The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-06
WHEAT Says OFF
UNDER HEAVY SALES
Market Lower and Stop Loss
Orders Help Accumulate
the Decline

Wheat was lower Yesterday on iiqUida-
ton Of long grain ana general sfoEIl1zg OF
market
The stock market was spotty. with some
Of the securities strong ana others weak
What the Brokers Say
IL Doran & Cos grain letter:
Wheat-FI neither wheat holders became
tired out. or f0resaW something IN the Sit
nation 10 change their views Tor the time
Being Is hard 10 say. Al any rate. weak
ness shown yesterday became more pro
uOuuced today, the decline being aceeIef-
aFed by stop loss selling The covering OF
local professionals served as a cneck 20
fIrtller loss after IfTs decline had amount
ed to I2tc. It would appear as though the
downward movement was more the result
Of speculative. condition than The reflection
OF any marked Grange preSeIlL or pTOSAec-
tive III the legitimate situation The news
was in many particulars distinctly Dull
isl- The spring wheat demand Is EVIDENT
lF pretty good In addition 10 a cargo OF
N1 / Northern. sold late today. Duluth re-
ported further sales 10 eastern H1llters TO
day. and fTe loads Manitoba wheat sold
1oT direct export FURTHERMORE country
offerings OF better grades are said 10 be
exceedingly limited AT Kansas City poor
Nos hard and good No 4 sod yesterday
aE equal TO = TO Ie over Chicago No
lard- although Todav buyers we're OUT CT
rhaE market Pie Ohio report showed a
total Weld of Is. 900 coo bushels, which IS
la-110o19 less than year ago. The
=
CaaTISh item estimating the crop IN three
PRINCIPAL states at $4,000 eco. ard the
milling value equivalent 10 $4,000 Geo
Liverpool closed sd lower. Estimated
Corn was as firm as wheat vas weak.
LeiCIng q shade over previous close the
greater part Of session me IIade-@sls
neither large III volume nor sIgHI1eanL n
character. Cooler weather general over
belt today and forecast Is Tor still lower
C=nDeFaILTe- with frost in some sections
NrIr-
shows loss IN condition OF . points Tor
month OF September, ana states the crop
TO- be maturing slowly. For time being
c0ucenIraUed speculative holding removes
Ele surplus corn from Il1e market and an
1Tersoid condition IN a moderate way IS
easily created. May viii be IL better
supply as the hedging sales against new
crCp purchases become more general
Country selling IS Increasing ana move
ueDr promises 70 be early ana heavy
This means q pressure OF actual corn upon
The May and az present there IS notlliElg
iu legitimate cash situation 70 onset It's
effect The local shipping demand IS
slow Export business is at standsLiiE
and there is nothing so1d abroad Tor Tor-
ward shipmenL-an unusual condition at
this season Of year Liverpool was IN
changed Estimated cars tomorrow 1IS.
Oats Ike eoTu- ruled 1IrTu on moderate
trade There was nothing III sessions
trading which might be termed sIgIllilcaIlLz
The cash market after ruling higher early
closed at about 1tc less I0r day. ESIII1aI-
ed ears tomorrow 1872.
Pr0visious-Ihe entire provision list
was lower ana there was selling which
was suggestive OF unloading by some OF
local bulls. Declines not excessive and
there was nouceabIy good buying Of lard
On break Estimated hogs. l6.BBH
j. @ Geraghry q g New YORK STOCK
advices-
LOGAN 4 Brvan=The market as a
whole continues to work higher The
racessious are uIInn0rranL ana rev
Whatever lquiaaLl0n thsre IS as me llitE-
zsI goes I'd Is scattered ana small On
the weak spots the buying 3 good There
is a distinct tendency toward an Ircreas-
ing volume OF BUSINESS II IS not large
enough vet TO excite any apprehension
All the developments and Indications
Point TO expansion IN general production
ana distribution and III consequence IN
creased earnings N al the properties
Underlying CONDITIONS are all SOUND anu
there has seldom II ever been a better
prospect ahead Think the market viii
continue 10 advance
Dick Br0s.-Ehe market has been eScIL-
ed ana very active today win a great
deal OF irr5guiarIIy IN the general isl, ana
more or less strength IN speclaI stocks
There WIS no important neWS- but the
supply Of ruu0rs was larger than ever
ST. PauI continued conspicuous and made
Q fuTlleT sharp rise, BIIE was reacI1onaEY
ia the later trading 1t was a very uer-
rlLS market ana seemed 10 De a uanSeE-
.-z cue There was too much wild uanID-
-.aLI1u 90 make Il safe
U-E'0uuur & Van B6TgeniS stock adEIceSs
enormous prOuC taking TODAY remarkably
well It's power or absorption or large
blocks of stock appears very IOrCIhiy as
DIMINISHING the underlying strength OF
suecuLz LIE6 situation. When II IS remeT1-
rHEed prices nave now advanced nearly
E1ur weeks with scarcely a setback the
slight decline today is even not as great
as might naturally haze been expected
We understand from one Of our best
Sources thar 1dr. heeue took profits on
cutie q line OF his holdings THIS morning
f being MS selling TgEIcu caused the rapid
decline Later. however ne turned buyer
agaiu. ana IL Is thought he looks Tor nigh
ar figures before the TOD OF THIS move Is
reached There has been ne official con-
lll1r1arIau further than what the tape tells
recording any or the various stories re-
gardiuE st. Paul We note some good
buying IN Missouri Pacific ana RennsEt-
vauIa-
The market Was again very active and
Irregular. uOEWI outstanding Yesterday
laaET selling the tone was 1ulllSh and
many stocks made good advances though
th6Ee is uuQueSu0nablV a more cOnSsTva-
tive feeling ana growing belief that a re-
action Is due. ST. Paul was a prominent
feature but with less excitement and
sewer rIuors regarding The cause OF the
advance. Senl-9flclaE GeulaiS OF any ar
rangeTueuE regarding Northern Pacific may
account Tor this manipulation ana pro-
Iassi8ual trading on large scale with
shifting OF room traders interests 10 the
newer faVGrItes. made 1t an Interesting
and active market To Our view much Of
rle selling was better than the buying.
6rIr the control seems TOO strong as Yet TO
permit effect 10 show The close was
Irregular. urTu N SPOTS