The Saint Paul globe., 1904-02-25
STOCK MARKET is
DULL AND DRAGGING
Reports of Failures I'm Berlin,
Paris and Vienna Have
Noticeable Effect.

The action of the stock market Is said
20 be unfavorable and the whole tone and
outlook rather disturbing The market
was under pressure all day, the selling
being both for liquidation and short ac-
count. There was no news to affect the
market except reports of foreign failures.
Ihe wheat market ruled strong and gained
momentum as the session progressed.
says: e--- -0''o'
Liquidation Tuesday was on a liberal
scaie and apparently pretty thorough
leaving the market in a condition Darfic-
ularIy receptive to bullish influences. Eng
msh markets came unexpectedly higher
oay switched to the bull side and the
replacing of lines was factor in the Dits.
Inc markets ruled very strong gaining
NoI1.o HNIoIIleLIum nun. as the session progressed.
News was rather scant but cash features
were generally strong, Cash market leads
the futures in wheat and oats No 2
corn Is at liberal discount under MAY.
wIIch keeps many in the trade bearish
but the difference only fairly represents
carrying risk. We were bid practically
May price Tuesday for good dry corn.
ana coupled with broadening trade. will
enhance values.
Wheat-Long interest was active on
buying side, especially in old and new
Corn-The movement Of Nebraska corn
this way, which has created consfdera HE
pearls Ppearlshness has fallen off sharply. Our
COAl ID uOuSS I6DOIJS~ 1eCGiDtS~ light
and demand active, particularly for dis
tliIng and glucose purposes.
Oats-Trade was small The May was
tight and offerings light CyoInfJ,v ad
vices. especially from Central Illinois re-
gardlng amount in dealers and farmers
hands are very bullish
c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is still
heavy and dragging. There was absolute
~ no outside support and very little sup
Ilon has not yet assumed any large pro-
portions. but in scattered way it is in
creasmg. Conditions on the foreign ex-
changes are distinctly unfavorable The.
acuon of the market Is unfavorabIe and
the whole tone and outlook rather disturb
ing No great Improvement is likely un-
1lra,,pp1t hra pItsent conaltlons more than can be
prought about by the temporary covering
by shorts. We still look for lower prices
Dick Bros.-The market received some
s, SupPort TINS morning and traders who
worked for a rally were able to force
= some short covering. but stocks came cut
on the rally and liquidation was again in
evidence IN the afternoon. when the whole
list broke Sharply again. Failures i'm
farls. Berlin and Vienna caused declines
IN all foreign markets after they had
SHOWN early flrmness and much of the
1ate selling here seemed to be for foreign
account. What looked like pool liquida-
tIon caused sharp break in Canadian
taclIlc Local news developments We're
O'Connor & Van Bergen's correspondent
says:
The London market was a trifie stronger
in the early morning, but later on grew
very weak and nervous and prices de-
clined sharply on the announcement of
several fallures In Berlin and one each in
Paris and Vienna. Tomorrow is nav day
abroad for the months settlement and
there is considerable apprehension felt
over the outcome, as 1t is feared many
ddlIuTes may result Our market sold up
about per cent after the opening on
buying by floor traders, but large selling
orders were met on the advance and the
rally was short lived The market was
under pressure all day, the selling being
both Tor Liquidation and the short account
There was no news of moment outside of
the foreign failures to AFFECT the mark eff
today There is no buying power and the
big people who have been carrying the
stocks are becoming tired and are trying
at about the lowest Of the daY