The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-07
STOCKS IRREGULAR
WITH PRICES Low
Market Drifts Into Condition of
StagnatlOn Which Remains
Till Close.


prices, the market opened low and heavy,
though without activity. Especial weak
ness in Metropolitan was the feature Of
the early trading and together with a
very small demand elsewhere was an in
Huence towards a lower level Further
engagements of gold for export in round
amounts were expected and were with
out material influence on sentiment. Rail-
road earnings were considered favorable
especially Southern Pacific and Union Pa
citic, but were without effect on prices.
Market early drifted into a condition of
stagnatiOn which lasted. until the close
when some improvement from the low
level and final prices showed irregular
changes for the day.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-The Snow, Ohio state and
Modern Miller reports Were direct cause
of advance. The news was almost sensa-
llonaI IN character and had it come upon
a market with average level of prices Toe
TO lie lower big bull market would
have resulted. As H@was the advance was
sharp and tone strong with some recession
near the close on profit-taIdng. There was
evidence of more interest on the part
of the general public. Snow figures condi-
ton April / at 74-5 compared with SOL a
month ago. The big decreases were -
points in Ohio, 30 in Michigan 10 in In
diana and Is in Oklahoma. The latter was
He states it is still too early to estimate
acreage plowed up as this work con-
tnues. Loss in Ohio valley is heaviest in
years. Ohio report places the condition at
So. The Modern Miller confirms in a gen
eral way report of Snow regarding In
diana. Ohio, Michigan and Oklahoma. Re
celpts were small. The shipping movement
from mere continues and it is estimated
only $500 bushels of contract wheat
remain In store. Outside markets strong
especially Minneapolis which was in
och frnI fI,o,.
SLOW: weather map on the whole was ia
NoraDle. Flour stocks in principal cities
on May We're larger than last month and
last year AT extreme high price we have
mad a bulge of 35sc in old July in four
days. Liverpool market closed &c to &c
higher.
Corn-very little interest exhibited af-
ter opening activity subsidized. The early
tendency was to follow wheat but shorts
who, have been principal buyers during the
week, had evidently pretty well covered
Prices began to drag and several close To-
cal professionals were pounding the mar
ket Receipts here were 211 cars, com
pared WIN VIII o 226 year ago. At all western
points 100000 or 100000 larger than a wear
ago. Cash trade slow and sample market
WealS particularly for lower grades which
were on from l to &c a blu. Crop adviees
all favorable, and with present cash posi-
e. ton and pit situation there is no induce
ment to buy corn. Liverpool was u TO $40
higher, affected partly by strength here
Thursday and partly by the scarcity of
contract corn here.
Oats-The days experience was much
me same as that in corn. but tone on the
WnOle was nTmer. The demand continues
fair Receipts light and country advices
report stocks in first hands small: IS 600
Du of standard loaded from store Thurs
day. The sample market was strong and
1c bu higher. Good No. white brought
4512c and standard were sold from store
at 1sc over May. Snow reports seeding
nhlsheo. Except IN extreme north and
improved weather starting crop in good
shape. Situation governing the Nav is
strong, and this and the July should be
bought on breaks. The September situa-
zion IS weak and We prefer selling on
bulges.
O7Connor & Van Bergen's correspond
ents say of stocks
Although general sentiment for some
unknown cause, perhaps it is the more
seasonable weather, seems much more
cheerful. there has been really no news
of interest developed to affect or change
the situation in any way. The public
continues to look on with diffidence,
while professionals are merely on the
alert for move in any old security to
jump in and skin out a possible eighth.
Judging by financial changes of the week,
chances are in favor of an Indifferent and
poor bank statement. In view, however
of the abundance of money and the gen
eral confidence of financiers in money sit
uatlOn, the exhibit will have no influence
decreases IN railroad earnings, uncertain
~ as to the crops and political results
contraction in some lines of business are
the factors acting more against the mar
ket improvement than all other conSidera-
tons, while on the other hand the actual
f scarcity Of good stocks combined with
easy money is a potent factor hard to re-
sist' and If maintained and other matters
are no worse than they are now If is
bound to make itself felt
j. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market averages a
little better, perhaps. but there is almost
nothing doing. Rock Island issues are
Well supported and there seems, to be a
drive against the shorts in Western Union,
There is something of a feeling of relief
that the Steel syndicate is likely to cease
being factor in the market. The plac-
ing of the Japanese loan raises the cues
ton of further exports of gold, and while
It Is thought that much of the money will
be spent in this country. vet. it is not nm
likely that some gold will go out in conse-
quence. We see no tendency to the mar
ket and nothing to create one in the near
future.