The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-07

Market Was Dull at the Open
ing but Before the Close the
Bull Crowd Gained Control
Trade In New York Stocks Is
Lively, With Gain at Close

The opening in the wheat market
was quiet: Prices were shade under
Wednesdays close, on lower cables and
good weather reports from the North
west Later in the session profit tax
ers of Wednesday bought heavily, and
there was also a good line of commits
sion house buying. Near the close the
offering was slight, and the final quo
tations were 3-4c to Use over Wednes-
days close.
Corn was. q steady but dull market
early in the session. Firm cables were
offset by good weather throughout the
belt. Prices declined slowly during
the first half of the morning, but a re-
action came, when wheat was forced
to advance, and the close for corn was
at gain over Wednesday. September
oats were offered for sale at the open
ing, and prices were a little weak. All
offerings were absorbed later and
prices strengthened greatly, the close
being at an advance.
Liquidation and selling of standard
stocks made the opening in Wall street
weak yesterday. During the morning
prices We're hammered down at the
Will of the bear element However,
before the close there was a decided
ldlu lOI IIit OGtLci dIfu pIICGS UGCGIItE
strong, making q gain of 1 to 4 points.
The close was at the high quotations
for the day.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wlreat-The early tendency of the mar
ket was to continue Wednesdays decline
in view of the better weather conditions
IN the Northwest, lower continental ca
bles and financial conditions prevailing in
Wall street. During the morning many
bullish features developed and prices were
quick to respond led by Wednesdays pro-
fit takers. The cash situation was notice.
ably strong, particularly at Minneapolis
CoFn,-Was a quiet, firm market. which
showed little inclination to follow early
easiness in wheat, but gained in strength
readily when the latter advanced The
weather throughout the belt was much
A large Nebraska firm estimates crop In
that state at rs per cent with ideal
weather conditions, but the present pros
pegs Gt are a4 o.. not n over one,h ar crop.
cline with moderate corn trade. Buying
by local spectators, who sold Wednes-
day, and fair demand from commission
people, found offerings not heavy and
prices firmed up steadily.
s. B. ShotweH G Co.'S grain letter is as
follows:
lower with some scattered liquidation
through general commission house trade
Around the opening the Patten party were
replacing some of its line of wheat and
We're also buying December. About noon
the old time pit. bulls fell in lire with
the Patten contingent and were heavy
buyers. They simply bid it I'D enthu-
siastically, meeting with little or no re-
slstanee. The close was 5se to &c above
"wednesday night.
Corn-This market was quiet and steady
at the opening with trade almost entirely
local and no new features. Patten Wa
best buyer and shorts covered freely. TIE
weather is decidedly favorable for move
ment and for growing crop. The close
was even to Sc above Wednesdays.
SOats-The market was dull and steady
all day with no new features and little
trade: The close showed gain for the
day of sc to &c.
o'Connor & Van Bergen's stock letter
says:
The opening of the stock market today
gave every evidence of the disturbed con-
dition of mind and anxiety. resulting in
very confused state of trading. with
prices below the close of last night. 1t
was not until late this afternoon that a
very decided change for the. better came
During the last hour sharp rally took
place, largely caused by purchases by the
room traders. who sold stocks early in
the day, and by moderate support and
assistance rendered by the supporters OF
certain speeialties. SO that we are able
10 report an improvement in the general
list OF from 1 to points at the time OF
writing. 1t would seem that the Hauida-
ton was most severely felt in the early
but this was caused by only rnoderate
amount of support of the same character
we referred to In our letter of Wednes-
day. AS for the immediate outlook, unless
some sore spots are developed within the
next tWenty-four hours, our feeling is thai
the market is likely to hold at approx
mately ruling prices.
j. C. Geraghty & Co.'S correspond ents
say of stocks.
Logan & Bryan-There was further Sc
we're liquidation during the first hour this
morning and prices were carried off
sharply making sInany new low records
After the hour for clearing had passed
and no further failures were reported. the
whole market rallied sharply and closed
at better prices than Wednesday. There
is nothing the matter with stocks and
most of them are worth the money.
Dick Bros: The market broke again
this morning but the expected bad news
did not materiallze and in the afternoon
there was sharp and general rally which
was due chiefly to short covering. Gains
OF from to points were made by lead
ing stocks. Stocks closed strong at
about their best prices.