The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-31
REACTION STARTED
BY PROFIT TAKING
Market, However, Does Not
Weaken and Prices Harden
After Fractional Decline.

During the oe.11y part of the session the
market was very active md strong, with
business rather better distributed, though
the bulk Of speculation was confined to
the. leaders of Tuesdays market. Rumors
that the recent advances in Union Pa
cifie and Chicago, Milwaukee & st. Paul
were in interest of harmony had favor
able influence and the tone was generally
hopeful. While advances were resisted by
traders, real liquidation was in smaller
volume than might have been expected,
and the strength and activity continued
to the early afternoon, when the market
became reactionary on profit taking by
early buyers and some selling by shorts.
e-+leelines were not important, except
in ST. Paul, which lost its entire improve
ment, and in Union Pacific, which was
relatively heavy throughout the day. Else
where reactions were generally fractional,
and the market was not really weak at
any time. In the last half hour prices
hardened again and were fairly strong at
close.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
The wheat market was irregular, going
from one extreme to the other several
times during the session. The wet weather
throughout winter wheat belt, in the alb
sence of anything particularly bullish in
press their favorite side. The change
came on week old report of the Ohio
wheat conditions, assisted by strength Al
coarse grain. The discovery of the worth
lessness of the Ohio news had no imme-
date effect in values. The crowd bought
on light receipts in the Southwest, which
were only $4,000 bu, against 100000 a
The Kansas City market was strong and
milling demand there reported as excel
lent. A small amount of No. l northern
changed hands here at Ac over May,
which is Nc advance from last SALE Min
neapolis was rather a drag on this mar
ket. The millers were evidently busy and
using their influence to break values.
There was considerable. talk of poor
flour demand and of mills closing down,
and this caused late break in the market.
Liverpool was I'd lower.
Corn-Armour & Co. We're the best buy
erS of both May and July options taking
more of the latter which ruled relatively
the stronger The trade in May is limited
and nervous. The pit trade is broadening
some with the advance. as a good many
bull operations. Receipts here and at all
Western points small compared with a
year ago. The weather IS wet over all
the belt and there were bad reports from
Argentine crop, all of which influenced
floor sentiment. There were II cars con-
tract in local receipts and 1000 blu of
the same quality We're made Tuesday The
cash market was stronger. ruling from 1c
to &c higher. No grade selling as high as
46c. One of our Omaha correspondents
reports country movement increasing
$4,000 bu. Liverpool was Il lower.
Oats-The market was strong on small
local receipts and the wet weather and
in sympathy with strength in corn The
corn bulls were thought to have given this
market assistance from time to time The
trade was larger than usual and local
operators generally played for an advance.
The cash market was steady, but ship
ping demand continues slack. We have
sold practically nothing past two days.
Duluth reported a sale of 10000 hu to
the East this morning. About 100, 900 of
standard quality Were made Tuesday and
the total stock Of this grade is now over
5000, 900 blu, compared with 470, 900 year
ago
]. C. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-There was quite a
squirt of activity early and quite a gen
eral advance throughout the list This
and some loss in the early improvement.
The closing is a little irregular, but on
the average little better than yesterday.
There seemed to be a cessation of Tues
days buying in Union Pacific and some
resulting loss in the price. There was bet
ter buying of steel issues and less talk
OF a decreased dividend: Brokers generally
report a growing outside interest. There
Is nothing, we think, in the action of the
market which indicates weakness of a
elimination of the upward tendency. 1t is
simply a natural setback.
Brown & Co.-Upen the general theory
that the buying in Union Pacific did not
signify any fight for control but rather
indicated Strengthening of the ties bind
ing that road with ST. Paul, the market
today was strong for the greater part of
the day and the prevailing sentiment was
more optimistic than for some time past.
The buying of ST. Paul. Atchison, South
ern Pacific and Union Pacific was in con-
siderable volume and represented pur-
chases for traders and commission houses,
as we'll as what was said to be the large
interests that have been active In these
stocks recently In the last hour a reac-
ton set in which was due chiefly to real
izing by the traders and outside specu-
lators. The recession did not weaken the
market, and was considered altogether
natural result of the recent advance.
The undertone at the close was firm and
the feeling generally reflected belief that
the market was in the hands of those
people who were favorable to a further
advance.
O'Connor & Van Bergen's correspond
The feeling of confidence and security
increases assthe supreme courts decision
becomes more and more thing of the
past. Good evidence Of this is shown by
the substantial Improvement in all stocks
Conservative investors and spectators
who had been hanging back sent in large
buying orders for leading railroad shares
These orders fell upon market practical
1y bare of stocks and in which there was
large short interest, which has been
carefully nursed along, hence the some
what rapid advance helped at times by
urgent deDand of frightened bears. Tech
nically the market has not been weak
ened by its rise and is at present in good
condition 10 respond to any news of i'm
portance owing to the more confident SEN
timent preva ling. The market has broad
ened consid 4rably, brokers report a bet
ter business and more interest being taken
by clients than for some time. Other mar
ket features remain unchanged. Money
continues at lowest rates. therefore pros
poets of gold exports are given little or
no attention.