The Saint Paul globe., 1903-11-07
BULL NEWS FAILS
TO CAUSE ADVANCE
Wheat Market Is Forced Lower
and Stocks Are Irreg-
ular.

Although the news yesterday was JUL
ish, renewed selling caused sharp de-
cline in the wheat market at the opening.
There was liquidation of the December
and buying of May After midday prices
became somewhat stronger on good cash
business at Duluth and Minneapolis. The
weather conditions remain favorable for
the spring wheat movement.
Corn was the strong market yesterday.
On higher cables the pit opened stronger
and then turned firm The small coun-
try offerings forced shorts to cover.
Huslking returns continued to run poor
and the grading of the crop is low.
A good demand for oats made the mar
ket Independently firm. There was good
class of commission house buying.
Stocks again opened weak and the
pressure on steels and industrials was
renewed. New low records We're scored
Railroads sold off a little in sympathy
but on the whole the weakness in the in
dustrials had little influence. Today's
bank statement is not expected to be a
favorable one on account of the large
shipment of funds to the interior.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-The early market was a repe-
tition of that of the past few days. There
was further liquidation of December and
buying of May, and after midday prices
became stronger. December moved up on
a par with May. influenced by the report
of as high as eighty loads taken for ex-
port at the Seaboard and good cash bus
mess at Duluth for shipment East. The
weather conditions continue very favor
able for the spring wheat movement and
receipts will likely continue liberal as long
as the weather lasts. There has evidently
been good deal OF wheat bought by chi
cago parties in Duluth during the past few
days.
Corn-Speculative interest on the floor
centered largely in corn. Trade was gen.
eraI with commission houses much more
in evidence than for some time past. The
pit mood is bulliSh and sentiment gener-
ally seems to be working to that side.
The talk of soft corn, particularly in
Nebraska, was confirmed by the Orange
Judd Farmer. The present weather is not
the best to assure corn arriving in good
condition and the forecast shows no
change. The run of old corn arrivals is
thought to be about over and future re-
ceipts will depend largely on the new
crop. The big shorts have been taking
profits recently and with any increase in
the volume of speculation we are likely
to see higher prices for corn.
Oats-The market was firm and moved
up with corn. A better class of com
mission house buying was noticeable. Re
ceiptS We're light and promise to fall off
in the near future, and, at the same time,
the local sample market was stronger and
inquiry for shipment improved.
j. G. Geraghty q Co.'s correspondents
say of stocks:
Logan & Bryan-There has beeen a
further heavy trade in United States
Steel which probably represents consid-
cradle further liquidation, but along with
this has come an increased outside buy
ing interest. The rails are, as a rule, a
little higher. So far there are no evidences
of pressure from liquidation in these lat
ter stocks. A bad bank statement is eX-
pected. and it is said that little higher
interest rates will follow but this occa-
sions no uneasineSS in respect of the gen.
eral list The action of the market today
seems a very hopeful one.
Dick Bros.-The market has beeen ir-
regular but strong. In the early trade
there was a general break in sympathy
with the continued liquidation, but later
the market broke away from those stocks
and rallied, closing strong at about the
best prices of the day. There was con-
siderable covering, particularly by West
ern bears. Taken as a whole, the action
of the market today was encouraging.
O'Connor & Van Bergen's stock letter
says:
The market opened weak and lower fol
industrials. and the steel issues were
on large dealings steel preferred lost z
per cent in the first hour. The railroad
stocks sold off a little in sympathy with
the other issues. but there appeared nc
great pressure to sell standard stocks
There was a reaction before the noon
hour on which steel preferred recovered
about ~ per cent but the recovery did
not last, and on renewed selling new low
records were made in both common and
preferred The known movements OF
money indicates a loss by the banks to
the interior and subtreasury since FRIDAY
of about $4,000, 900. The sale of $40,
100000 of Baltimore & Ohio bonds ia
Kuhn. Loeb & Co. and Speyer & Co. are
probably intended for investors abroad
The market had another upward turn
shortly before the close on which recov-
nripaC fA II
the low. The closing was very firm fol
railroad ISSUES.