The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-15
STREET BREATHES
SIGH Of RELIEF
Securities Decision Finds Mar.
ket Prepared and Values
Are Not Affected.

The Northern SecurlIleS decision
was the overshadowing event in the
market. At the opening there was a
good deal of liquidation by numerous
holders of stocks aided by some short
selling on the part of the professional
element which expected an unfayor-
able decision to be handed down. After
the decision appeared the market
showed some irregularity and nerv-
BUSINESS, being strong one minute and
weak the next, but in the last half
hour the market became almost as
stagnant as it has been for the past
ten days, and as a rule, changes for
the day were insignificant.
What the Brokers Say.
M. Doran & Co.'s Chicago grain let
ter says:
Wheat-The domestic news, both cash
and crop, was of a nature to encourage
bull effort. There was a better trade
was nervous and erratic. English cables
suggested nothing decisive either way.
The Argentine strike situation IS IN
changed. The worlds shipments of 1872, =
600 6u. which is /. 900 600 bu over Satur-
days estimate and 600 bu less than
last weeks clearances. The demand for
No. l northern from millers is good enough
to further decrease the discount under
the May Receipts relative to a year
ago were smaller in the Southwest and
in the aggregate than for some time.
The visible decreased l, 100000 bu, about
double the decrease year ago. In view
of comparatively heavier receipts last
week the old question of where the wheat
is going comes up again. The Southwest
ern situation does not improve. There
was no precipitation Sunday or today IN
Kansas or Oklahoma. Outside markets
led ours in strength. The cash market
was over 81 in Minneapolis. New York
fifteen
Conditions warrant present prices, and
any unfaVorable developments in the
Southwest or heavier demand from
closed practically unchanged from Satur-
day.
Corn-The trade was small and prices
sensitive to small orders either way. A
fair demand for May, with an absence OF
Offering advanced May early in the ses-
sion. Long corn, supposedly from
break resulted before support was agar
given. July was relatively little the
strongest. The cash situation does moi
improve. The sample market was steady.
but the demand is very Door. We die
not sell single lot on overnight offers
26 cars of the contract quality were made
Saturday. Local stocks increased fol
week 900 bu; 9 loads reported worked
for export at seaboard. Liverpool market
closed I'D higher.
Oats-Trade in the oat pit was very
light the tone was dull and prices draggy
There was a sympathetic advance early
on the strength in neighboring pits bu
the advance did not hold. The cash mar
ket was steady.
]. G.. Geraghty & Co. IS correspondent
say of stocks:
Logan & Bryan-The event of the day
was the handing down of the decision o.
the supreme court in the Northern Sc
curities case. 1t caused an irregular mar
ket within narrow limits. There was al
attempt at a bear raid. which, like al
bear raids Of late, failed. The stool
Interested C11ct0iJ9n6 I1fI
whatever. The general dullness preclude:
very hopeful view, but the genera
action of the market for some time pas
would seem to suggest that the Low
prices and the attractive investment basis
on which stocks are selling discounts al
other influences. We would not be sur
priSed to see a little better investment
buying and a better market
Dick Bros.-The market has been very
feYerish and excited, Apart from thu
Northern Securities decision there was M
news. Most of the net changes were
small The reduction of the short inter
est, however. weakens the technical posi-
ton. All of the railroad shares wer,
strong in the early trading, but none o
them maintained their gains. The clos
ing was dull and barely firm.
OConnor & Van Bergen's correspond
ents say of stocks:
The street breathes a sigh of relief nov
that the Northern Securities uncertainty
is eliminated from the situation. Neithe
MI Hill nor Mr.. Morgan have yet eX
to the probable plan these gentlemen hav
ALREADY devised as a substitute. It vii
take several days, however, before mucl
is known on this point. The market acteC
about as expected The court has takel
so long to consider the matter and TIL
opinion has been SO unanimous the decis
ion would be as it was, it is not though
1t will have much immediate effect OF
values one way or the other until it i
more definitely known how far-reaching
will be as regards other combinations
There was some attempt to further de
press prices, but has not met with nucl
success. London sold about $4,000 share
after the decision was known Foreign
markets were otherwise much stronger il
tone than they have been for some time
The market was active but irregIlIa
throughout the session. The opening fig
ures were about the same as Saturda,
nights prices. but in the early dealing,
adEices of about A@% per cent wer
scored on short covering. There We're sup
porting orders sent in when the Northern
Securities decision was announced, whicl
held the market steady for time being
but when it was realized how sWeepin
the decision was there was heavy selling
both for short account and liquidation OF
which the advances of the early mornin
were lost. The full effect of the decision
is yet to be felt, and when it is general
: known and understood it is likely to caus
heavy selling The closing was unsettled
but generally showed but little chang
from Saturdays final figures.
Chicago Produce.