The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-25
REACTION FOLLOWS
RECENT ACTIVITY
Diminished Demand Causes
General Decline and Mar
ket Becomes Heavy.

Demand was not sufficient yesterday to
hold the Improvement Of the past few
days. and quite a contrast to the recent
activity was shown during the session
Though there was a show of strength at
the opening the market became reaction
airy, with occasional spots of strength, and
later became heavy with general declines.
In the afternoon there was some selling
by traders, but no large amount of stock
was put out The close was active and
weak at the lowest.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The sentiment switched de-
cisively to the bull side during the morn
ing. The weather and crop reports sup
piled the early buying motive and the
demand at all wheat centers. There was
also feeling that the decline had been
carried further than legitimate situation
warranted. There was rain in the South
west over night, but this bit of bear news
was offset by the prediction for a cold
wave to extend over Kansas, Nebraska
and Iowa. The Ohio valley reports on con-
dition of winter wheat are of an unsat1s-
factory character and these are confirmed
by Price Current, which says: Outlook
unpromiSing and actual condition uncer-
tain" Good wheat was in excellent de-
mand. No. 1 northern sold here at Ac
under May, and No. 2 red at sc over.
Our contract stocks bid fair to rapidly
Gfsappe q3 e6 frs w SqPPpfiS 1n5I 50
far over us there is little prospect, of their
being replenished. Minneapolis shipped
IS cars to interior millers. st. Louis sold
$4,000 No. 2 red Wednesday to Detroit
millers and their stocks are expected to
decrease 10000 this week. Liverpool was
1sd higher.
Corn-Values were maintained by causes
foreign to it. The trade was professional
and the market nervous. The tone in
the wheat pit and the advance in sample
market helped. Illinois corn was 1s@1c
1zA1 1fcrINn ff1a has NnI
corn &c higher The demand is slow in
the extreme and there is no indication
from any quarter of improvement. Ca
bles Ac higher; Sc, 900 bu contract quality
transferred from private houses.
Oats-The market was inherently weak,
and had it been cut off from outside
sources of strength would have made
more Of a decline for the day. Reports
from all points are of no demand. They
are not wanted in the East and the oats
en- route there are pressing on the mar
ket prices under shipping values. The
South is not a buyer and the movement
in the Northwest is increasing
j. G. Geraghty & Co.'s correspondents
say of stocks:
in the market was shown today. The
transactions were. upon a much less vol
une, and after rather active opening
the market became duh and uncertain
in tone as the result of the detention of
profit taking during the first hour of the
session. The stagnation that prevailed for
the. rest OF the Gay QlQ not, however,
entice any heavy selling of the market
because of the fact that wherever an
attempt was made to depreSs stocks sup
porting orders were Immediately. forth
coming. This led to the belief in some
quarters that the reaction would not be
permitted to go much further and as a
consequence the bears were not inclined
to trade the market. In the late after
noon some selling by traders was noted,
but it is significant that no large amount
of stock was put out: Sentiment con
tinues bulliSh and in the absence of ad-
vance news it is not probable that any
considerable selling pressure will develop
The opinion prevails generally that the
market will be again taken in hand by
the bulls and that todays stagnation was
merely a resting period.
O'Connor & Van Bergen's correSpon-
dents say of stocks:
The market opened with a show of
strength, though with an entire absence
of excited dealings of the past few days.
The demand, however, was not sufficient
to hold the Improvement, and the market
became reactionary, with occasional spots
of strength, especially in local traction
stocks. Declines followed the recessionS,
and while declines were general, the mar
ket was heavy rather than really weak.
Some talk of lack of harmony between
the controlling interests in Northern Sc
tention, and the market yielded dinin-
ished demand rather than from any new
factors affecting speculation. Sterling
exchange continues very firm, and gold
exports for next week are considered
not improbable. In the last hour the
market was under rather more pressure,
and prices yielded without much resist
the lowest, with losses reacing to per
cent in number of issues.