The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-16
STAMPEDE STARTED
BY SHARP ADVANCE
Brisk Buying, Together With
Small Offerings, Alarms
Short interest.

The dullness which prevailed In the
market last week has entirely disap-
peared and is followed by q good tone.
Buying, apparently by investors who had
awaited the announcement Of the North
ern Securities decision, and small offer
ings, caused a sharp advance. The short
interest was plainly nervous and all at
tempts to purchase caused sharp ad-
Nances The nervousness increased as the
session wore on and regular stampede
occurred when prices advanced sharply
all around with very heavy buying.
Though wheat was off 1 cent from previous
close during the forenoon it finished the
session strong with a good advance for
the day.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat was off 1 cent from previous
close during the forenoon, but finished the
session strong with a good advance for
the day. Local crowd was bearish to
start with and pounded prices on lower
cables and the heavier receipts in the
Northwest The whole tone changed on
strong cash advices from the Northwest
and the crop damage reports from the
Southwest. Markets in both sections were
up, rejecting zeal conditions. Country
movement in the Northwest is light. Cash
demand at Minneapolis is described as ex-
cellent. Eastern millers were buyers Of
No. l northern here and at Duluth, and
Minneapolis miHers Monday bought the en-
tire stock OF hard winter wheat at st.
LouiS-about 600 bushels Weather
conditions continue against the winter
wheat crop over the Southwest area.
There was no precipitation shown on the
map. Liverpool closed 1ad lower.
Corn-The market was nervous, trade
was on a small scale, especially in May.
The days advices furnished little Of in
with wheat and cables expressed the be-
lief that Argentine crop would be found
short. Local grading is better, there being
only Is cars of no grade in today's ar
ferred from private houses Monday. The
cash market was dull, but prices were
steady. The demand continues poor. Liv
erpool closed Il lower.
OatS-'Fhe market was dependent for
its activity on fluctuations in other pits.
The tone during forenoon was weak and
selling of May was of sufficient volume to
break price 1c a bu. The late strength In
wheat brought about a sympathetic re-
covery. Local stocks in all positions in
creased last week 54S, 600 bu There was
ment.
J. G. Geraghty & Co.'S correspondents
Logan & Bryant is a much better
market, with a sharp rally throughout the
entire list. The fact that the Northern
Securities decision brought out no pres
sure from long stocks shows the condition
of general confidence among holders No
doubt good deal of the buying Is the
covering by disappointed shorts, and on
doubt there is an increased investment
buying by those who have been awaiting
the above decision. No definite views seem
held as to what the Northern Securities
move viii be- but there is quite a confident
feeling that some means will be found to
produce the desired results without con-
f1icting with the law. Foreign markets also
took on better tone and the whole feel
Ing is more hopeful and more confident.
Underneath the whole situation is the fact
that stocks are cheap.
Paine, Weber & Co.-There are a good
many investors who have believed all
along that 1t was the movement of the
government against the Northern Securi
ties company that broke the big market
OF year and half ago, and they now feel
that the decision having been handed
down the whole case is out of the way,
and they are therefore buying stocks for
long pulls OF course there is a big short
interest and it is helping to rally prices
Wf,at the market will do depends wholly
on the amount of buying that may de-
velop. The Copper market is acting ex-
ceptionally we'll The break in Daily West
Is said to have come on selling for in
siders. There is an unfavorable rumor
that recent developments in the bottom
of the mine have been of a bad char
acter.
OConnor & Van Bergen's correspond
ents say of stocks:
London prices came materially higher
this morning, and our market responded,
showing advances of h@1 per cent. Re-
lief from the strain preceding the an
nouncement of the Northern Securities
decision was evident, and while the vol
ume of business was not large, the under
tone was generally strong. Shorts cover
ing was the larger share of the buying
power, but some stocks were taken also
for long account At the advance profit
taking by room traders caused moderate
reactions, and the market became dull and
fiat, but without weakness. In the early
afternoon strength in Fries and scarcity
of offerings attracted attention, and on a
renewal of efforts of the short interest
to cover the market developed consider
able activity and advanced very sharply
At the high level stocks were more freely
supplied and closed q shade below the
best but active and strong. Reports from
Washington that the government intended
no further action toward the railroads and
better feeling in European financial CEN
tiers were the favorable developments of
the days news.