The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-13
ADVANCE IN PRICES
FORCE SHORTS
TO COVER
in Stocks Continues and
Market Displays Consider
able Strength - Outside
Interests Are Again Oper-
ating and London Becomes
aGoOd Buyer-Wheat Sells
Lower.

The improvement in stock, which be-
gan Thursday continued through yester-
days session. and at the close all stand
ard securities were from four to six
points higher than at the close Tuesday.
The upward movement is expected to
continue and much better prices are look
ed for. The short interests have beer
forced to cover and outside investors are
again operating. London is a good buyer
Of American stocks.
Wheat fell off a fraction of a point yes
terday due to the perfect weather condi-
ton. st. Louis houses were fair buyers
on the break. Corn was inactive in SYM
pathy with wheat. but closed without a
decline. Oats again ruled as the strong
grain, although the crop is somewhat i'm
proved. There was a good demand and
prices were forced upwards.
What the Brokers Say
S. B. ShotweH X Co.'S grain letter says:
Wheat-The fine weather induced free
scattered selling at the opening. st. Louis
houses bought on the break. and brokers
who frequently work for Armour sold con-
not be called weak, but it showed no snap
and every hard spot appeared to act as
an inducement for free realizing sales.
The close was 5-16 under last night for
July and Il under for September.
COrn-The market was steady with local
pulls inclined to support it. There was
Was
the same as last night.
Oats-The opening was a shade easier
on improved weather conditions, and there
seemed plenty for sale at limits a shade
above market, but later this grain was the
strongest on the list, July advancing to
SIC, September to 80 3sc. The close was at
top prices with. July 1c over last night.
NJ. Doran q Co.'S Chicago grain letter
says:
Wheat-An easier feeling prevailed to-
day in the wheat pit Trade was small
nTTnRZ M sim orr frny0 no
outside. The Northwestern stocks are
showing the effect of a heavier country
movement, and the total decrease at Min
neapolis this week will not exceed 250, 900
bushels. Snow considers winter wheat DO
SItion fully maintained, while the Modern
Miller reports further deterioration from
rust particularly in Missouri, Illinois and
Indiana. The Liverpool market was a
trifie easier, and Paris 1bc to &c lower.
COrn-Corn was easier at the opening on
perfect weather and in sympathy with the
slump in wheat. but soon became strong
influenced by light country acceptances
and good demand for local receipts. The
Hght trade, the weather, and a poor in
Quiry for shipment were the principal
features against the price.
Oats-The market ruled firm and easier:
quiet excepting the July option which was
bid up without finding a great deal of
trade. According to Snow, the crop shows
Improvement, but prospects are still below
J. G. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Ryan The tone Of the mar
ket continues strong. The covering OF
shorts still contributes to the strength,
but there is marked increase in general
outside interest and investment buying
continues cont gfs on Pece f An improved
and conditions of the past week should
have contributed to bring it about
Walker-There was no let up all day in
the steady rise Of prices. The coalers
We're all very strong. In the Afternoon
Their was no further bidding up and talk
OF good bank statement had good effect
Dlck-The market has been excited and
buoyant today. Continued aggressive buy
Ing brought about urgent short COVERING
and not little new buying for the long
account Inc closing was strong at about
hlgheSt prices and money was easy.
Bache-The enormous short interest to-
gether with the continued bulIish atti-
tude Of London caused a strong opening
London houses We're large buyers. The
high priced Specialties Were exceptionally
strong on investment purchases which in
creased the bulish feeling Of their sub
stantial character.
Mcintyre & MarshaIl-The stock market
1s gradually. recovering from it's depres
sion of the past month and is expected tc
prices recently sustained. While a large
part Of the short interest has been al
ready covered, during the last two days
rally, the outstanding interest is still
very large. Prices for many good railroad
stocks have recovered four to six points
from low level, but quotations for most
HAN.IeIQ paying STOCKS are still on g
basis Which will net four to five per cent
and therefore are still regarded as at.
tractive.
OConnor & Van Bergens stock Iette,
says: IN -0' w
1t is a matter Of great satisfaction n
be able to report continuance of strength
IN the stock market today and to note
that, Independent of proft-taking and
further attempts on the part of bear ope-
ratOrS to depTeSS prices quotations wifi
some slight hesitation have steadily i'm
proved. While we thing that the specu-
lation shows that the bears for the mo.
ment are badly routed, the substantial
rise Is as much due to the healthy de.
mand for stocks as to the desire On the
part of the shorts to close out their con.
tracts This is illustrated in the bettel
prices in the so-called gilt edged stocks
where little or no short interest existed
The best buying has been seen in thu
coal shares, influenced undoubtedly b.
the decision Of Judge Lacombe, of thu
United States supreme court, which is de
clared to be victory for the coal carry.
ing roads. and the aggressiveness anC
volume Of the buying Of Atchison com.
mon stock caused an advance of seyera
points from yesterdays closing. Undoubt
edly we shall see hesitation and reao.
lions, but from indications tonight i
would look as If liquidation had practi
cally run It's course and that from thi!
time forward we can expect a more stabI,
and improving condition of affairs.