The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-07
BEARS SUCCEED IN
KEEPING PRICES
DOWN
Stocks Again Show Weak
ness, Which Is Due to the
UnfavOrable Bank State
ment- Wheat and Corn
Are Weaker, but Oats
Developed Considerable
Strength.

The stock market closed weak Satur-
day, and the lack of strength is attrib-
uted 10 the unfavorable bank statement
for the week just closed Trade Saturday
was heavy in tone, and although few
rally, the strong bear interests stopped
the promised advance in prices. The close
was feyerish with tendency for lower
prices. The market still remains in the
hands of the professionals.
Wheat closed a shade lower than it did
Friday, but the market was by no means
q weak one. Although at the opening there
was a largo batch OF selling orders, before
the close, trade strengthened considerable.
The reported damage from the Western
and Southwestern food districts were
greatly enlarged upon, so far as wheat is
concerned.
Corn was weaker, in sympathy with
wheat, but oats continued to rule as the
strong grain.
What the Brokers Say.
O'Connor & Van Bergen's New York
London was higher, and while our prices
Were better than last night, we were be-
low the foreign market. There was a
great deal of irregularity in the early
trading, and the market was a waiting
one, with prices tending downward. The
hank statement was a very poor one, and
as soon as 1t was announced there was a
rush 10 sell stocks, which carried prices
generally down below last nights figures
The market closed -feveriSh and profess
sianal Sentiment is for lower prices.
says Of stocks:
Dick Bros.-AIthough heavy in tone,
stocks did not yield much today. In the
early trading there was a further rally
on short covering, but beariSh traders OPP
posed any advance and were aggressive
sellers of few leading stocks like At
Gibson and Union Pacific. The bank
statement proved very unfavorable.
Bache-Considering the strong tone for
American stocks in London the New York
E1sE9 i did fairly well and after a slignt
hesitation at the opening with small de-
elines recorded in Canadian Pacific and
others. a good rally set in under the lead
erShlp OF st. Paul. Canadian Pacific de-
TeIoped marked strength on foreign buy
ing.
Wa1ker-The market today was without
a great deal Of charge. In the early trad
Ing there was some liquidatio and prices
eaSed on The bank statement was about
as expected, but caused further selling
Logan & Bryan-The market is still
nervous and closed weak. The weakness
was on the bank statement, which was
unfavorabIe. We think stocks have had
break enough and should be bought. In the
ara stocks and many industrials selling
on a very attractive basis. These stocks
are being better bought than for a long
time past. We do not believe good stocks
bought on the soft spots win hurt.
says:
and indications of fine weather There
was partial recovery and prices rs.Iad
firm the balance Of the day. Less IS
heard OF flood damage and more of rust
winter wheat crop is $50, 900, 90 bu.. The
spring wheat condition is nearly perfect
and indicating 325, 900, 600 bu. 1t looks as if
the break is over and that wheat is a
buy at present prices
Corn-At the opening corn was weak,
but the market quickly changed front
ditions as distinctly unfavorable. The
country dealers are trying to get time
extended for shipment of recent sales
The market is getting bigger and broader.
should be bought.
Oats-The market declined only frac-
tonalIy at the opening and easily led the
grain list. Snow reports no improvements
in condition Of crop. The general con
dition is below normal
S. B. Shotweu & Co.'S grain letter saws:
Wheat-Weather map shows improved
conditions everywhere. with rain pre-
dicted for New England states. The open
ing was heavy on heavy cables and favor
able weather. Shorts were best buyers
at the opening. There was also a good
deal Of scattered liquidation, mostly by
local longs. The ST. Louis bullish con-
tingent was in evidence this morning. Mar
ket was inclined to weakness all morn
ing and the close was 5-16c under last
Der.
Corn-Opening was easier on improved
weather conditions East and West Cen
orally fair weather is predicted for the
entire Western grain belt tomorrow Mar
ket held firm all morning closing aft same
price as last night.
Oats-This commodity. esnaciaT1v tho
July was the strongest grain on the Iist
today; although the opening was easier
on faxorabie weather conditions the mar
ket showed strong undertone. The close
was Ac over last night for July and &c
under for September. The holders of
the July option seem very Confident oF
higher prices and are not disposed to let
go as vet.