The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-22
SELLING OF STEEL
STARTS REACTION
Decline Follows Strong Open.
ina and Close Is Heavy, With
Prices About Lowest.

The market opened strong and active,
and during early trading it maintained
good tone throughout the general list.
There was further covering by the, shorts
and good deal of profit taking by the
traders who bought on Saturday with the
idea of selling on strong opening. In
by Pittsburg interests broke prices and
decline of point became general. On
the decline the transactions grew very
dull. The short interest was materially
reduced during the session. The market
closed fairly steady with prices near the
lowest for the day.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
Wheat was weak most of the session
the routine news. Those long in ant1cl-
patton Of a crop scare dumped their hold
Ing on the general precipitation over entire
winter wheat area. Gables were a disap-
pointment. Northwest receipts were
large and there was some talk of the
Minneapolis mills closing Thursday. The
shorts to cover and this checked the de-
cline for a time. The effect was lost,
however. when it was understood the de-
cline was because of the issuing OF big
Irish loan, and not the result of any de-
velopment in the Eastern situation. There
was only a small amount of cash bust
ness reported prior to the close. The Wis
fble decreased less that 100000 bushels
1,250,000. Liverpool closed "a to 3s lower.
Corn, relative to wheat was firm. Trade
small and exceptionally nervous. The fear
of May manipulation Keeps the shorts IN
an anxious frame of mind, Fluctuations
We're more the result of pit conditions
than of any change in cash situation.
There was some buying because of bad
weather throughout the belt and the pros
pect of smaller receipts. The cash market
was steady and demand continues light.
Liverpool was Is higher.
10 10
amount of trading. Receipts, 203 cars,
were liberal and output of standard oats
from private houses was heavy. The de-
mand shows little or no Improvement
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-Priees are closing a
little irregular, but on the whole without
much change. There is profit taking, but
it is not on a large scale. The outside
is buying conservatively, waiting soft
spots. Traders raided steel stocks. on ru-
the dividend. Looking at the market
broadly prices still look attractive and
the general situation still healthy. On
conditions as they are we do not see
where persistent bear market is to come
from. The short interest is by no means
eliminated, and we think there are plenty
waiting to buy stocks on the soft spots.
Dick Bros.-The market was strong
early, but a lot of stock came out on the
advance and later stocks turned heavy
and declined slowly but steadily under the
1edQ Oh 0leel- pIeleIIeu All lue lSduIIl6
shares dropped a point or more from
their best prices and closed practically at
bottom prices. The closing indicated a
further reaction.
O'Connor and Van Bergen'S correspond
ents say of stocks:
In the first half hour of the trading
the market was strong and very active
sharp advances being recorded, becom-
ing quieter, however, at recessfons from
the high prices While the general under
tone was strong, transactions presented g
more two-sided appearance than for 6
long time and with stocks rather more
freely supplied at the advances. The
heavy selling of United States Steel pre-
ferred by a house thought to represent
Pittsburg interests was largely, ,respon1-
sible for checking the more bullish senti-
ment, and in the early afternoon a reac-
ton of some moment took place with de.
clines of something over per cent from
the highest on small proft-takin and
bear selling. The close was heavy a
about the lowest Generally it is consider
ed the reaction in prices is but natural
in view of the sharp advances of the pas
week, unless some untoward developments
should effectually put a check to the bet.
ter feeling which has recently asserted
itself.