The Saint Paul globe., 1904-01-27
PRICES AGAIN FALL
BUT SOON RECOVER
Wheat Breaks on Heavy Sell.
ing and Small Fry Is
Shut Out.

The action of the wheat market yester-
day was repetition of Monday. May
opened firm, but soon broke on heavy
selling. A slump of 21ac was experienced
p before the market rallied. On the decline
the small traders were shut out. An ad-
vance followed the decline and the close
showed net gain for the day. Corn and
oats continue firm despite the decline in
wheat. Corn continues to grade low and
higher prices are predicted. The price
of oats was well maintained throughout
the session.
Stocks opened steady and an advance
was scored during the first hour of the
session. There was good buying in the
Pacific. Baltimore, Sugar and Copper. On
aggressive selling the whole list broke
Later there was a rally and on the ad-
vance some good buying developed. The
close showed gain.
What the Brokers. Say:
NJ. Doran & Co. S Chicago grain letter
Wheat-The main characteristics of the
market of Monday were duplicated in the
early trading. After opening firm the
minutes. At this point support from the
long interest appeared and the close
showed net gain Small lines and trad
ers We're pretty well shaken out and the
market has narrowed down to an affair
petween the bull interest and the shorts
Ihe temperatures throughout the South
west are severe, and the snow covering
over Nebraska, Kansas ana Missouri is
only a trace. Norwestern receipts are
fulfilling recent advices in regard to light
country movements.
Corn-rhe action of the market through
out the weakness in wheat shows con-
clusively the merit in present level of
prices Holders displayed no anxiety to
Sell, and all corn offered found ready b1v-
ers. Local grading shows little improve
meht. We confidently anticipate fur
tler fail1ng OFT in primary receipts and
~ must not be forgotten that the spring
break up of roads and preparation for
spring work will soon be factors to cur
tail the movement. The Liverpool market
closed "a lower for futures and I'D lower
Oats-The May price was we'll main
talned and the market was active, with
1c range in values. Good oats are finding
ready sale at from 40c to 411c Poorer
grades not much in demand on account
OF a large proportion in local receipts.
u ne Eastern demand is fair and Southern
j. G. Geraghty & Co.'S correspondents
A. o. Brown & Co.-The market has
peen very irregular and unsettled, with
price movement of very aimleSS char
acter. The sharp setback in MONDAYS
trading unsettled sentiment to a Consider
able degree, and the market lacked the
@snppori @ OF aggressive buying, which for
some days 1t has enjoyed on the part of
pToIeSSlonal leaders. News of the far
Eastern situation was again conflicting
ana lndlcated no change in the political
deadlock. The several failures announced
IN various parts of the country Monday
ana tuesday were subjects of unfavorable
comment. Altogether the speculation
seems to~have fattened out and the mar
ket lacks incentive. Professional senti-
nent seems to favor some reaction after
The substantial advance of the last ten
days, but the situation does not seem
sufficiently clear to warrant an aggressive
attitude looking to a decline We do NOT
believe the bull leaders have completed
their campaign and that further manipu-
1ation for the advance will in the absence
or any marked unfavorabIe developments
be removed.
o,connor & Van Bergens stock letter
The opening was quite steady and dur
ing the first half hour prices advanced
about @75 per cent above Monday
nlSntS prices on what looked like good
buying in Baltimore the Pacifics, South
efn Railway, Sugar and Copper This was
IolloWed by some rather aggressive sell
ing throughout the general list and the
market weakened and declines extending
from 12 to l per cent resulted. London
was "a seller in the morning session. dis
posing of United States Steel preferred
principally. After the noon hour the mar
ket hardened and on decreased volume
OF business Improvement set in. Amer
lean Locomotive issues were quite active.
The, common advancing to % and the pre-
1erred to 1875. During the last hour. the
market became decidedly strong and un-
der the lead of Pennsylvania the entire
railroad list rallied. The market generally
closed firm, with a strong undertone and
about y to IL per cent above last night.