The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-22
STEEL STOCKS ARE
FORCED DOWN TO
Low RECORD MARK
Bad Break i'm Market Causes a
Swift Decllnei in United States
Steel Securities Grains Bull
ish on Hot Weather Reports.

A new low record for United States
Steel stocks was made yesterday, when
that security was forced down to %. or
points lover than the figure reached
on May 8, 1901. Few st. Paul operators
stock is held by the local crowd
Other stocks. though nervous, showed
some strength and .firmnesS, and there
was but slight decline in railroad Sc
euritieS. Rock Island was inclined to
weakness. but braced up before the close.
=-''~The grain markets, after the first hour
of trade, were bull affairs, and all the
: pits showed an advance for the day. At
the opening there was heavy selling of
wheat by large operators, and prices at
once began to decline. Shorts sought
weather report was issued, which was de-
cidedly bullish. Quickly the price was
forced up lie. and the gain for the day
over Mondays close was "a 0Bc
~ Corn was. the strong grain yesterday.
At the opening there was large buying
orders. and all the offerings were quickly
absorbed. Shorts then began to cover
and prices advanced steadily. The
weather reports from the Southwest aid
ed the bull movement. and the close
showed gain of 1890 over Monday.
On heavy selling by commission houses
oats opened lower. but quickly developed
strength on the covering of shorts who
oyersold Monday. Up to noon the market
active. although it held its gain, which
was 2S@%c over Mondays close.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-Heavy selling by large operat-
orS depressed prices at the opening. On
the break several professionals took hold,
and with the help of the government
weekly weather report, which is quite
is not heavy, but the buying was of
better class than the selling.
Corn-At the opening several large
buying orders We're we'll distributed among
yI1n hSn had oil off
turned values upward. This started sew
eral large shorts to covering, which car
ried prices 1c above Mondays close.
.OatS-The opening was lower on selling
by commission houses all over the pit,
but Immediately developed a very firm
tone on covering by larger local shorts.
Prices advanced steadily with little or no
reaction till noon, when trade became in
active. although the advance was sus-
tanned
S. B. Shotwen & Co.'s Chicago grain
Wheat-Around the opening cash hand
ling houses We're selling considerable
wheat, with Armour and Rosenbaum the
leaders, there was a great deal of scat
tered liquidation and most of the COM
mission houses had wheat to sell. The
buying power was unimportant early
point for the day. The close was 5sc to
7sc above last night
Corn-At the opening, corn acted very
free covering by shorts and prices quickly
rallied. About noon corn led all other
markets in strength. The close was high
point of the day, being lie to 1asc up.
OatS-This market was very quiet to-
day and not much doing except some
scattered covering by shorts early in tho
session. The close showed a gain of &c
to q c for the day
O'Connor & Bergens stock letter:
The stock market presents an irregular.
aspect today, but in the main securities
have shown rather more firmneSs IF is
cur opinion that this is due to a reasona-
BILE number of good buying orders which
have appeared in the market for the ac-
count OF some persons Who are willing
to invest their funds at the present low
range of quotations.
To a certain extent it may be said
that. admitting that securities are cheap,
their future course depends largely upon
the actions and necessities of individuals
1t would be impossible to know what these
necessities may amount to at a future
date, and that element of danger in the
market is the one most prominent at this
time. While money will probably be ac-
tive during the movement of the crops
much of the. distress regarding capital
has been anticipated by the recent de-
clines. As regards the liquidation in
United States shares and properties of
that nature. it would not seem unwise to
look upon the present quotations as rep
resenting the worst of the deciny Well
Informed persons do not contemplate for a
moment suspension of dividends uIon
either steel common nor preferred stacks:
they recognize, however, that vast num-
bers Of the shares of these properties
have been forced to sale by the necessi-
ties Of people who have either over-specu-
lated therein or who have been obliged to
sell steel securities to protect their other
interests.
]. c. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The market is again
extremely nervous. The railroad properties
IRE fairly steady and have suffered little
or no loss in price. There is a great sell
ing pressure, however on some of the in
dustrals notably steel and T. C. L Abe
Rock Island issues are also a disturbing
element in the market On the general
commercial and Industrial conditions we
see no reason for lower prices for good
railroad stocks, but in the present mys-
FERROUS condition of the market. we can
only repeat our advice of yesterday, which
Is to look on for WHILE
rbto,oa o.oS,,.n