The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-30
CONTINUED BUYING
OF UNION PACIFIC
Effect of Heaviness in SteeIs
Offset by General Sympa-
thetic Advance.

Opening quiet and somewhat irregular.
the market developed no definite trend,
being rather spotty, affected by heavf-
ness in United States Steel stocks on
further rumors of bad quarterly statement
expected next week; and, On the other
hand, continued strength and accumu-
lation in Union Pacific. Throughout the
general market trading was unImportant
and speculation was hesitating and I'm
certain! The bond market showed very
fair demand, and was generally higher,
and in the afternoon the persistent buying
in Union Pacific resulted in sharp ad-
vance in the stock, in which the general
list Sympathized in some small degree
only, being held in check by the revival
of apprehension over the outcome of this
movement. In the last half hour a sud
den advance in St. Paul led to materially
increased activity and the close was &C
tive at about the highest for the day.
What the Brokers Say.
NJ Doran & Co.'s Chicago grain letter
says:
July was up over SC within the week.
Longs commenced taking profits during
the morning and after midday the effect
of this was felt and a sharp slump re-
suited. The market closed at approx
mately the days low point. The reaction
at this period is both natural and healthy.
Cash business was small. Bids for No. 1
ers now ask 4ac over. A few cars of No.
2 red sold at $1.03%. Receipts every
where were small, especially in the
Southwest, where arrivals We're $4,000 bu,-
shipments 100000 blu. Winnipeg receipts
were one-ffth of those year ago. Crop
reports were Of both sorts. From Okla
homa we have advices of very dry con-
ditions, and it is now said to be a
question of how soon that territory will
get rain and how much good 1t will do
when they get it.. On the other hand,
Missouri and sections of Kansas sent
some rather glowing statements. Liver
pool a Q$sd higher; London, from Id to
lid higher.
ket. The trade during the morning was
more general than usual and pit operators
were of the opinion that the bull inter
est sold both May and July through brok-
ers. The market was rather sensitive.
and responsive to fair orders. The price
eased off somewhat with the break in
wheat, closing with small losses for the
day. The cash market was from 1c to &c
up, with the low grades showing the
larger advance. The low grades were in
demand from glucose people and Corn
Products company. Local receipts 1nclud-
ed 81 cars of contract, and mixing houses
contributed about 500 blu more. Liver
pool closed sd higher.
OatS-There was a rather good general
trade until noon and values advanced
along with wheat and corn. The late
slump in wheat was reflected in this
market. The legitimate situation is not
materially changed. Demand continues
standard were included in arrivals and 40,
600 bu of same quality were transferred
from private houses. The sample market
was 1c buShel higher. Our Nebra ska
advices say that farmers are seeding oats.
With good weather seeding will be gen.
eral in Illinois this week.
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was acht-
tie irregular, but on the whole strong.
There was some selling of Steels on the
Ho1I~ c1rxvs<l 11e1
The action Of the market is, we think
comforting to the holders Of stocks gen.
orally. The street seems gradually set
Ting to the conviction that the Hill-Har-
r1man interests will adjust all their mat
tiers amicably. Fundamentally prices are
low and general conditions healthy.
Walker Bros.-The market was very
strong and active, and with heavy buying
there was good buying, but it became
dull in the middle of the day. In the aft
ternoon the whole market doomed up
and there was heavy buying in the whole
list. Commission houses had more bust
ness and the traders were inclined to sell
stocks. The close was strong at nearly
best prices OF the day, with sentiment
buIIish.
O'Connor & Van Bergen's correspond
ents say of stocks:
Under the influence of higher foreign
quotations the market opened fairly ac-
tive and slightly higher. Later sag
ging. dull tendency developed, influenced
by weakness in United States Steel issues,
which were unfavorably affected by sto-
ries of poor showing for March quarter
and cut in the dividend. The consensus
of best information is that the rate will
not be reduced and the showing be bet
ter than generally anticipated. In the
face of this general declining tendency
Union Pacific and Southern Pacific show
ed resistance and. good buying caused
rapid advances in them. Nothing is known
regarding this movement in Union Pa
cific, but it can be inferred that large
interests think it not dear at present fig
ures and that the eompanys position
has been greatly strengthened by recent
developments. The Northern Securities
matter is now in attorneys hands Their
decision we may expect at any time
There are no other market features of
Importance. Strength of metal is shap-
ing the price of copper shares. FOREIGN esissn
ers are still optimistic. There was no
war news of Importance. Railroad earn
ings still reflect severe winter conditions
and general market is highly professional.