The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-05
STOCKS WEAKEN BUT
GRAIN IS RULED
BY BULLS
New York Securities Decline
and Market Again Grows
Sluggish and Inactive
Close Is at the Lowest
Point.--Wheat and Other
Grains Soar SkyWard.

After two days of much promise the
stock market again yesterday became
sluggish and inactive. Bear interests
made attempts at heavy raids and did
succeed in forcing prices downward. The
close was at the lowest point for the day
Grains ruled strong yesterday. There
was a great demand for wheat by the
shorts. Reports say that the winter
wheat crop is badly damaged, while
spring wheat in many localities has suf-
Tered from drought. Corn and oats fol-
lowed the pace set by wheat and scared
upwards.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-The market was very strong,
with shorts and bulls good buyers. The
missouri state report was the incentive
10 early buying. 1t shows a condition of
WINTER wheat Of "a, compared with sc
last month. Today's weather map was
more favorable, but predictions are for
showers throughout the West. Local
sentiment Is bu!llsh and reports Of dam
age are getting more extreme. The Price
Current considers winter wheat condition
lowered, but spring prospect perfect. Du-
luth and Minneapolis stocks have decreas-
ed 1000, 900 bushels so far this week
Northwest receipts are very light, but
there were prospects of increasing, as de-
myerle5 at country stations are larger.
We believe In higher prices, but this mar
ket is going up too fast, so advise buy
ing only on recessiOns.
Corn-This market was a bull one, with
no soft spots for buyers to get in on.
Prices started and finished strong, with
good advance recorded. Bull news was
plentiful The Price Current report is
bUuish. The Eastern drought is unre-
Ieved. We are believers in higher prices,
but do not advise buying on the bulge
OatsLIhls market was, right in line
with wheat and corn. The advance in
other grains caught the pit bare of offer
1ngs. and prices were easily advanced. The
crop is looking well in Iowa, and Price
Current considers the condition improv-
ed the past week, but still believe av-
eTage. Local cash market was higher.
O'Connor & Van Bergen's stock letter
The market has been under sharp pres
sure throughout the day and developed
considerable weakness from bear attacks,
the movement being more for the pur-
pose Of bringing about lower prices than
TO dispose of stocks. Rumor, absolutely
without foundation, has played a large
part in the business Of the day, and ap-
parently no bounds excepting the limit of
imagination control this means of attack
As a matter of fact, there has been no
change in the situation except that con-
hdence generally was much disturbed by
the FURIOUS selling Of Pennsylvania at yes
terday'S close, which from the best in
formation obtainable was simply a hear
raid, intrusted to a well known commits
sion house, in order to give color to the
statement that it was for important bank
ing interests here. A closer money mar
ket has also added to the uneasiness, but
In our opinion this does not foreShadow
any permanently higher rates for money.
and, as we have state several times late
~, the current rates for money here are
not calculated to attract foreign capital,
at least for the present, and many houses
with foreign connections are not only pay
Ing off all maturing foreign money obliga-
tons, but are also putting out money
aDroad. Ihere has been evidence all day
or the buying of New York Central st.
PauI, Atchlson and North Western by
good people. but in small volume and not
sufficient to cOunterweigh the reckless and
persistent selling by traders The week
exports will no doubt be unfavorablv re-
fiected In the bank statement of Saturday.
put until decided change in actual ex-
listing conditions comes to our knowledge
We can but feel that the buying of stand
ard stocks at the present level is not dan
]. G. Geraghty & Co.'s correspondents
say of stocks:
STANDARDIZATION common sold off and
seemed in6 1t, to lack support from quarters
beiseYed BeTWynd interest has changed its
P3PslIiion 3 Selling of Amalgamated was
ABSORBED to Lewisohn interests.
Logan d Bryan-The market is again
heavy and lower There is enough had
crop news to cause some liquidation and
to encourage the bear element. Money is
little fi1mer, and there are vague r1moT r
OF somebody in trouble. The latter cannot
be traced to any definite Source All His
Keeps cps tn, the feeling unsettled and nervous.
" . w DIS D0dNy incubation a III
through the list today and the b1vi no
power was limited. In the middle Of thee
day the market was very dull but in the
afternoon the prices sold off easily. Penn
SylVan1a was the point of attack and fha
whole market declined in sympathy. A
little short covering was the only buvine
and many stop orders were reached The
close was weak at lowest prices and with
talk very beariSh.
Bache-The break which occurred in the
market yesterday afternoon near the close
was continued on opening this morning,
Lohoon mad negative effect on our OPEN
ing prices; The course of the market for
Lne next Few days, 1t appears to us, will
toward Lapsley & Co.-Bears were in
control and made most of various I'M
favorable rumors. A squirt in money To 4
per cent helped. No one was disnosed RI
bull the market. Closing was weak and
at about the lowest '-N
HaTTiman-The market TODAY wac one
OF dlsquieting rumors. The severe orea /
In Copper caused considerable selling bv
Boston houses and gave rise TO r11Tnnre
of trouble in that city which Woro
promptly denied by leading Boston bousas
outside Of Copper and PENNSYLVANIA the
market seemed to be sold to a standsfiiI
Barring some failures or disaster to he
announced tomorrow we believe better
prices viii rule the remainder of the week
Chicago Produce.
CHICAGO, June -Butter-Firn9:
ereaneries, 1920; diaries, 1501S1Hc'
E4agsgs1Steady; at mark, cases Included.
In 914Ac. Cheese-New, easy: twins
11V!5c; daisies, lie; young Americas i'll N
lfr~xr TNf,.