The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-28
TRADING DROPS OFF
Buying Power Diminishes, but
Prices Do Not Fail.

The market opened without feature, and
after the first ten minutes of trading the
buying power diminished, though prices
remained high On the average. Traders
were on both sides and the volume OF
business was small, what little interest
there was being manifest only in Union
Pacific which was looked upon as the
key to the market. Traders bought 1t
cautiously on indications Of demand at
about 80, and of very meager supply Just
before the bank statement appeared the
market yielded little. but closed steady
with slight rally. The wheat market
was nervous. Transactions in corn were
limited, the market being controlled by
Armour & Co.
What the Brokers Say.
M Doran & Co.'s Chicago grain letter
The wheat market was nervous and
trade almost wholly of a professional
character 1t started very strong on high
er Minneapolis curb, and on the lower
temperatures throughout the Southwest,
but eased off on profit-taking, which was
quite general on bulges. The weather
forecast is for warmer conditions. The
developments in the cash situation were
all bullish. Millers have forsaken the bear
side and are buying wheat; 100000 bush
els of No. l northern We're sold here at
May price. Minneapolis mills will resume
Monday. The canceling of II 900 bushels
Of contract wheat here was significant. 1t
recalls our small stocks and the improb-
ability of replacing shipments, as our
market is relatively the cheaper Late
in the session a vague rumor was sent
around of impending Balkan trouble, but
it was given little credit. Liverpool closed
practically unchanged. Worlds ship
me1lts estimated 10000 bushels.
Corn-The pit was within the control
of Armour & Co. throughout the session.
This fact made the trade nervous and
transactions largely between the pit oper-
atorS and not extensive at that. Reports
of poor condition and quality of crib and
seed corn are being freely circulated Our
own advices regarding the former are
not of the same tenor. AS for seed corn,
it is only a question OF price. There is
plenty of it and even if value is doubled
it does not become burden to farmers.
This country never lost a crop from this
cause. The cash market ruled very steady
to lie a bushel higher, with Armour a
buyer. The demand Is very poor; 10000
bushels of contract were made Friday. and
two cars were included in arrivals. Liver
pool was unchanged.
Oats were a very dull market, and fluc-
tuations were unimportant. The trace
was small and prices in a small way fol-
lowed wheat ard corn. There are no new
features in the situation. Receipts We're
135 cars, 10 Of which were contract, and
40 900 bushels of the same quality We're
made Friday The demand continues slow.
J. c. Geraghty & Co.'S correspondents
say of stocks:
Randolph-The stock market has been
fair. Quotations from London came over
very much higher and the stocks opened
at an advance, but profit taking caused
it to gradually sag off. The merger
stocks were all weak on the curb. The
bank statement had no significance.
Paine, Weber & Co.-The bank state
ment was moderately favorable The
market was higher on the average, but
the volume of trading was very small
Bear operators seem to be losing courage
They have raided the list on several re-
actions and have found plenty of buyers
every time. The market is acting well
enough to encourage the purchase OF
good stocks on all weak spots. Outlook
for coppers is very encouraging and we
shall not be surprised to see more activ-
ity in prices.
O'Connor & Van Bergen's correspond
ents say of stocks:
One of the most significant and favor
able features of the situation is the evil
dent optimism of foreigners toward oul
securities, as shown by their purchases
this week, and the strength of American
issues in the face of rather dull and sag
ging tendency in other departments
Speculation has assumed much quietel
tone since Thursdays decline, now more
particularly noticeable indicating a wait
professional traders and others, the draw
back to activity being fears of the I'M
expected in the present important mat
ter under consideration. The best in
formed and the street generally are fully
satisfied that Northern Securities inter
ests are working tremendously together
without the slightest friction or disagree
ment to accomplish a legal dissolution OF
the company's assets along lines now
known. Pending the final settlement, we
look forward to a continuance Of the
present speculative temper, with a fresf
impetus given when the matter is finally
out of the way. Changes in the banl
statement are unimportant and have nc
bearing on the market.