The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-16
DECLINE IN PRICES
FOLLOWS RAPID
ADVANCE
Stocks Drop Several Points as
a Result of Bear Raid De-
preston Comes During the
Last Hour of Trade and Close
Is at the Lowest Figure.

Stocks broke yesterday near the close,
and there was sharp reaction from last
weeks rally, when prices went soaring
upwards after a period of deep depres-
sion. Commission men say Friday and
Saturdays advance was too rapid and
that the decline was a natural conse-
Quence. Stocks lost about half what they
gained during the upward movement.
There was considerable selling yesterday
and the decline is said TO have been caused
by the bear elements raid. For a period
of several hours the market was inactive,
but during the last hour selling orders
We're numerous and the close was at about
the lowest figure for the day.
Wheat held up well yesterday The ca
bles were bullish, telling of a shorte rop
throughout the continent There was
considerable buying of scattered offerings
by st. Louis houses. Corn was duh at
the opening, but became active before
the close. 1t showed considerable indie
pendent strength. Oats We're also strong
and there was a good trade. The weather
conditions remain perfect
What the Brokers Say.
NJ Doran & Co.'S Chicago grain let
Wheat-Prices ruled higher influenced
by foreign news. The Liverpool cables
Were unexpectedly up on wet weather. re-
ports Rumors were circulated claiming
France. Continued fine weather in West
excited no influence except at the OPEN
ing The visible showed much larger
decrease than was Anticipated
Corn-The market was quiet but firm
september and December options showed
some ADVANCE. Cash market was strong
We're IN good demand and inquiry from
East improved.
Oats-The market was firm for deferred
FUTURES, while July option was excited and
showed Wild T1uefu9t i0nS af
was good selling of this future by longs
on advance. The weather is favorable
t d growing crop and local and shipping
demand good. Estimated cars, 22O.
b ShotWeH & Co.'S grain letter says:
Wheat-The opening was easier on fine
weather conditions. st. Louis and local
offerings and local scalping crowd ap-
peared bullish and bid for wheat on the
s sagd dI,d Propagation Foreigners were
Tella6le grain crop estimates Indicate that
Russia viii have a serious shortage and
me French yield will be abnormally bad.
and September, 1914 @735sc
Corn-The opening was quiet with
1 Armour f selling little July. The bulls
ceeded in establishing slightly higher
range, which held until the close with
July up 18c from Saturday and September
Oats-The opening was easier on fine
weather conditions East and West. Local
ana country longs were free sellers of
July. Later the market became active
and prices advanced easily and held firo
until the close with July up Lice from
Saturday and September same as Satur-
O'Connor & Van Bergen's stock letter
says: 1i> t0''ei
The action of the stock market today
oeNeIoped some disappointment inasmuch
as the tone was less confident, and hest
latlon and reactionary tendency were
=! tne features. we see nothing disturbing
IN the course OF today's speculation. as it
was TO nave been expected that the bear
party, which until of late had been suc-
ceSSIuI and powerful, would make further
Attacks upon values. The advances in
SIoSIhg Gays or the past week natura Nv
invited proht-taktng. The market has sui
1ered from several quite severe drives and
LONDON, too, sold stocks. but evidences of
good buying were not wanting in Road
ing, BALTIMORE, Atkinson and Rock Isl
ana. speculation is still largely profess
slonaL however, and the orders were
worked Tor lower prices, as the news of
the day was rather against the marIxef
mere We're rumors of gold Shipments ma
no combination could be obtained and If
IS hlghly improbable in the present COR
oItlOn Of exchange market that these TI-i1I
take place. The cotton market was aoai IN
IN an excited. condition owing to ren6rts
1891 Ia mage. WhlIe We regret that the
market SHOWS less tenacity, at the same
1lIne we Go not think the Improvement
when started last week is over nor fro :
NE anaH see materially lower range of
J G, GeTTaghty & Co.'s correspondents
Logan & Bryan-The market ie 1o7,,o,.
1t Is natural reaction after IT, 80 t
9 9EL OF last Thursday and Fri ilis,1
Inc market has lost about half re t1et T. {.
gam NO change in general condifio, 1e'
ana money continues easy. We d. ~
look for anything like the semi-na az 1i6 aIoe
CONDITIONS OF a week ago. Good dfVidardy
paying railroads are selling on fair
DaslS. On any further weakness we +z1irI,
they should be bought. '4i1lIn
Mcintyre & Marshall-The action ..
the stock market in falling off so sharnGv
TINS AFTERNOON was a general disa nnoirt
inent, but 1t should not have been sIJrnris-
ing In view of the fact that the sba ~ ~
rally at the close of the week was n n1lsti
que TO covering Of shorts and the fakin9
BACK OF stocks which had been throuyT
over by commission houses and traders
me rally had been entirely too rand
DlGG,k-The bear party worked against
Ine nst ana had no opposition There was
no liquidation, but the lack of support
6IIoWed stocks to go down without n1IIcf
pressure; Most of the selling was aftrih-
uted to beartsh operators, whose lines ~
snoTtS nave not yet been covered. -
walker BroS--The market TODAY mos
weak and there was quite heavy seIIinr
Inc tTaderS caught many stops and hear
seemed to nave 1t all their own Way D11r.
ing the middle of the day the nnariret
was very dull, but before the close fharf
was further selling and prices broke al
around "oNo dA