The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-24
WHEAT is ACTIVE:
STOCKS ARE HEAVY
Spectators Turn Attention to
Grain and Leave Stock
Markets Dull.

Excitement reigned in the Chicago
wheat pit yesterday, while the stock
market was heavy. Spectators in
other markets are devoting their atten-
ton to grain and provisions on ac-
count of the war in the Orient. and 1t
is expected that markets will be broad
er and prices higher. The fear of for
eign complications, caused by report
that the British Mediterranean squad
ron had been ordered to prevent the
Russian Black sea fleet passing the
Dardenelles, affects the grain market
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-There was utmost excite
ment at the opening and wild scenes
enacted in all pits. Prices Travelled up
and down the scale with fluctuations of
&c to &c. 1t was three fourths of an
hour before the urgent orders were
filled and the market assumed a SEM
blance of steadiness. Prices were then
in the neighborhood of Saturdays clos
ing prices. Foreign news and markets
came strong. The most influential item
mere and at Liverpool was the rumor
that the British Mediterranean squad
ron had been ordered to prevent the
russian Black sea fleet passing the
DardanelleS There was liberal profit
taking in all pits at opening and near
the close, when the markets became
very weak, closing heavy. There is,
however, every evidence that specula-
tors in other markets are devoting
their activities to grain and provisions
This condition will continue as
long as war lasts, which may be months
or even years. 1t means broader mar
kets and higher values. The fear of for
elgn complications and the absence Of
present or prospective accumulation Of
stocks will deter short sellers from
pressing that side. The liquidation to-
day will put the market in better shape
from bull standpoint.
Corn-A good demand for July was
the pit feature. The deferred futures.
on the whole, ruled relatively stronger
than May. Lack of trade late in the
session was conspicuous in this pit
than in neighboring ones.
j. Z: Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan: London was flat
and there was good deal of pressure
from short selling. There was also
rather more indication of long stocks
for sale in some quarters. On the
whole, it is a heavy market and its
action is not at all encouraging. The
public is utterly Indifferent and there
seems little to cause rallies except the
Dick Bros: The market has been
quite weak, being under pressure from
start to finish. There was no news
but leading operators, Keene among
them, worked on the bear side and
We're helped by liquidation in volume
which was in evidence for the first
time in quite a while. There was no
news. All the leading railroads were
weak.
O'Connor & Van Bergen's corre-
spondent says:
An irregular rally in a few stocks
after the opening was without definite
cause, and was perhaps due mainly
to vague impression that the North
ern Securities case would be decided
favorably to the company today. 1t
was lifeless recovery and due mostly
to shorts covering and soon ceased.
Downward tendency set in and light
trading. Shorts sold and there was
more or less liquidation prices yielding
easily and the tone remaining weak to
the close. Bullish sentiment was de-
pressed by the continued absence of
any substantial demand for stocks or
bonds, even on the declines Bearish
FEELING was encouraged by the growing
disposition to liquidate on the many
untaVorable conditions in the general
situation, such as reactionary course
OF the business, as shown by clearing
house returns and a majority of the
railroad statements, failures scattered
throughout the country cutting of rates
East and West, the known need of
money by companies with less credit
than the recent successful borrowers
and the foreign situation. The close
was dull and depressed.