The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-10
STEEL SECURITIES
ARE FORCED LOWER
Continuous Heavy Liquidation
Causes Another Big
Slump.

Steel stocks were again forced lower
Yesterday by heavy liquidation, and every
issue of the United States Steel com
pany's securities were hammered by the
incessant bear selling. Considering the
weakness in Steels, railroads held well.
1t was not until late in the session that
they reflected the liquidation in the in
dustrials. The closing quotations of the
Steels were at low point for the day and
established new low record mark for
the securities.
Lower cables made wheat weak mar
ket yesterday and the opening was below
Saturdays close. st. Louis houses were
Minneapolis, Duluth and Chicago also
disposed of their lines Cash values lost
some, of their premium. There was a
falling off in the country offering in the
Northwest.
The prediction for bearish govern
ment report to be issued today resulted in
after the first hour of the session the pit
was dull Country aeceptances are light
and the run OF the old corn is about at
an END. The new crop is beginning to
come in and are grading low.
Bear operators made a raid on the oats
market yesterday and prices were ham
mered lower. Trade, however, was linn
tied and the tone of the market was
easy.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says.
Wheat-Cables came in lower, affected
by large world shipments, and our mar
kets started at a decline in sympathy
and never sold up to Saturdays close
st. Louis houses We're aggressive sellers
OF the December and outside markets in
general were off, with Chicago. st. Louis
and Duluth being particularly weak. Cash
values lost some of their premium. Du-
Iuth was &c lower and prices here hc
TO &c lower. A Minneapolis message
reports railing off in the country offer
1ngs but this prospect was not reflected
In market values. Northwest receipts
were liberal Snow and rain are general
throughout the spring wheat belt. The
Liverpool market closed unchanged for
May and I'D lower for the March option.
Corn-Ihe prospect of a bearish gov
eminent report Thursday affected pit SEN
timent, resulting in unloading of long
corn and putting out of short lines by
pears Trade was small and the tone
ouil. country acceptanceS were light and
SShlPplng inquiry improved but very little
business was transacted. AS the run of
ola corn is about over, the arrivals in the
near future will be composed largely of
the new crop and the question of grading
may become a prominent factor
OatS-There was a raid on prices in a
small way by corn traders. Trade was
limited and the tone easy Country ac-
ceptances are said to be light, the local
sample market is weak and the demand
for shipment poor
OConnor & Van Bergen's stock letter
says:
moderate tendency to Improvement in
general list In the morning on covering
and professional traders buying was
checked by renewed weakness in the
Steel stocks. AS this continued during the
day at important declines on large SELL
ing for both accounts, the general market
yielded slowly and towards the close was
lower without weakness. There was no
adequate explanation for the extreme de-
clineS of the Steel stocks. 1t Is evident
that holders are demoralized and liquida-
tion is continuous A firmer money mar
ket was the restraining influence. Sterling
exchange was weak, but obstacles to pur-
chase of gold on large scale in Europe
seem to be effective at present. The trac-
ton stocks were most pronounced fea-
lures of strength and indications are
they would advance easily under favor
able market conditions Money on call
and time was firmer. Call rates 1905 per
cent; time. 5h@6 per cent.
}. Z. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is again
unsettled and generally easier. There has
been another drive made at steel stocks
and it scored further sharp decline. The
public seems to be wholly in doubt as to
the causes and the feeling is gaining that
there must be something underneath the
surface responsible for it. However that
may be- it unsettles the whole list and
prevents any confident buying of other
stocks. Until this is over no great i'm
provement is likely. Further imports of
gold are reported and the money market
is about steady.
Dick Bros.-The market has been ir-
regular and heavy today. but has not
shown the weakness that might have been
expected in view of the severe break in
Steel preferred. The railroad list held
very we'll and did not begin to weaken
until in the last hour The close was
heavy and at the lowest prices
Walker Bros.-The market was COM
posed largely of transactions in United
States Steel, all the issues of which made
a new low record. Considering the weak
ness in these issues the rest of the mar
ket was strong and in the early trading
showed every disposition to advance The
question is how much further the liquida-
ton in Steel is going. If it continues much
further it will probably take the rest of
the market with it. The future of Steel
for the moment seems to be the dominant
factor.