The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-12
EARLY STRENGTH
SOON DISAPPEARS
Wheat Opens Firmer, but Ad.
vanceEs Soon Lost on Heavy
Selling.

The bear movement in wheat was
checked for a moment at the opening yes
terday morning by the firmer cables ana
the strength in corn. The December OPP
ton was particularly strong and advanc-
ed quickly on good buying orders. How
ever, the buying force was soon exhaust
ed and the big bulge was soon lost.
Prices ruled very weak during the last
hour of trade.
There was good buying by shorts in
the corn market at the opening. They
had sold in anticipation of beariSh gov
eminent report, and when this failed to
materalize they were forced to run to
cover. The scalpers worked the long side
of the market, and when they attempted
to realize they found no buyers. A break
of 1c followed and the market grew weak,
closing without any display of strength.
Oats followed the corn market, although
trade in that grain was light.
A heavy and lower market was the
story of stocs yesterday Railroads. led
by Pennsylvania, all showed losses for
the day at the close Pennsylvania reach
ed its lowest point for the past five years.
Amalgamated Copper was strong.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat--The downward course of wheat
was checked for time by firmer opening
cables from Liverpool and the strength in
corn. The December option was partic-
ularly strong, advancing sharply and out
side market in general showed an early
gain. The buying force was soon ex-
hausted and the decline was more rapid
than the advance. Prices ruled very weak
during the last hour. Winter wheat at
"a compared with SO last season and
somewhat smaller acreage.
Corn-The government report issued
Wednesday made the yield of corn 1888,
1000, which was about as expected.
AT the opening the futures followed the
usual course where news previously dis
counted is verified. There was urgent
buying by shorts who had sold in antic-
ipation of a beariSh report, and the
scalpers worked the long side for turn
When latter attempted to realize buyers
had been filled up and nothing was want
ed and quick break of 1c followed.
Trade was very heavy around 42c for
May. but the price finally worked through
1t and the closing was very weak. The
map showed unsettled weather over the
for clear weather within forty eight
hours. On the break about 100000 blu OF
corn were sold for shipment.
Oats-The market was but repetition
smaller scale The local cash situations
lend no aid to the futures and oats are
slow sale for shipment.
j. c. Geraghty Co.'S correspondents
say of stocks:
Logan & Bryan-The market shows no
Improvement There is less pressure on
steel stocks, but more pressure on the
railroads. Pennsylvania is particularly
weak with large trade in it. Money
rates are still firm, notwithstanding fur
ther engagements of gold for import.
There is a lack of Investment buying,
which seems to represent a general I'M
certainty and a general lack of confidence.
Until this changes the market is likely
to drag. The tone and the outlook are
not very encouraging.
Dick BroS.-The market has been very
heavy. influenced by further heavy sell
ing in Pennsylvania. which put that stock
to lower price than has been seen in
five years. Railroads showed more weak
ness than in long time, being subjected
to more real selling. Steel stocks were
relatively firm.
OConnor & Van Bergens stock letter
says:
er, with very little doing in Americans
1t is expected that the Bank of England
will raise the discount rate to per cent
The opening was fairly steady, with
Amalgamated Copper and steel preferred
higher, while the majority of railroad
stocks showed fractional losses Pres
sure was apparent in Pennsylvania from
the start, and large blocks of stock were
sold continuously on declining quotations
Almost one-half of the business done was
in this stock, and, while the dealings OF
the professionals were very extensive, and
there was considerable short selling there
was evidently a great deal of the selling
for liquidation. The break in Pennsyl-
Vania affected the rest of the railroad is
sues. all of which sold off from / to IL
per cent, the severest declines being seen
In Baltimore & Ohio, St Paul and New
York Central. The traction stocks held
very firm in the face of the weak mar
ket. The market closed heavy and IT.
with prices from l to 2 per cent below
Tuesday night