The Saint Paul globe., 1903-11-06
STEEL SECURITIES
SCORE LOW RECORD
aIlStreet BearEnterests Again
Hammer Down Industrial
Stocks.

United States Steel securities were
again raided by the Wall street bear in
terests yesterday, and new low record
was established for the companys COM
mon and preferred stock, and even the
bonds were forced beneath any previous
low mark. The close for the common
was 1890, preferred $3.50 and bonds
67Ac
The slump in steel caused a slight de-
cline in the whole list affecting railroads.
However, the rails held we'll and the close
was but at a fractional decline poor
bank statement is looked for Saturday on
account of the heavy shipment of money
to interior points.
Heavy selling of December wheat by St
Louis houses caused a further decline in
that commodity yesterday. The premium
of December over May was lost and both
options sold at the same figure. The re-
ceipts at Duluth and other Northwestern
points were heavy and the weather for
the movement continues perfect At noon
there was slight turn in the market due
to the Ohio state report, which was Slight
ly bullish.
Corn was strong market. There was
good scattered demand for both the De-
cember and May. Shorts and commission
houses were good buyers on the firm and
higher cables. The market ruled strong
until the close of the session on buIlish
reports from the belt telling of poor husk-
ing returns.
Oats were strong although the trade
was light The strength in corn was the
controlling factor.
What the Brokers say.
O'Connor & Van Bergen's correspond
ents say of stocks:
c. Minzesheimer-Th market was dom
mated principally by the steel issues
Which were under pressure from the OPEN
ing until the gong sounded New low
records We're made in these issues, and
the closing prices We're at about the low
est reached. The standard railroad is
sues sold off in sympathy with the in
dustrlals, but the decline in these, with
the exception of Missouri Pacific and
New York Central, was not more than
about "a OH per cent. Atchison was
very firm throughout the day, selling off
but per cent from Wednesday night.
The banks have lost over S5, ,000, 900 to
the subtreasury. since Friday last, and as
that sent direct to the interior must
be considerable amount, a poor bank
statement should result on Saturday. The
1nduStIialS weak
Van Emburg e Attenburg-SteeIs stocks
We're the feature of the market. The cut
in price of billetS explains the recent SELL
ing, and the pressure put on them pretty
wen demoralized the market. The late
selling looked more like liquidation than
at any time during the day. The general
market Sympathized and was sold and
hammered by bears, who We're also inf1u-
enced by prospect of a bad bank state
ment on Saturday. The closing was heavy
at the lowest prices. Shipments of money
We're again large Sterling exchange was
weak. and there were unconfirmed re-
ports of engagements of gold for import
Money on call ruled at per cent, with
the exceptions above and below Time
money was unchanged.
M DOrdn & Co. g Chicaoo grain 1attaT
says:
Wheat-Wheat opened with selling of
the December and buying of May by ele-
Yator interests and st. Louis houses, the
former quickly went to discount under
May. Northwest markets We're inclined
to be weak probably rejecting the lib
erai receipts of spring wheat, compared
continue very favorable for the move
ment On the other hand, the opening
Liverpool cables, while fractionally lower
did not reflect our decline of Wednesday.
Minneapolis reported millers taking cash
wheat and Duluth worked 800, 900 bushels
for shipment East. The market recovered
around midday, and the May in particular
ruled strong the latter part of the session,
and considerable short wheat was covered
All foreign markets closed lower.
Corn-Corn ruled very firm from the
start The local crowd favored the bull
SIDE, being influenced by the talk of poor
huSklng returns and large per cent of soft
corn. Inc receipts We're not UP to eXpecta-
rlonS and indications for Friday are still
smaller. Local operators were good buy-
ers and some of the prominent shorts were
said TO be taking corn on the advance.
LIVefpool cables We're firm with Argen-
tine corn 1sc higher. Country acceptances
We're practically nothing, but the last ar
tcle, continues to be a slow sale. The
weather in the West is colder and favors
the movement and the drying of corn. The
Liverpool market was Nc higher
Oats-Oats were firm at small advance
winch was Well maintained in view of
light trade. The strength in corn created
was dull.