The Saint Paul globe., 1903-11-13
WHEAT is STILL AN
UNSETTLED MARKET
Bears Again Raid Pennsylvania
and Other Stocks Reflect
the Slump.

The wheat market was unsettled yes
terday, but the tone was easier. There
was heavy selling of the December and
May options. Offerings were brought out
on lower cables, a weak cash market
and heavy receipts in the Northwest.
Shorts covered, causing a rally before
the close.
Weak cables and favorable weather
made corn a weak market at the opening.
On the decline there was some buying
but before the close the weakness in
wheat was reflected and the early buyers
turned sellers. Oats We're steady, as shorts
covered freely.
Another raid was made on Pennsylvania
yesterday and the entire list felt the de-
cline. St, Paul, Missouri Pacific and few
other standard securities held until late
hour, when they, too, declined Amalga-
mated Copper was firm.
What the Brokers Say.
O'Connor & Van Bergens stock letters
G. Minzesheimer-Lon was firm and
higher this morning on the failure of the
Bank of England to advance the bank
rate. Our opening was steady and slightly
higher, but after the first few minutes of
trading selling pressure was evident in
Pennsylvania and its controlled lines,
which caused these stocks to decline
sharply, and the balance of the railroad
issues declined in sympathy. Traders are
room. Some of the selling was based on
expectations of a bad bank statement
Saturday. Since Friday the banks have
lost to the subtreasury So, III 900, and
considerable more must have been ship
ped TO the interior privately. The steel
stocks were fairly well held, but the bonds
were weak and largely sold. Amalgamated
Copper held strong throughout the session
The closing was weak and irregular, with
prices about u to u per cent below We'd
nesday nights final figures.
Van Emburg & Atterbury-The bear
campaign made progress with the Penn
sylvania the center of interest. The busi
ness in it was again on a very large
scale and was of the same general charae-
ter as for the past week, Its allied prop
critics were also under attack, as were the
other railroad stocks, and the declines
brought out long stocks to some extent
from weak and discouraged holders. There
was no light on the cause or origin Of
the selling movement in Pennsylvania or
the extremely beariSh sentiment through
out the market. The leadership and man
lpuat1on Is on one side and the apathy
of the bull interests is diSCouraging. The
unchanged rate of Bank Of England and
the larger gold engagements were of lit
tie, if any, influence in trading senti-
ment. The closing was active and weak.
j. c. Geraghty & CO.'S correspondents
say of stocks:
Sternberger Sim G. Colt is the gem
eral opinion that something unfavorable
about Pennsylvania is coming out soon,
and %his is the only thing that can ac-
count for the continued weakness of this
stock and its allies, Reading, Baltimore
&s Ohio and Norfolk & Western. While
there is undoubtedly some short selling
as all the traders are working in Penn
sylvania, it is "unquestlonable there must
have been some long stock which came on
the market" The immense creations of
new securities within the last few months,
stocks and bonds, made people distrust-
full. 1t is only natural that the rest of
the market should have declined in SYM
pathy with Pennsylvania. The Rockefel-
ler-Gould securities held pretty well dur
ing the day. SO did Amalgamated Copper,
Missouri Pacific and st. Paul, but ulti-
mately they gave way to the pessimistic
feeling which prevails on the street. The
steel stocks did not have such wide f1uctu-
ations as they have had lately, but their
early advance could not be kept Up