The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-10
BEAR ELEMENT AGAIN
RAIDS The STOCK
MARKET
Prices Of Securities Are
Forced to Low Point Dur
ing the Last Hour of Trade
-OConnor & Van Bergen's
Correspondent Reviews the
Action Of the Market.

Although the weather conditions con-
tinue favorable and the New England
drought has been broken, grain ruled
strong yesterday and wheat, corn and
oats sold at a slight advance. There
was some selling by Southwestern ope-
rators. Trade was nervous and irregular.
The stock market broke during the last
hour Of trade and New York securities
sold at the low prices for the day. The
raid was made all along the line, and
Pennsylvania alone withstood the attack
of the bear element. Lower prices are
predicted for today.
What the Brokers Say.
S. B. shotwen & Co.'S grain letter
says:
Wheat-The weather map was again
favorable with showers in New England
and generally good weather in Western
grain belt The opening was unchanged,
but showed rather a heavy Tone South
west sold some and local bulls bought
moderately. The market was quiet and
steady at the decline. The close was the
highest prices for the day, with July up
5sc to &c from last night and September
up Slice.
Corn-The reports of rain in New
England held prices down until near the
close at high point or &c over last night
for both July and September.
Oats-The opening was lower, and July
declined to $3.50. 2atten was credited
with selling. and the shorts seemed to be
the best buyers. Bradstreet's decrease
was $4,000 blu. When the general market
rallied near the close, oats, especially
July, seemed to be the strongest grain
on the list. The close was &c over last
night for July and 3-16c for Septem-
Der.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The market was nervous and
recorded several quick changes of front.
northwestern houses became buyers near
me close on reports of more rain in sight
Weather conditions are generally favor
apIe, except on the Pacific coast. where
the drought continues.
Corn-The market was quiet and firm
with little life to trade There was no
pressure on prices and the recent sales
seem L., 10 nave gone into good hands. Fa-
1919 1919 weather prevails IN the West and
farmers are now having an opportunity
TO cultivate early corn
Oats-PTices were steady at small de-
cI IiLS early and firmer near the close,
win moderate trade. Eastern drought
sltuatlon was relieved by general showers
tdSC L4ght. Inc weather West is season
aD5e. me market was a waiting one, pre-
Ce3ing the government report.
O'Connor & Van Bergen's stock letter
says: A A0''0l
The severe decline in stocks of all kinds
and especially in the more speculative
issues. Which has taken place during the
1aSt rev weeks, seems to call at this time
LOT what We may regard as a general
review OF the situation. It is now nine
months or more since stocks began to
snow distinct downward tendency, and
amnough there has been the natural re-
action from time to time, vet the resn1t
shows a shrinkage in prices of from ( to
IgO points. At the present quotations.
LLIgh-claSs stocks are now paying about
per cent 70 the holder. We refer to
New York Central and Northwest common
ana securities Of that nature. Low-grad de
stocks, such as Atchison, Baltimore and
~ TmIon f4 tf snow now pay handsome re-
more ago we took the position that we
COUIu no longer advise our friends to
sell thelr stocks because we felt that
Whlle the market was not necessarily al
us bottom. 1T has reached q conservative
low level We feel justified in reiterating
1hese views at this time. and we think
an excellent opportunity for conservat tive
Investments by those who are willing to
take some risk. We do not wish to be
understood as saying that we regard the
decline as over, because we think that
~ IS a matter on which no opinion can
pe very wisely expressed. Our argument
ILi,eGeIore IS that we have reached a point
MHefe 1t Is wiser to buy stocks in moder-
1Il 9n IMAM to continue selling them The
uAd6r writing Of the Pennsylvania shares
- - q SIlohg factor in the outlook so also
- me conclusion Of the Frisco Rock ISL
ana deal, and there are MANY elements
IN themselves favorable The nronbncv
INA. I1at hIgh,-class shares would fail to a
Per cent pasIs has been fulfilled ana we
are dlslnclIned to go on with extraToeiv
AeSslEnlSuc views at this low tide level
n co ds 1 therefore, we take the lib
cry or saying that to those Of our friends
VINO are willing to buy in moderation we
SHOULD begin the accumulation or 1ooG
raniroad stocks and first-class Industrial
J. G. Gergathy & Co.'s correspondents
Logan 6 Bryan: Tho market is still
sure Is largely from the bear clement
Inc underlying tone continues to be nrac.
IlcaHy unchanged. We doubt if any
money will be made selling good standa r.
railroad stocks at present prices. anf
MINK I'M the buyer of them has only to stan(
4o PICK: The market has been irregular
early trading, but on the rally Some his
senlng appeared and heavy liquidation il
ne me ilSI nour broke the whole market
ing looked as though it came from on,
S source and seemed to be forced. The day.
Stocks T ike e sf pa unfaBorable and some
YORK central showed fairly good suDpor
on the drives. The close was veal NJ
seemed gl4liSl to indicate lower prices tomorrow
Wa lKer Bros: The market opened some
what lower. Very soon the professionai,
Sommenced to bid stocks up and the mar
heC quickly improved with nofahl,
strength rdS in st; Paul Buying seemed to b
commission houses taking few STOCKS Chs ~
the advance. The upward movement wa,
I put T., Of short duration and the marke
ruled somewhat dull until about Q O'clock
Nhen vigorous selling movement eef in
Drtyes We're made at Atchison Baltimor,
ONO, ST. Paul and the whole make
broke Sharply with but little support i,
anything except Pennsylvania, T'he MOI -
ket closed distinctly weak at the loves
prices Of the day. %