The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-20
SECURITIES GAIN
STRENGTH AFTER
A WEAK OPENING
Lower London Cables Have Lit
tie Influence on New York
StOCkS-Wheat and Corn Are
Weaker and Market Shows
BeariSh Tendencies.


the stock market opened dull and weak
yesterday, but soon rallied. Although
there was no great activity, there were
evidences OF good support and liquidation
was slight. Steel stocks were particularly
weak and sold down to the low point,
common being quoted at 27&c: After the
first hour of trade, the underlying support
made itself felt, and prices moved up
ward. the entire list closing at a small
gain over Thursday. Coabsrs were strong,
especially Reading and Erie common A
favorable bank statement is expected to-
day.
For the first time in several DAYS wheat
and corn showed weakness yesterday. At
the opening the wheat market was ac-
tive but irregular. The early strength was
soon lost by pront-taking and reports of
general Improvement in the crop. The
advice Of brokers to the long element is
TO realize, as beariSh market seems like
y. Traders took advantage of a sharp adj
vance il corn to realize good profits, and
the early activity soon ceased. The mar
ket then sold lower. Oats showed con-
siderable Independent strength, and there
was no such liquidation in that grain as
was displayed in corn and wheat. The
crop conditions have improved.
What the Brokers Say.
O'Connor- & Van Bergen's stock letter
says:
The. happenings of today's stock market
furnished but little Of interest to send you,
and in consequence our letter must needs
be brief. The weakness in London had
depressing effect at the opening, which
and this Improvement was maintained
throughout the rest Of the day. The
trading continues most professional in
character and very limited in volume.
The prevailing StagnatiOn which is
prominent feature, is but the natural
outcome Of what has taken place here of
late and which observation and expert
ence teaches US results from such dis
turbances. The steel shares sold at low
est prices ever recorded for them today,
and the disparity shown between market
price and dividends which fhn securities
yield IS a constant source of uneasineSS
TO holders Of the securities. Some prog
TeSS seems to have been made towards
an adjustment of local labor troubles,
and the outlook generally is more en-
couraglng. The bank statement tomorrow
viii make a favorable showing and the
large. 1t is possible that gold shipments
may materialize in the early part Of the
week. The public apparently has but
little appetite for stocks at this time. and
from present indications this state of
affairs is likely to continue for some
J. c. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryan: The market was firm
ard higher While it is not an active
market there is pretty fair investment
buying Of good stocks. There is no pres
sure from Hquidating sales at anv time
and when the market sells off it is pretty
generally due to the efforts Of the bears.
Walker Bros: The market today was
quite dull but steady. Later there was
some good buying. The close was steady
and with sentiment rather inclined to be
bullish.
Dick Bros: The market has been dull
but quite firm in tone today. There was
break at the opening, but the later
recOEerIeS closed most stocks with net
gains for the day. The maintenance Of
present steel prices set at rest current
runners regarding that trade, and the
steel stocks were quite strong. Indications
are that the bank statement will be good
the banks showing gain Of S., 600, 900
Howard. Lapsley & Co.: There was some
hesitation at opening. pending course of
steel stocks. AS the day progressed more
more comfortable feeling prevailed, and
ton Of Steel Manufacturers that 1904
price would be unchanged.
Harriman-The rigging of the London
market by the New York bears failed to
nave the effect on this market that they
anticipated 1t brought out no stocks and
caused no liquidation. We look for high
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-Prices were marked up during
the forenoon on the strength in the
Liverpool and London cables. The advance
was quickly lost on proft-taking and short
selling Influenced by bearish Modern
Miller report, better harvest returns and
favorable weather for growth and har-
vest operations. The market acted tired
liberal sellers, although st. Louis and
Northwest markets were relatively
strong. 1t seems to US reasonable after the
advance TO expect a still further reaction
Corn-The market was unsettled, with
prices at the high point during the fore
noon and weak at the close. Free realizing
and bear1Sh tactics by professional trad
erS checked the advance. The news was
mainly bearish. Receipts are good, with
indications Of an increase next week. The
weather was favorable throughout the
belt. We believe longs should secure their
profits.
Oats-The market was heavy, with con-
t1nued liquidation of the September.
Weakness in other pits eased the July
The condition of the crop shows improve
ments and we advise longs to take prof
fits.
S. B. Shotweu &, Co.'S grain letter saws.
Wheat-The opening was higher on buy
Ing by Southwest traders and prices grad
ualy worked higher to 773sc for july and
l5Ac for September. At these prices good
deal Of long wheat came out and for
etgnerS were also good sellers at the adj
vance and on reports of greatly improv-
ed Russian crop condition. 1t also look
ed as II Armour's brokers sold consider
ape september. This heavy local and for
eign selling broke the price to below yes
terdays close. Liverpool was shade high
er and Paris unchanged The close v1ae
TENDER.
Corn-The market opened easier on the
nne weather and acted heavy all day
The close was about at low point for the
Gay, with July 15c under last night and
September &c under.
Oats-The opening was easier on good
weather reports, but this market showed
more independent strength than any grain
on the list. The close was same as LAST
nlgnt Tor July and &c under for Septem-