The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-05
WHFATIS FORCED
HIGHER IN SPITE
Of WEAK CABLES
Bull Element Gains Control of
the Chicago Market, Making
all Prices Advance Steadily
Stocks Are Again Attacked
by Bear Forces.

Without any support from foreign mar
kets, wheat opened firm yesterday. Short
ly after the opening there was tendency
among some Of the traders to sell, but
before noon the pit turned decidedly bull
ish The weakness in corn also affected
the wheat market. The close for the day
showed gain of Is to %c over Monday.
Corn opened weak, and a great amount
of the grain was offered for sale early in
the session. Later the market turned
strong in sympathy with wheat. The
close was at an advance of Ss to kc.
Oats opened steady with September
shade higher. There was considerable bull
interest created before the close: which
was % to &c higher than Mondays
close. a. -" 5H
Stocks were hammered down by the
bear interests yesterday. There was con-
siderable liquidation, and but few buyers
appeared to take the offerings. Atchison
and Union Pacific were the principal
points of attack. st. Paul also suffered
from the decline in price. A lower market
is looked for today.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
Wheat-While our market displayed an
easier tone early in the session, the North
west markets showed little inclination to
follow The Southwest turned buyers with.
news chiefly in their favor and bullish in
terest in this market appeared to be re-
awakened. There is an unwelcome amount
of moisture in spring wheat belt and some
very low temperature in Canadian North
west. and reports generally covering this
territory continue bullish. On every dip
wheat seems to find plenty of friends, with
faith in ultimately higher prices.
Corn-Corn seemed to be without
friends for a few moments after the open
ing until an influential interest took the
cheap offerings and started the short in
terest, created by the dullness Of past
few days to covering. The Illinois crop is
very uneven and growth held in check by
recent cold nights.
Oats-Teday's market has shown good
strength. There was much better volume
of trade independently Of other markets
nights figures. One feature was chang
ing of good portion Of large local long
time from Dectember to May, the Deeem-
Der offerings, however, being readily alb
Sorbed by larger commission houses.
s. B. Shotwen & Co.'S grain letter is
as follows:
lacked good support. Shorts covered mod
erately but We could net see any good
buying early for long account Around
the opening there seemed to be plenty
scattered selling by longs. Although there
was no bullish news of Importance about
noon the market became very strong and
prices advanced easily. Armour came in
and bought some September at soc. He
was buying in Chicago and selling in Min
neapolis. The close was at IS to Bc over
last night.
COIil-COTn was easier aL the opening
and there seemed plenty scattered selling
of September. When wheat became
strong corn also showed a firmer feel
ing with the crowd all bullish but shorts
seemed to be the best buyers. The close
showed a gain for the day of g to 72c.
Oats-This market was dull and fairly
steady. No new features and the mar
ket was inclined to follow the fluctuations
in corn and wheat to a limited xtent,
closing steady at IS to &c advance.
O'Connor & Van Bergen's stock letter
says:
Under small volume of business and
without news of Importance, prices for
stocks in today's market have suffered
very considerable declines. This result
efforts of bears, but in many cases abso-
lutte liquidation has contributed most
largely to the declines. The weakness in
railroad shares We attribute in part to
bear. tactics. Atchison and Union Pacific
We're again subjected to severe attacks.
The pressure to Sei1 steel shares has been
in evidence throughout the day. resulting
rather from liquidation than from ru
mors of the resignation Of President
Schwab or labor difficulties. This is also
true in the case of Virginia Chemical
shares, where, without news in any way
rejecting On the company or Its pros
poets, the shares have made a severe loss
With the traders free sellers of stocks
and only very moderate supply Of orders
from Investors. prices show but slight
resistance. The necessity of the hour is
the purchaser, quite as much as any in
tI1nSic merit Inat may DE attaCneQ to the
security offered, and perhaps the great
est weakness in the present situation is
the lack of any buying power.
j. c. Geraghty & Co.'S correspondents
gay of stocks:
Logan & Bryan-The market is very
sloppy and lower. Reports of resignation
OF Schwab from the United States Steel
corporation, accompanied by runer that
his successor would be a man favorable
to reducing dividends. started the selling
of steel stocks. This has been followed
by bear pressure throughout the list and
considerable foundation: The decline has
been general. 1t is heavy market and
shows but little rallying power. We see
nothing new in the situation and no par
ticular reason for the weakness
Diek-Stocks have been very weak to-
day. Their was pressure upon the whole
list all day and substantial declines were
scored. Rumors OF impending bad news
were given color by the appearance of
forced LIQUIDATION Liquidation showed
:n stocks like St Paul. Union Pacific,
Atchison and Baltimore & Ohio. The mar.
ket closed heavy at the lowest and gave
promise of lower prices tomorrow.