The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-05
RALLY CAUSED BY
SHORTS COVERING
Slight Increase In Activity in
Stock Market, but Relapse
Follows.

Slight increase in activity in the stock
market during the early part of the ses-
sion resulted in fractional advances, but
there was nothing significant in the deal
ings. Later the trading was extremely
dull The early movement was due to
short coverings, but there was an alb
sence of selling pressure. Leading stocks
reached higher prices than have been seen
for several days, but the advance did not
hold and the list sagged towards the close.
Grain markets were nervous and erractiC,
with sharp rallies and quick breaks Re
ports continue to set forth unfavorable
weather conditions, and it is said that a
crop scare may be expected.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain let
ter says:
All markets were nervous and cratic,
with number of sharp rallies and cor
respondingly quick breaks. The opening
buying orders found the pits bare of Of
feringS and there was selling on resulting
bulge in anticipation of a repetition of
Thursdays experience. Prices were high
er and tone stronger during most of the
session. The urgent selling pressure was
off and the sentiment generally was less
bearish. The coarse grains showed best
strength. There was a somewhat easier
tone near the close, wheat finishing with
little change for the day. Corn and oats
were higher and provisions lower
Wheat-More heed was given the cur
rent news today, especially that relating
to prospects of winter wheat crop. The
geStive of what may be expected in this
line from now on. The former gave cOndi
ton So, compared with 81 a year ago.
The latter says crop is in very poor posi-
ton to stand the thawing and freezing
of March, and that a wet spring is i'm
perative. Southwestern advices in general
were in the nature of complaints. The
Argentine strike situation is worse and
prospects are for prolonged strife. The
visible \ ere decreased sharply this week,
due to deserves being drawn on to make
prospects are going to be an important
market factor from now on and we are
likely to run into big crop scare.
Corn-Continual buying by interests sup
posed to be long, considerable line of the
May was the feature. This buying started
at the opening and was renewed at periods
during the session. Argentine weather re-
ported unfaVorable for corn. Cash mar
kets steady. The large export sales re-
ported late Thursday at seaboard, which
aggregated At loads, were an early bull
help. Liverpool closed Esd lower.
Oats-The oat buying was of good char
acter; The July was in most demand.
Country offerings are very light. Cash
market was steady to &c lower.
j. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was a lit
tie less dull than Thursday but is still
long way from active. There is better
this has reached no large proportions.
There is said to be some covering of
shorts today by room traders: Foreign
markets are dull, but so far show little
recovery from the late depression. There
is the same absence of selling pressure
and we are advised that some of the
prominent and heretofore controlling in
terests in Wall street ar advising the
purchase of stocks.
Dick BroS.-In the early trading some
strength was shown, the leading stocks
reaching higher prices than have been
seen for several days. But the advance
did not hold and the list sagged again in
the afternoon. There was no news. In
dications point to a moderately good bank
statement tomorrow.
OConnor & Van Bergen's correspond
ents say of stocks:
The foreign markets were little stead
Ter at the closing. and there were no fail
ures announced in Paris. although 1t was
reported that several large, spectators
had failed to settle their differences anc
that some concerns had been helped ovel
the settlements. Our markt opened firm
and fractionally higher, and trading was a
little livelier than for the past two days
Traders were inclined to take the long
side in the morning session, and this buy
ing was helped alonN by a little short
covering on which prices scored a further
fractional advance. The bank statement
tomorrow is likely to show gain in cash
of between $2,000,000 and 5000, 900, &C
cording to known movements of money
but the statement is not likely to have
much effect on the market. The announce
ment that the Burlington had borrowed
caused a little selling in the late session
on which most of the earlier advance was
lost The close was quiet, with prices
about the same AZ last night