The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-14
PRICE Of WHEAT
IS FORCED LOWER
BY HEAVY SELLING
Spectators Realize on Invest
ments and Enormous Llqui-
dation FoIlows-Prices Break
Over Two Cents.

Wheat slumped over 2 cents yesterday
on heavy profit taking by spectators.
The market opened at 79c for September
options, and after a short display of
strength began its downward march At
the close September was selling at 76Bc,
or 25sc below Saturdays close. December
lost 2Ac over Saturday, the close yester-
day being at the low point for the day.
76Ac.
Shortly after the opening Armour be-
gan selling, and was followed by several
other operators. Every one had wheat for
sale, but there were few buyers. Peavey
interests were also accredited with dis
posing of their September options. The
decline. which started soon after the mar
ket opened, continued until the close
when prices were at the low point for the
day. 49, -f
Corn sold off In sympathy with wheat
This grain showed no independent action.
There was some realizing and the close
for the day was 1c under Saturday S
close. Oats were featureless and duh and
trade was light. During the day prices de-
clined and the, close showed a loss of
from &c to nc.
Stocks were again weak yesterday. At
the opening there was heavy selling and
liquidation was extremely heavy. During
the afternoon session the market rallied,
on short covering, aided by organized
SUPPORT. The advice of brokers is to
buy stocks at the present prices.
What the Brokers Say.
S. B. Shotwel & Co.'S grain letter is
as follows:
Wheat-The market opened at top
prices for the day and sold off rapidly
with Armour the best seller Around 79c
the market got very weak with good
deal of scattered realizing, but some OF
the bulliSh professionals who sold early
supported the market for time around
this price. A little later more long wheat
came out. with buyers holding off and
Northwest a good seller, causing prices to
6rOn SharnlV On this decline PpaVeV and
other houses with Northwestern connec-
tons sold considerable. Near the close
some scattered shorts took profits and
some local bulls who sold early were re-
placing their lines. The close was low
point for the day
Corn-The opening was about where it
closed Saturday, and sold off sharply in
sympathy with wheat, There was no
new features and quotations seemed to
be inclined to follow those of wheat The
close showed a loss of about lie for the
day.
Oats-This market was dull and fea-
tureless today. with no news to affect
prices. Trade was light, and the mar
ket closed with &c to &c less for the day.
O'Connor & Van Bergen's stock letter
says:
After Saturdays sharp break in prices
1t was evident that many who had been
hoping against hope had become discour-
aged and had ordered their accounts clos
ed, and at the opening today the liquida-
ton was extremely heavy and the selling
for short account aggressive. Later in
the day prices rallied sharply, and at the
close the general list shows Improvement
that the market has acted extremely well
under the heavy pressure to which it was
subjected. While the organized support
seen in the market has been most well
come, and has checked what might have
had serious result, it must be remember
ed that stocks accumulated on such a
movement await opportunity for selling.
No one viii claim that to any great eX-
tent the buying has been fer outside ac-
count or for investors. The market rail-
lied on short covering, aided by organized
support as we have not seen for some
time. We confess our inability account
for the recent continued declines and eX-
IRENE apathy both here and AbfOdd. With
general conditions as favorable as they
now are, and standard StoeleSO selling so
to 100 points lower than a yearnago, with
money plenty, crops assured and broker
age houses in easy circumstances with
their credits not at all eXtendktk public
interest fails to be aroused sand price
movement fails to attract outside interest.
j. c.. Geraghty 81 Co.'S correspondents
says of stocks:
Logan q Bryan-The market closed
strong and at better prices than Satur-
day. Wall street is not responsible for
the improvement. For many months they
bulled stocks on a or a 3h per cent
basis and lost their money because the
Investing public would not come in. Now
stocks are selling on per cent basis
or better and Wall street is in the dumps
The public is buying stocks because they
are cheap. There is no trouble in sight
that we can see and we think good rail-
road properties are worth the money,
and that the shorts Will have to cover at
q loss.
Walker Bros.-The market opened weak
and with heavy liquidation. There was
no support and when stocks were offered
down there was little demand for them
In the afternoon, on shorts covering
prices braced UP little and the tone be-
came better. It is hard to predict how
much further the market will decline, but
there is no inducement to buy in it's pres
ent state. J
Howard Lapsley & Co.-The bears were
free buyers and many commission houses
took good lines of first-cass stocks for
cash. Bears, however. are still in con-
troll and predicting unfavorable develop
ments.
Sharpe G. Bryan-The market closed
with very sharp rally from lowest fig
ures. London was heavy buyer during
the morning and sentiment was helped
additionally by the sharp declines in grain
and cotton.
Bache G Co.-The forced liquidation of
weak accounts, together with bear pres
sure. caused weak opening this morn
ing. The tone was nervous and feverish
and support was not apparent in the
early market. New York Central gave