The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-12
UNEXPECTED RALLY
DRIVES STOCKS
UPWARDS
Long Period of Decline in
New York Securities Final
Comes to se-Entire
List Sells at Better Prices.
Wheat, Corn and Oats Re-
main Firm.

The Iong-hoped-for rally in stocks
came yesterday when it was unexpect-
ed. The entire list was showed up sew
eral points, and Atchfson, Baltimore &
Ohio and the other securities, which
have been subjected to the greatest
pressure during the recent Decline all
gave evidence Of strong support.
Wednesdays favorable crop report
was one of the great helps to the mar
ket. Then London commission houses
We're good buyers of our securities,
and the short interests did considerable
covering. In fact, the whole trend of
trade was upwards and brokers ROW
look for a bullish market.
The favorable crop report caused a
slight decline in wheat yesterday, but
before the close the market rallied and
prices remained firm at a fractional
decline. Oats and corn showed much
independent strength and sold at an
advance.
What the Brokers Say.
NJ. Doran & Co.'s Chicago grain let
ter says:
Wheat-Traders long in anticipation
of bullish government report prompt
ly unloaded at the opening yesterday
and carried prices back Temporarily.
market became firm before close, part
ly in sympathy with strength in St.
Louis. The crop suggested by the gov
eminent q figures, if harvested,
will be the largest, save one, on record.
The weather map was favorable, ex-
ceptlng that temperatures were too low.
in the Northwest.
Corn-The corn market has shown
considerable strength, excepting for
an early break on realizing and
in sympathy with wheat. Country ac-
eeptances are reported light and de-
mand fair.
Oats-The market was fractionaIly
easier early. Shorts became good buy
ers OF July towards the close and car
ried September higher. There was
good demand for local market and for
shipment East. The government re-
port yesterday suggests a crop of 1872
100000 bushels.
S. B. ShotwelI & Co.'s grain letter
says:
Wheat-Liverpool and Paris markets
were indifferent. The opening was
shade higher with moderate .buying
by scattered shorts, but the market
failed to show much snap. Near the
close st. Louis bought some wheat sold
early, and some nervous shorts COW
cred freely, also a few local bulls
bought moderately on breaks. creating
a steadier feeling which was main
tanned until the close with July 1-16
under last night and September Il I'M
der. -
Corn = The Price Current saws.
Corn acreage is probably 5 per cent
less than last year." The opening was
STEADY and higher but there appeared
TO be plenty for sale on the buIges
Armour bid openly for corn but some
people seemed to think he sold under
cover.
Oats-The opening was steady with
plenty for sale on bulges. Early this
market acted heavy in sympathy with
wheat and corn, but near the close
showed independent strength and made
new nigh record, closing "a up frEm
last night for July and u up for Sep
TENDER.
OConnor & Van Bergen's letter saws of
A decided change in spec11Ia five foo,;,,e.,
TOOK place over night, and the opening
WhIch was accompanied with considerable
excifement and activity, showed an adj
vance on from z to per cent through the
whole list Business was well distributed
put not large either in volume or in in
dlvlduaI transactions. The government
crop report was much better than antici-
pated, and satisfactory weather reDorts
from the West and that local embarrass
dnehts had peen cured all helped to cause
petter Keeling. Commission house bust
ness mas been quite in evidence, but the
buying has been in moderation and an
Companled with a good deal of discrimina
' rioIi; DuC Inere mas been a decided dis
posIuon SHOWN on the part of traders TO
cover, although it is not believed that +he
snort interest has made much headwav
a an Is, Is SUI unwleldy. Before it is eliminate
prices. Late in the day buying hac9 no
more general and at the close sentinarf
was decidedly confident. oAs
]. G. Geraghty & Co.'s corrasnordo,,4.
say Of stocks: JUS
81, Logan 1s5tI q BryannEThe whole market is
tIaa ply; ndgner. Of course a good deal of
the buying was covering of shorts as tbe
market was no doubt heavily oversoId and
to a considerable extent we think is 90
buy stocks. sim
WaIker-The market today opened I'M
and with much better feeling. London
bought a good many. stocks, and there
was more commission house buying Later
prices eased off on profit taking by the
traders. In the afternoon there was verv
heavy buying and shorts covered freely.
Prlces ran up easily and the market be-
came very strong and active
Baehe q Co.-Three developments Of
utmost Importance to holders of stocks
were the controlling factors in the direc-
ton of sentiment at the opening this
morning; Inc frst may be said to be the
unexpectedly favorable crop report The
inherent strength of Wall streets financial
situation Notwithstanding the severe de-
cline in stocks and the unexpected posi-
ton OF London after its selling of stocks
yesterday. London sent large buying or
ders and supported American stocks in
their market on a liberal scale. The
strength continued throughout the morn
ing and would lead to the impression that
bears are making efforts to cover their
shorts. The situation appears sufficiently
clear to advise purchases of good stocks
around these figures.
Dick Bros.-The market has been buov
ant today. 1t opened with a sensational
and unexpected bulge of from / to 3
points. which was due largely to what
looked like banking houses support. The
best buying was seen in AmaIgamated
Copper. st. Paul, Union Pacific and B. &
o. -Atchison was a strong feature. and
all the stocks which were recently kept
Gnder pressure ran I'D sharply.