The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-17
NEW YORK STOCKS
FINALLY DEVELOP
SOME STRENGTH
Securities Are Forced Upward
by Good Outside Buying and
Liquidation at Last Ceases
Wheat Is cratic.

After Wednesdays heavy liquidation in
New York securities and the slump which
followed, yesterdays market braced up
and showed more real life and better tone
of prices than for several days. A large
number of outsiders bought stocks, and
there was an air of firmness to the quo
tationS. Shorts were forced to cover. and
this class of buying aided the advance.
Near the close. the slump in copper at
fected the entire list, but prices showed
perceptible gain for the day.
Wheat opened steady yesterday at 1sc
lower for September. The market was
very erratic and was subjected to bulges
and Stamps in rapid succession. On all
bulges, there was considerable wheat sold.
The close showed a loss of 1sc from
Wednesdays close for September and De-
cember options.
The opening of the corn market was
steady There was a fair demand for
cash grain, but the receipts Were light
The market became weak at, the close on
the selling OF deferred futures Oats
showed a good deal of independent weak
ness yesterday. On the declines there was,
considerable buying and a better tone
developed before the close.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter.
says:
Wheat-Extrerne nervousness character
lied the wheat market throughout the SEES
sion yesterday. Good buying developed on
the breaks under TIC for September, and
prices responded readily. The foreign
markets were firm on unfavora BILE harvest
ing weather in France. Consumption of
flour has enormously increased during re-
cent years and we find it difficult ON many
lines Of railroads in the Northwest and
Middle West to buy wheat in competition
with local millerS.
CoEl-The market ruled generally firm,
although dull. and somewhat lower The
professional element worked against the
price all day with small success. Crop out
look. shows no material change and there
is a marked improvement in cash demand.
OatS-OutSide trade has been ufHmpor-
tant. the common trade being exceedingly
light. There was some selling at the open
ing, making soft market, and while there
seemed a show OF support to December
the best Sagged off and later easy wheat
assisted in decline Towards the close the
market turned very weak under selling of
long oats by pit traders with very poor
support, closing at bottom of the day
S. B. Shotwel q Co.'S grain letter is
as follows:
Wheat-The market opened about
where it closed. Local crowd were again
inclined to bull it, but ST. Louis housIs
sold freely and prices worked easier.
Around the low prices local crowd be-
came so bullish that pressure ceased and
market showed considerable strength.
Near the close prices sold off to within
sc of low point for the day. On this de-
cline there was considerable short cover
ing, causing little steadier tone and
closing the market at &c under Wednes-
day night for September and December
and &c over for July.
COrn-The market opened heavy on the
fine weather and then reacted when wheat
turned up. During the day quotations
We're inclined to follow those of wheat
but showed more loss for the day at the
close, which was &c to sc under
"Wednesday.
Oats-This market showed Independent
weakness with no news to affect prices.
The close was about low point of the
day. July was especially weak selling
down to 37Bc and closing at SS12c.
O'Connor & Van Bergen's stock letter
says:
Retter sentiment has nYevaiIed here TO-
day and the recovery in prices, While
substantial, has been moderate and not
unwarranted. The real strength of the
market has been due to the existing short
interest, but it has been hoped by the
continued buying for London and by
strong market interests here and also
by that class of individuals who buy
stocks in small quantities and take them
away and who but seldom visit Wall
street except at such times as. these,
and it can be safely said that if the mar
attract many more of this same class. It
is a matter of congratulation that Wall
street could have gone through the last
six months without single failure and
is an unanSWerable argument against
underlying condition being anything but
staple. The reports from various railroads
that they had determined to put aside all
betterments and improvements which
could be safely postponed was con-
strued both as good and bad news. One
must remember that if this policy be-
gree in general business must follow, at
least to the commodities affected, but
We believe that this will be more than
offset by the fact that our crops are
enormous and will bring high prices.
J. C. Geraghty & Co.'s correspondents
say Of stocks:
Horton-During middle of the day the
short interest began to show nervousness
and whatever little news there was prov
ed generally of favorable character.
There was quite little covering in nearly
all active stocks.
Logan & Bryan-Rhe market active. ir-
regular but on the whole it closed fairly
steady without much change from yester-
day There We're indications of better
support during the early part of the day
and a good deal of short covering.
Walker Bros-The market today was
very nervous and excited. After opening
weak the traders and shorts began to
cover and prices braced up and in some
Instances showed strength. The market
continued strong until the afternoon when
q drive against copper caused the whole
market to weaken.
Dick Bros. The market opened f1rrner
Influenced by higher London prices and
some outside buying. We believe mar
kct should be bought on the drives.