The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-10
WHEAT is FORCED
HIGHER BY GOOD
BUYING ORDERS
Corn and Oats Are Firm but In
aCtive-Price of Stocks De-
cline in Anticipation of Poor
Crop Report.

Wheat continued its upward movement
yesterday. 1t opened at about Wednes-
days close. but soon was forced higher
by general bull buying. On the bulge
there was some selling, and Armour inter-
ests are said to have disposed of a con-
there was a general selling movement,
which tended to force prices down. The
close showed a gain for the day, with
prices from Rc to 11sc higher.
Corn sold a trihe lower at the opening
on sales by the commission houses. Later
it developed strength in sympathy with
wheat. but showed no independent action.
Oats also held firm in sympathy with
wheat. ssh
The stock market really showed some
activity yesterday. although the move
Central led the decline and fell off about
2 per cent The slump was due to re-
newed rumors about the issue of the
treasury stock, which it is said will soon
be placed upon the market. st. Paul also
5 fell off point. Twin City Rapid Transit
showed remarkable strength, due to re-
ports that the amount of the dividends
are to be increased. An unfaVorable
government crop report is expected today.
~. What the Brokers Say.
O'Connor C Van Burgers stock letter
says:
On better London market our opening
was firm and fractionally higher. The
slight advance was taken advantage of to
realize, ana lines were also DuC out Dy
the shorts. The bears sold stocks, large
ly, based on rumofs that the government
report to be issued tomorrow would be
unfavorable. and also On expectation of
further gold shipments and a Door bank
statement. New York Central was the
principal stock used TO depress the rail-
road list and sold down about 3A per
cent. The reported reduction in prices
OF steel billets and in pig iron was cause
of renewed weakness in the steel stocks.
The market closed heavy and irregular.
with declines ranging from about l to 2
points below yesterday.
j. G. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is heavy
and lower. The dullness is against it, and
the expectation of an unfavorable gov
eminent report on the crops tomorrow
encourages a good deal short selling. The
support is not very good. We do not look
for materially lower prices, however, at
this time. If the report is unfaverable
anG knocks prices We would buy stocks
on the break. 1t will have accumulated
sufficient short interest by that time we
think to give the market a rally
Dick-No attention was paid to the
higher London prices. New York Cen
trail was sold on expectation that about
$l7,0O0.0O0 treasury stock authorized would
soon be issued. Weakness in steels. re-
ported cut on billetS and pig iron also
increased bearish sentiment The market
closed heavy In tone and at lowest prices.
!, Walker-Under better London prices
higher: Shortly after the opening, how
eyer, large blocks of New York Central
were offered for sale. and 1t broke nearly
per cent. The selling of Central had
depressing effect on the rest of the list
and prices were generally sold Off trad
ers hammering the market quite aggres-
sively wherever they saw weak spot.
st. Paul broke point or more, although
around 15O Selling was said to
be based on the fear that the government
TAfaNsfr yOVHll
lions and the announcement of further
gold shipments. Twin City was strong
on excellent buying, based on the oft
repeated rumor that the dividend would
the close. but apparently only on covering
by room shorts.
Bache-The opening was the tamest
kind even as compared with the dullness
given Of the activity which developed
later in the day. This activity was at the
expense OF values. After a firm opening
stocks sold off under the lead of New
York Central. Selling of latter was at
tributed to the Waldorf crowd. The SELL
ing OF Erie was by small-sized holders
and by bear traders. The market has the
appearance of another downward turn.
The weakness in bonds has bad effect
on stocks. The markeL closed at lowest
showing no disposition to rally.
Observation-Disclosures started afresh
today. Selling or steels continued. The
selling of New York Central appears to
have been manipulation. 1t was thought
/. In the room that Mr.. Keene was a large
seller of stocks. We would not be very
much surprised to see lower market for
day or two
s, B. shotwen & Co.'S Chicago grain
letter says:
Wheat-The market opened about
where 1t closed with st. Louis and local
bulls buying. Houses with Kansas cash
connections were the best sellers There
was no pressure brought to bear on the
market around the opening. but naturally
there was some profit taking by outside
longs. Shorts were best buyers early aft
advance and enthusiastic local bulls added
heavily to their lines. Selling pressure
remained light until about noon when Ar
meur sold considerable September on the
bulge. Northwest also Sold causing some
reaction. Seaboard and Northwest were
moderate sellers of December on hard
spots. The close was &c to 1Ac over
Wednesday.
Corn-At the opening there was quite
free general commission house trade in
corn, with not much change in price nor
any conspicuous features. Deferred deliv-
cries showed trifle relative heaviness.
Later the market was naturally firmer in
sympathy with wheat. but showed no in
dependent strength. The trade and inter
est Is working into wheat again and leav-
ing corn.