The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-21
STOCK MARKET is
STILL IN HANDS
OF PROFESSIONALS
Saturdays Trage Shows Little
Activity, but Prices Remain
Firm and Steady = Weekly
Bank Statement Is Less Fa-
VorabIe Than Was Anticipat-
ed.

p Saturdays stock market was almost
featureless. Trade was dull and inactive
and entirely in the hands of the profess
SIGNALS There were but few changes in
quotations and the list held up well under
the slight pressure of the bear element
which followed the publication of the
weekly bank statment. The statement
was not as favorable as anticipated, but
in no way could it be construed as bearish.
The development in stocks during the
past week has been sufficiently favorable
to indicate a better feeling among in
Vestors.
Wheat at the opening advanced on re-
ports of rain in the winter wheat belt, but
later signs of weakness appeared. Just
before the close there was another bulge,
due to reports that Armour was a heavy
buyer. The close was from 3-16@Ac over
Friday.
The cool weather is retarding the growth
of corn and reports of a backward crop
sent the market skyward. On the ad-
vance there was considerable profit real
izing by the longs, and prices declined.
The close showed a slight gain, with July
4sc and September 1-16c over Fridays
close.
Oats was duh Saturday, although Germs
strength held the market firm and
steady: July closed higher.
eVNhat the Brokers, Say.
- o'Connor & Van Bergen,s stock letter
Affairs here can, be. dismissed witt. short
comment, for the trading in today's mar
ket has proved so absolutely professional
anu anu the inactivity has been so pronounced
that changes in quotations are without
Inatef1a1 significance. Some of the promi-
nent traders anticipating a good bank
statement, and fearing a repetition of last
saturday S market, sold stocks early in
the day with the hope Of getting them
back after its publication. London was
a small factor in the trading and, indeed,
there was little outside interest displayed
at any time. On the whole the develop
mentS Of the past week are towards i'm
proVement. Liquidation of a pressing nat
ure appears to have been disposed of,
rates for money are more in favor of the
borrower and We see more disposition to
buy stocks on weak spots. Both the grain
ana cotton markets show an easier tone
and crop prospects are excellent except in
few localities. The selling of SmeIter
common was due to the closing OUT of
stock bought a short time since in antici-
patton of a dividend and the failure of the
directors to act. The bank statement was
less satisfactory than anticipated but not
SuInclently so to materially change prices
j. = Geraghty & Co.'S correspondents
say of stocks:
Dick Bros.-The market has been dull
and irregular today. 1t was under mod
crate pressure and prices yielded some
what both before and after the bank state
ment appeared. During the last ten min
utes there We're evidences of good buying
IN the railroad stocks The bank state
ment was disappointing, showing smaller
gains IN cash and in reserves than was ex-
pected-
Walker Bros.-In the early trading the
market was steady. but after the bank
statement prices eaSed off and in some
cases became weak. We look for a con-
tnuance of this sort of market for some
time to come
Sharpe & Bryan-The market was frreg-
uIar, with few important changes. Most
bulllsh and when the market shapes itself
definitely We think the movement will be
toward a higher level.
Bache & Co.-The opening was without
interest. Lower London prices did NOT af
feet sentiment. The market continued
f1rm but dull until the appearance of the
rather puzzling. The bears have made
desperate efforts to break the market this
week and took advantage of every weak
spot to do so, but without avail
Zimmerman & Forshay-The price
movements during the week have been
cratic. The bank statement whilue fair
" favorable, failed to meet expectations
the increase in reserve being less than
anticipated. We are inclined to think
the tendency of the market will be ouieI-
er with stocks being established on q
firmer basis
Logan & Bryan-The market is very
quiet and easier. The street was disap-
pointed in the bank statement. A quiet
market is in our judgment, likely.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-The market showed signs Of
weakness with the exception of a bulge
at the opening, caused by buying On
ShoWery weather in winter wheat belt and
light offerings. There is some disappoint-
ing threshing returns from Southern Mis-
souri,, which are offset in a degree by the
estimate OF a 100000, 000-bushel crop by
Jones, Of the Commercial West. Indica-
lions are for unsettled weather
Corn-The weather is too cool through
out the corn belt for growth, and this in
Inn1 me some buying. at the opening
line of long corn on the advance and
there was more or less realizing. ali dav
unless the demand improves If is likely
otat the local Stocks will show some In
Oats-The market was dull and fairly
steady for September and December.
The July, however, was firm and frac
tionally higher. The market in eenere1
shows tendency to sympathize with ffe
movements in corn lay
S. B. Shotwen & Co.'S grain letter saws.
Wheat-The opening was firmerN on ia "a IL
of unfavorable weather Conditions, s'- IN
france and Germany. Local bulls and st.
Louis were the best buyers The early do
fnand for July being satisfied. the mar
ket turned lower. and acted heavy until
near. the close when it advanced Sharply
On reports OF buying by Armour and the
Southwest. The close was IN 3-Iec ~ II II . :
5rom last night. The situation at present
LOOKS very strong andSwe believe in higher
prices for wheat.
pathy with wheat and on demand from
: scattered shorts. Early some of the i'm
portant longs sold freely and selling seem an, :
ed to be of better class than buying and
RTh1e Pic s, cropped to below. yesterdays close.
me close was Bc over last night for JuIv
Rnd I-16c over for September
Oats-Ihe opening was dun and steady
a a sympathy with higher corn and wheat.
and trade was light. The close was
strong ,5 and higher In sympathy with wheat
tAo scD11s an- 40 - 49, - - 49,