The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-09
Saturdays Unfayorable Bank
Statement Causes a Decline
in New York Securities
Entire List Is Hammered
Down-Improved Weather
Conditions Make Grain
Market BeariSh.
Grain and stocks sold lower yester-

LAY.
New York securities showed a ten
dency TO weaken from the opening, and
the bear element took advantage Of
the situation and hammered down the
entire list, with the exception Of a few
strong stocks.
A large batch of selling orders &C
cumulated over Sunday, and these were
thrown on the market at the opening.
Saturdays unfaTorable bank state
ment was also a factor in the decline.
Atchison was again the chief point of
attack by the aggressive bear inter-
ests. St. Paul showed considerable
strength.
The favorable weather conditions
during the past few days reacted on
yesterdays grain market, and wheat
oats and corn sold lower. The New
England drought has been broken, and
the weather conditions in the West
are improved.
The government monthly report,
which will be issued tomorrow, is ex-
pected to show winter wheat in a poor
light, but spring wheat is expected to
loom up strong. Brokers are advising
the purchase Of all grains at the pres
ent prices, as a bull market is antici-
pated-
What the Brokers Say
O'Connor & Van Bergen's stock letter
says:
1AE41Cf cLA u 1l4UtOGLlOn Drought ABOUT
q sharp break in prices at the opening
and the decline continued till afternoon
when upon the covering of shorts, stocks
rallied somewhat from the lowest. APP
parently there were no new Developments
responsible for this renewed weakness ex-
cepting Saturdays bank statement. The
situation in the flooded district with the
exception Of St Louis, has improved, and
the breaking Of the drought in New Eng
land and the Middle states has been Of
great benefit, but many selling orders had
accumulated over Sunday, and the mar
ket offered but little resistance and show
ed signs Of Decentralization. There was
some calling Of loans and ruInOr Of finan-
cia1 difficulties to come was persistently
circulated Atchison has continued to be
the chief point Of attack and reached the
lowest point for many months. St. Paul
and Pennsylvania received good support
throughout the day, and there was some
buying. but Of small volume Although
the government crop report due next
Wednesday has been anticipated. its pub
IcaJi0n Is awaited with interest, and
while il VIII show considerable reduction
in winter wheat, nevertheless the feeling
as TO crop situation on the part of those
best informed IS that we viii have much
more than an average harvest.
J. c. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryan-The market IS nerv-
Gus, irregular and generally lower. 1t
has been Taided severely by the bear eie-
menI which Is now numerous. There is,
however. indications Of good support in
many good stocks, and conservative out
side buying is increasing. We think
stocks should be bought and any declines
from present prices VIII be regained.
Dick Bros--T'he market was very weak
today. Aggressive drives caused sha1 p
declines, particularly in AtchiSo1. Union
Pacific, Missouri Pacific and Baltimore &
Ohio. After O'Clock the selling pressure
was lighter and some support was shown.
Later there was a general rally and the
tone at the close was strong.
Walker BrOs.-The market today was
very weak and the liquidation heavy. All
through the morning the traders sold
heavily and the whole list declined The
close was about steady and the feeling
Eache-The trend Of securities during
the greater part OF the day has been
downward and the market displayed the
same tendencies under the stimulus Of
lower figdres from London. bear pressure
was at once renewed in Atehison and to-
getheT with q fresh attack on Baltimore &,
Ohio TIE end Of the first hour stocks at
declines from to 21z points. st. Paul
net with the best support in the early
trading and acted as though large inter
ests were accommodating stock on any
weakness. The market closed with fair
rally from the lowest Of the day, but with
e feverish and uncertain tone.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The market was lower on i'm
proved weather and ruled duh but
steady the rest Of the day. Indications
Pacific coast still needs rain. Gables were
easier on large world shipments. The
government report Wednesday viii show
material falling off in the condition
Of winter wheat. Spring wheat's condition
VIII be very high. Pending the issue of
this report trade viii be restricted.
Corn-Fine weather in the West and
showers in the East, except in New Eng
land. opened the market easier.
Corn-The local rains in the East. while
beneficial. are insufficient to repair the
damage done. The hay crop IS an al
most total failure. and oats and wTlea
can hardly exceed so per cent of the
normal Cable offers were accented this
morning and cash prices ruled steady AFT
about 1ze decline. We advise purchases
around present price.
Oats-The showery condition in partz
OF the East depressed the market at the
opening outside trade was light and
prices quiet and firm at the decline Cash
market was easier IN sympathy with fail
ures. The government report is likely n
be very bullish. In view Of light recaints
the serious situation in the East and the
not too good promise Of the new cron
We strongly ADVISE the purchase of SEN
TENDER. -
s p. ShotweH & Co.'S grain letter saws.
Wheat-The opening was heavy with
poor support and continued scattered sell
Ing for local and Northwest account. 81
Louis also sold some; visible SUNNY
showed a decrease Of 1817. 900 bushels
market was quiet all day with the Sen
TEMPER the weakest option; the close
was 45Ac for July or q over low roint
for the day; 725sc for September. or 3-iec
over the low point
Corn-Visible supply shows an increa ca
o. 4, coo bushels. The opening was weak
with poor support and the market de-
clIned easily until the close which was
re under Saturdays for both july and
Sept5mDer; there vas much Scattered
nQuldaLon, and very ayoFabIe weather
reports, which accounts for the weakness.