The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-16
HEAVY SELLING
PRESSURE CAUSES
DECLINE IN STOCKS
Great Liquidation in New York
Securities Follows Slump in
Prices-BuII Movement in
Wheat Ceases.

Local interest yesterday centered in the
New York market While there was but
little st. Paul trade it is said that one
or two operators profited by the big de-
cline in the prices of securities. me
market opened with prices somewhat de-
pressed and then great selling pressure
was brought forward to push down prices:
Liquidation followed and great deal OF
stock was thrown on the market regard
less of the selling figure. This reckless
liquidation was caused by the loans pego-
tiated by several strong railroads, at in
tereSt ranging from to Z per cent.
Easier cables and good weather reports
made wheat trade a little dull at the open
ing, and prices declined fractionally from
considerable activity, and September OPP
lions went to 1850. Selling orders near
the end of the session again caused
decline, and the market closed at TIC for
September and 1910 for December.
Corn was steady and within a small
range. There was some scattered buying
at the opening, but later the volume of
business increased The close was 49%c
for July, 501&c for September, 1870 for
December and 1890 for May. The trade
in oats was light and prices eased off
before the close.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-There was an Enthusiastically
strong tone to the wheat market today,
barring the weakness caused by realiz-
decidedly bullish character, particularly
from the Northwest We have it on good
authority that the Canadian crop is going
backward and the estimates are being
materially reduced The Minnesota state
report was bullish relative to the northern
sections.
Corn-The cash situation was the domi-
mating factor in the market today and
prices ruled firm May showing the most
strength The country is selling nothing.
The tenor of crop reports is unchanged;
a ic
stands poor.
Oats1Oats have been but moderately
active today with outside trade very linn
tied, but with steadier tone than for some
days past.
S. B. Shotwen & Co.'S grain letter is as
Wheat-The market opened tame with
moderate amount of scattered selling by
small holders. Shorts were free buyers
at the decline, and the scalping crowd
We're inclined to buy it and prices hald
firm and the market received good SUB
port, partly on account of strength in
corn, Near the close prices declined
quickly. closing, July &c under last night,
September 1ac to &c under. and December
1sc under.
Corn-Around the opening the Patten
crowd We're buying some corn and shorts
were covering freely. Some representa-
tive bull houses realized moderately. The
only option to show any decline for the
day at the close was September. which
was &c under last night.
Oats-At the opening, both Patten and
Southwest were good buyers of the May
option on a moderate, scale and prices
advanced moderately but around high
prices there seemed to be plenty for SALE
The close was shade under yesterdays
O'Connor q Van Burgen's stock letter
says:
Our market has been under great pres
sure all day and forced LIQUIDATION, to-
gether with continued aggressive selling
on the part of traders have again brought
about low level of prices. The market
has had more the appearance of democrat
ization than at any time heretofore. The
most important feature is the continued
demand for money on the part of corpora
tons. Today the announcement of the
Union Pacific loan on s per cent basis
and that of the Kansas City, Fort Scott
& Memphis on a per cent basis, coming
so closely upon the Burlington loan, added
to the uneasiness, but the fact that at
this time these loans even on the basis
mentioned find market and institutions
willing to take them, to our mind is an
encouraging factor.
1t will take a long time to restore con-
fidence, and improvement will be slow
and gradual. but unless some unknown
conditions exist we should see from now
on an Improvement. Liquidation must
by this time have run its course and to-
day we have seen to small degree in
vestment buying and purchases to unite
large extent for foreign account.
J. c. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-Up to the last thirty
minutes of session the entire list was
ords were made. Rumors of financial in
terests being in distress and others too
numerous to mention were used by the
bear contingent to depress the market.
Randolph & Goa steady stream of
long stocks has been poured on the mar
ket today from the opening to the finish
of transactions at the stock exchange
London came in as heavy buyer, taking
in all about $4,000 on balance, but it is
highly probable that this purchasing was
on New York orders for the purpose of
giving support to the market. The news
that the st. Louis & San Francisco had
just made loan of 1000, 900 for year
at z per cent was followed by the an
nouncement that the Union Pacific had
borrowed $10,000,000 for eighteen months
at per cent. Toward the close there was
rally on short covering caused by a re-
port that there was a meeting of financial
magnates in progress at Morgans Of
flee.