The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-29
WHEAT SELLS LOWER
ON HEAVY RECEIPTS
Heavy Shipment Movement
From Northwestern States
Floods the Market.

The wheat market was again forced
lower yesterday. There were heavy re-
ceipts at Chicago and the fair Indian
summer weather continues. Farmers are
rapidly threshing their grain and the big
fall movement in the Northwest had al
ready begun. The closing down of the
Minneapolis flour mills is making a large
demand for grain from the interior mills.
The outlook according to the brokers, is
for an easier market
Corn also sold fractionally lower. How
ever, the country offerings are very small
as the farmers refuse to sell ON the de-
cine chne- 1t is believed by many brokers
damage VIII be much larger than the
estimates now made. Oats, were easier,
Oq Ne PTleSs Sa2g WIS 6 G6a6 6gen +orao,
curltleS continues, making the market
weak and uncertain. Professional opera
tors are at. loss to account for the con-
tinuous decline, as all the news received
Is of bullish tendency.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheaton, wheat market is in hes
ltatlng position. While, receipts in the
Northwest are running quite heavy and
The weather there is very favorable for
1hreshing and the movement of wheat ON
the: other hand there is, a home demand
up I1l6 interior InlllGfS
winch Is taking wheat from 1.-THE market
There were further sales of No. red
winter made here to go to ST. Louis.
There We're few smaller sales to go to
mills in Ohio.
- Gorn--The opening was easier on weak
ness in the stock market in New York
and the showing of very large inspection
OF corn, Which a great many believed to
% be one days receipts. 1t proved to be
two days work by the inspectors. When
this was ascertained the market became
com hot
coming in from very reliable sources, and
We can't help but. behave a much greater
damage has BEEN dune than the trade is
Wiling TO acknowledge, and that it will
be reflected in price later. The demand
for cash corn for shipment keeps good,
about 100000 blu being sold. Receipts are
expected to run much lighter by latter
part of the week, as farmers are not free
sellers on this decline.
OConnor q Van Bergen's stock letter
says:
We wish we could offer you any specific
reasons for the renewed selling or give
an intelligent Interpretation of action Of
the market. 1t is sufficient to state that
at times. the market was clearly beyond
the control of any interests which have
heretofore been able to direct it, and that
forced liquidation was in full swing but
from what source and with What injury
to the sellers 1t is impossible to say
There was support in some few stocks
notably Union Pacific Reading and the
Fries, the latter closing at higher figures
IMAM the opening. AGAIN, the steel Sc
curttles We're leaders in the Decline and
both the bonds and the common and pre-
ferred stocks made new low records. It
is useless to detail to you news of bull
ish nature, since it is without influence
on the market If there Is insistent
liquidation still at hand apparently no
amount of good news can turn the cur
rent. while the present sentiment pre-
dominates
]. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market shows no
improvement. The entire list was again
heavy and lower. 1t is still impossible to
determine the source of the selling. but it
is persistent. Anything like adequate
support is lacking. It does not seem to
be a question of price or the value of
properties. There is nothing in known
conditions which seems to justify but the
whole market seems controlled by appre-
hension regarding something of which no
one seems to have any knowledge. Clos
ing was heavy and at about the lowest
point.