The Saint Paul globe., 1903-08-06
CONTINUOUS RAINS
IN THE NORTHWEST
CAUSE BULL MARKET 7
Wheat Opens Strong With
Prices Higher, but Profit
Taking Causes a Reaction
Wall Street Sees Another Big
Break in Standard Securities.

Wheat opened higher yesterday on bull
ish news from the Northwest The con-
tinuous wet weather is bad for the ripen-
round out the crops. After the high open
ing prices declined on scattered selling
and profit taking. The close was nc to
trade was very light The news from the
wheat pit had very little effect on the
corn market. The close was at a frac-
tional decline from Tuesdays prices. Oats
were also dull From the opening prices
inclined to weakness and the final quota
tions Were from &c to &c under the close
Tuesday night.
Stocks We're again hammered down by
the bear forces yesterday. New low rec
ords were made in many standard Sc
curities, st, Paul. Atchison and Union
Pacific being hard hit by the heavy aiQl1i-
dation. There We're two failures in Wall
street yesterday. " 7
What the Brokers Say.
H. Doran &c Co.'s Chicago grain letter
says:
west with rains in Manitoba, Minnesota
and part of South Dakota. causing a hsc
opening advance. which was Immediately
/ taken advantage of by local longs to real
1ze. Decline was Stubbornly contested
around soc for September. We do not
anticipate any extensive decline from
spond quickly to continued wet weather
in Northwest. The Liverpool market was
9Sc h1gherje mainly in sympathy with our
advance of Tuesday.
Corn-The corn market was dull and
lacked trade enough to be interesting.
Values Were unexpectedly well maintained
In view of the weakness in wheat. The
Illinois condition lost five points during the
past month.
'Oats-The market the first half of the
day showed good activity with offerings
of December and May readily taken by
general commission trade. Close was at
slight decline from Tuesdays close but
with a very steady tone.
s, B. ShotweIl & Co.'S grain letter is as
follows:
The market opened higher. The scalp
Ing crowd were apparently quite undivid-
could see no buying of importance and
selling averaged better class than buy
Ing. About noon shorts, who sold Tues
day, and early today were best buyers.
The market turned somewhat firmer for
while but strength did not hold and the
market closed at low point for the day
at 1s to 1c under Tuesday night.
-CorE-The market opened rather tame
and relatively heavy with local longs in
clined to sell liberally. The selling was Of
better class than buying. Corn closed
OatS-There was not much trading in
this market today. The opening was duh
and inclined to weakness. The close was
Is to 9sc under Tuesday night.
O'Connor & Van Bergen's stock letter
says:
We have had highly excited stock
AHd1h hSl, dceOInpdHieQ py the announce
ment of two failures. and with rumors re-
hecting the possibility of further troubles.
The market opened nervous and ruled in
a feveriSh condition with such an apparent
lack of support in many quarters as to
create much concern. The urgent liQui-
dation in early part of the session was
the forerunner of the announcement of
the failure of Sharp Bryan, following
which the market seemed quieter. Later.
fresh outbreaks of liquidation, followed by
the announcement of a small failure sent
prices to nearly a low level. Considering
the decentralization that existed in the
market at times today. standard stocks
have held fairly well. The great de-
clineS were seen mostly in the SpecialtieS
and it is a matter of comment that the
houses that have met with disaster up to
this time, have more or less been largely
identified with some speciality. AS to the
immediate future q sense of uncertainty
exists here. 1t is time for patience and
conservatism, for every day of such radi-
cal lowering of quotations brings nearer a
solution Of the question.
j. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was again
heavy and sharply lower. There were two
failures in Wall street. one of them an
Important one, followed by great deal
OF liquidation and bear pressure through
out the list. The market closed at about
the lowest point of the day
Sternberger-We cannot say much
about the market. except that the liquida-
tions continued and were even on a larger
scale than on previous days. It is difficult
to forecast the future of this market
the more accounts to be liquidated As a
proof of this the Gould stocks which held
well within the last few days broke very
sharply today.