The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-18
NEW YORK STOCKS
ARE STRONG BUT
MARKET is DULL
Prices of Securities Are Forced
Upward but on the Advance
There Are Few Sales Wheat
Gains a Point.


opening yesterday Lower cables and fine
weather throughout the spring and win
ter wheat belts was apparently the cause.
The bears took advantage of this news
to force down the market and succeeded
well for time. Later prices recovered on
heavy short covering and the close was
Hc over Thursdays for September and
December options
Corn was weak in sympathy with wheat
and on lower cables. On heavy demand
for cash corn the market strengthened
Offerings were well taken and the close
was firm. Traders sold July oats at the
opening yesterday, causing a slight de-
cline. The close for July was about 15c
under Thursdays and for September. 1sc
over,
Stocks developed considerable strength
yesterday, but trade was; dull Prices
We're at the high mark for the week, but
few sales were made The outside public
refused to become interested. Pennsyl-
vania. st. Paul and New York Central de-
Veloped considerable strength.
What the Brokers Say.
M. Doran & Ga 5 Chicago grain letter
says:
Wholesome high-priced wheat was
thrown on the market at the opening and
with the aid of pounding by local pro-
feSSlonalS produced weak market ear
~ IN the session. Prices. however
gradually regained the loss. closing at an
advance over Thursday. Weather in har-
VeSting sections of Western Europe is
unsettled; 1t is rather popular among
certain class to sell wheat. but legitimate
situation will dominate the option market
eventually and these traders may find diff
ficulty in getting back their sales.
Corn-The offerings We're well absorbed
on the early decline, this being particular
ly true of the May option. Trade was
not large and mostly professional. Along
with light movement comes an i'm
provement in domestic and export de-
mand We will have weak days which
should be taken advantage of to buy if
for nothing more than scalp.
OatS-The opening was lower on selling
by commission houses and by local over
night longs, but the downturn was met
by good support in the December by the
bull interest The cash market prevented
any sort OF strength being retained. July
was very weak
S. B. ShotwelI & Co.'S grain letter is as
follows:
Wheat-The market opened tame and
heavy with poor support. commission
houses generally selling moderately in a
scattered way Shortly after the opening,
the market was dull and dragging, turn
ing very weak with stop-order wheat
coming out. After the Modern Miller came
out there was considerable. short wheat
covered and crowd turned bullish partly
in sympathy with firmness in corn. There
seemed to be plenty of wheat for sale on
= all bulges although pressure was not in
tens : heavy. The close showed a gain
of 1sc % &c for the day.
Corn-At the opening corn was heavy
in sympathy with wheat and on account
of splendid weather conditions. AT the
close quotations showed same prices as
Thursday night for all options.
Oats-Oats Were easier at the opening
IN sympathy with wheat and corn, but
became steadier later with good class of
buying. The close showed 13c loss for the
day on July and the futures We're the
same as Thursday night
j. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is active
and sharply higher Bear tactics were re-
sumed and the market raided in spots
early in the day, but they We're unavail-
ing and the general tone is strong. We
see nothing alarming in the general COM
mercial and financial situation and think
good dividend paying railroad stocks are
worth the money they are selling for.
Walker Bros.-The market today was
much better tone. In the early trading
prices were steady and then became dull
In the afternoon there was very aggressive
buying and shorts covered freely The
market continued strong until the close
and feeling much more hopeful
O'Connor Van Bergen's stock letter
says:
The tone of the Stock market today
shows improvement. but some disap-
pointment is expressed that the advance
in prices has resulted in diminishing ac-
t1yity and an absence of any added in
terest The bear party has been less in
evidence than for some DAYS past Re-
viewing the speculation of the day. a
marked Improvement IS noticeable in the
steadinesS of standard stocks. PennsyI-
yania. st. Paul and New York Central, of
late so vigorously assailed, have ad-
vanced and maintained their Improvement
up to the close. On the other hand, the
Glover Leaf securities have been the
weakest feature in the market and it is
apparent that some liquidation has been
In progress there beyond selling for short
account. 1t is generally conceded that
barring any unlocked for disturbances
>rhere in the next few days there should
be a decided change for the better. The
closing of the market is dull, but strong
at the best prices.