The Saint Paul globe., 1904-01-07
RUNORS OF WAR
CONTROL PRICES
Eastern Situation Is the Ruling
Factor in the Stock and
Grain Markets.

Both the stock and grain markets yes
terday were ruled by the Eastern situa-
tiOn, and the rumOrs of war made the
grain bullish, while New York's securi-
ties were weakened by the impending
danger of trouble between Russia and
Japan.
From the opening wheat showed tend
ency to advance on the war news. There
was an immediate advance, but on the
bulge there was also considerable profit
taking The Southwest added to the
bullish market with news of no moisture
in that section. Corn and oats were both
bullish on war news. The movement is
both grains is small.
The development in United States Steel
and the gloomy news from the East
caused a sharp decline in all New York
stocks. A break of to 274 points was
the close there was recovery, as the
war talk was overdone.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat was solely war mar
and personality of the buyers and the.
sellers were of no moment. Sellers of
calls and commission house orders fur
nished the urgent buying at 21sc ad-
vance at the opening. After a reaction on
realizing the market ruled strong, but
very nervous at about &c over previous
close. Inc anxiety over Cne oriental Sll-
uation seems to be universal. Liverpool
and Paris all closed higher. Wall street
was weak and the British sentiment was
reflected by drop of 5-16 to 7-16 in con-
soils. The Southwest is without moisture,
and the total primary receipts were con-
siderably larger than year ago.
Corn-Whlle war news was influential In
corn's advance, the Legitimate git situation
light and the South is still an urgent
buyer of corn. The export demand was
undoubtedly stimulated by the war pos
Sibilities and fair business was done dt-
rect. Liverpool was quoted at equal to
Ace. The country is even less disposed to
sell corn on the advance. The local cash
market was strong and 1c a buShel high
er and the inquiry for shipment East
good.
Oats-Oats shared in the strength in the
other pits Receipts were 35 cars The
local market is 1zc to 1c a bushel higher
and the cash demand was good The East
bought oats and st. Louis is bidding for
them The Minneapolis market was
strong, and realizing put the mar
ket in better position for advance.
j. c. Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has been very
weak, influenced by the developments in
United States Steel but more so by un-
favorable news regarding the far Eastern
scored by most of the active stocks. The
war talk was overdone in the after
noon and at the close there was a sharp
recovery in covering and buying induced
by the expectation that some of the ru-
mors will be denied before Thursdays
opening. The railroads were the weak
fea atures of the day.
Logan & Bryan-The market sold off
Sharply early, but the closing was steadier
and indicates good support. Rather acute
!umoIs regarding the political situation
in the East with large selling orders from
London was the main incentive, but the
unfavorable statement of the Steel cor
poration also contributed to some extent
The whole feeling is unsettled and nerv-
Gus, but the safety of the market seems
largely in the fact that stocks are in good
hands and the money situation could not
be better OF course our it is condition
inclined to the view that it will not hurt
much to buy good stocks on the breaks
O'Connor & Van Bergens stock letter
says:
The declines in London in part were duo
to short sales from New York but were
in line with other securities markets
abroad. The threatening outlook in the
London seller, scattering local liquida-
tion and aggressive Near trading At tho
low level established at that time the
market got dull and sluggish without rail-
lying power, and later on renewal of the
selling made further declines, perhaps in
fluenced by rumors of actual declaration
of war. From this decline there were frac-
tional recoveries with shorts buying which
held to the close. Notwithstanding the
general tone of weakness there was hint
of relative firmness in United States Steel
preferred and Copper in which the buying
seemed better than the selling The short
interest was increased by the days trans
actions, and for the time being it is
pretty we'll in control of the speculative
situation. as there is no Influential lead
. ership on the bull side. 1t remains to be
seen whether actual hostilities will force
general liquidation or develop a fact that
1t has been discounted.