The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-21
BEARS CONTROL
MARKETS FORCING
ALL PRICESLOWER
Poor Cables and Heavy Selling
by Long interests Cause a
Sharp Decline = New York
Stock Situation Is Puzzilng.

The grain market yesterday was de-
cidedly bearish. All the pits felt the
effect of the depression. and the close
showed a decline from Saturday
prices.
Wheat opened lower on poor foreign
longs selling. The close was lie under
Saturday for September, and 3-Sc I'M
der for December.
Corn closely followed wheat. In this
cereal there was also an abundance of
long selling, but on the break the short
element covered. selling again as soon
as the market showed any tendency to-
wards advancement. The close was 1c
under Saturday.
Early selling by commission houses
forced oats down from the start De-
cember and May experienced bad
break after the first hours trade At
the bottom prices there was considera-
Bile buying of a good quality. Tie
close showed a loss for the day of
1-8c to 5-8c.
The situation in the stock market is
puzzling. Operators and commission
houses are at loss to account for
the apathy that exists. Standard Sc
curfties are at bedrock prices, and yet
there are few buyers. Yesterdays
market was heavy and dull New
York Central showed a little strength,
While Rock Island was the weakest
stock on the list. There was some
scattered liquidation. but sales were
comparatively small. Notwithstand-
Ing this, the prices declined steadily
until the close.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Foreign news continues bearish
This has caused free selling by tired longs
and decline brought out further selling on
stop orders
Corn-As in wheat this market suffered
by longs selling out their property. The
reports from the country continue bullish
On early break shorts covered freely and
on ADVANCE following turned sellers again.
OatS-OatS opened with selling by COM
mission houses and brokers in sympathy
with wheat but for time holding steady
under heavlng buying by pit shorts. About
ana May became very weak with heavy
selling by longs. who poured oats into the
pit through brokers. Selling became gen
era1 and only on bottom prices was there
any buying of a good quality.
follows:
houses were the best sellers. The market
showed relative weakness and considera-
Die short wheat was covered on the early
decline. Northwest markets showed no
snap and followed the decline in Chicago.
There were a few disappointing thresh-
ing reports from Nebraska, but most re-
pOTCS from CndC state tell OF a big WELD
of fine quality.
Corn-Corn acted very weak today. The
fine weather discouraged fresh buying.
Most of the long corn that came out today
was through houses which have been the
best bulls at higher prices. The close
showed loss for the day of u to per
bushel.
Oats-Oats followed corn all day. acting
very weak. Improved crop situation and
fine weather have stopped bullish efforts
and Liquidation was very free. The close
was Is to l IS under Saturdays close
says:
Todays stock market has developed
nothing tangible nor new reason for the
great display Of weakness now prevail
ing here. Apparently but little liquida-
ton has taken place, but Undoubtedly a
good many stocks bought on the late rail-
~ and which the holders had houed 70
realize a profit have been thrown over
The bulk of operations was purely in the
hands of professionals. New York Cen
.trai gave the best display of strength
while it was thought that scale orders
to buy Missouri Pacific, st. Paul and At
Gibson were discernible. London dealings
We're very light and We're insignificant
IN character. The prevailing opinions
about the situation are many, and it is
rarely. that the street has been so alb
solutely at sea.
J. c. Geraghty & Co.'S correspondents
says of stocks:
Logan & Bryan-The market is heavy
and lower; we hardly know what to make
are selling on an attractive basis and
with favorable bank statement and
cheap call money gold exports improba-
BILE, should be worth the money There
is bear MANIPULATION in a few stocks,
bat there is also a suspicious weakness
in other quarters, notably in Rock ISL
and issues. This unsettles the whole feel
ing and causes scattered liquidation and
prevents good support.
Baehe-Today was further disappoint-
nent to the bulls. The opening here was
quiet Weakness developed in Rock ISL
and and spread to Amalgamated and
stcels. The bear attack led to an unset
tied market and prices yielded generally.
The outlook is not encouraging to either
the Spectator or investor The entire list
became weaker in the afternoon
Visible Supply.
NEW YORK J,Itv On Tho S+oto of vic