The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-27
ROCHESTER FIRE
DEPRESSES STOCKS
Rally of Thursday Is Followed
by Return of Sluggish
ness.

: After the firm closing Thursday the
stock market opened favorably, but with
in an hour it was affected by reports Of
the Rochester fire. Prices sagged slowly
and steadily, and the closing was barely
firm. Trading in wheat was lively and
! excitement prevailed in the pits, but the
list ruled weak towards the close.
NJ. Doran & Co.'S Chicago grain letter
says:
The markets were nervous throughout
the session. The start was weak on dis
appointing Liverpool cables. There was
quick recovery to the neighborhood of
previous closing prices but values did
not hold and the whole list ruled weak
toward the close. The excitement at the
opening in wheat was intense and was re-
mected in less degree in other pits.
Ihese breaks are perfectly natural and in
order after the big advances and are not
significant Of any inherent weakness in
the situation. This is bull year and de-
clines should be taken advantage of to
strong domestic situation. and scarcity
OF contract grades. the buyers risk is
mlnlmlzed, especially in the markets in
which legitimate demand is absorbing the
cash article at premium over the op-
tion.
Wheat-Liverpool closed with a loss Of
: "A a led after. starting strong. London
and the continent markets lower. The
total primary movement was under 500 600
pu and Just eQuafed shipments. Receipts
at Kansas City and st. Louis half the
/. Corn-Excepting for brief periods the
/ market was a small affair. The July de-
mand was feature of mornings trading
Country movement is light, which gives
promise OF smaller arrivals here in near
future.
| Oats-The trade was light and the mar
ket rather inclined to drag The July was
relatively the strongest, selling at highest
point reached SO far. Standard oats sold
1 Hey aGn5I at at over May and sales to-
J. c. Geraghty's correspondents say of
stocks:
Logan & Bryan-The market continues
, to drag. There is nothing new in the
foreign situation. The market was I'M
favorably affected by the Rochester fire.
Enough shorts covered yesterday to with
draw any material support from that
source. An unfavorable Atchison report
was also a factor The absence Of out
side buying, or in fact, good buying of
any character together with the dullness
makes rather unfavorable outlook for
prices
Dick Bros-The market has been heavy
and was very disappointing to bullish
traders. Some strength was shown in
the first hour, but none of the buying
which was effective Thursday was in evil
dence and prices sagged slowly but stead
lily. The closing was barely firm and
showed very little improvement from the
lowest price. Late news from abroad
was less satisfactory.
~ OConnor & Van Bergen'S correspond
ents say Of stocks:
The tendency to rally shown Thursday
was checked by the news of the Rochester
fire. which stopped short covering, the
main basis of the rally and led to sell
ing of some of the stocks bought yester-
day for both long and short accounts.
AS the character of the market has not
changed in the slightest particular, the
decline which followed the opening trans
actions revived beariSh sentiment, and on
pressure prices yielded sluggishly with
enough weakness in few stocks to quite
discourage the remnants of yesterday s
confidence. The Atchison statement for
January, though its decrease in net is
due to special causes, was the first of a
number due in few days, likely to show
similar results, largely on account OF
weather conditions, nevertheless not
stimulating as market factors. 1t was
largely a professional market and subject
to rallies when oversold. The close was
dull, fairly steady at the decline.