late re-
verSed their position. There were very
few stocks for sale. There has been some
very large and long outstanding short ac-
counts and there was evident covering of
some of these today, and the ease with
which the market goes UP shows there is
no liquidation of moment.
Randolph-London prices showed plainly
that the country was entirely HndiSturbed
over SullyS failure and DIR market open
ed at advances of from u to y above Fri
day nights closing. In a few minutes all
of the losses experienced in the last hour
Friday were regafned. Traders who had
sold on the announcement of the failure
rushed to cover and the market has been
very buoyant and strong. The close was
at about the best prices of the day with
the bull force in full control of the situa-
ton.
O'Connor & Van Bergen's correspond
ents say of stocks:
The market opened very steady with
evidences of but few stocks for SALE and
disposition of London arbitrage to buy on
favorable opportunities. The sellers of
Friday on the cotton failure and
traders, seeing the market bare
of stocks, bid them up 1k@1
per cent without getting many; a pro1ai-
net commission house, possibly covering
a short line, then bought freely More
stocks came to market on the advance,
but the tone held strong. The bank
statement, with only moderate changes,
although disappointing in the loss of cash,
had no influence, and the close was active
and almost buoyant in anticipation and
hope for a bull market next week.