The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-05
DECLINE IN WHEAT
MARKET CONTINUES
Prices Are Forced Lower on
Reports of Heavy Re-
49, ~
CeiptS.

General selling of the December and
liberal receipts, coupled with fine weather
reports and lower outside markets, made
wheat a lower market yesterday. A
slight rally came in the middle of the
houses bought May. The market again
became easier before the close.
Reports of poor husking and rain in
the belt caused corn to rally at noon yes
movement to cease. Before the close the
market became weak in sympathy with
wheat The cash situation is also weak
and trade was light. Oats followed the
lead set by wheat and corn.
AT the opening yesterday stocks prom
ised TO show great strength. Railroads
and several industrials were forced up
a notch or two St Paul was particular
~ strong. Steels did not profit by the
advance. Towards the close of the SEES
sion there was much fit-taking and
prices eased off.
What the Brokers Say.
NJ. Doran Co.'S Chicago grain letter
Wheat-The feature of trade was the
narrowing of the December premiums
oyer May TO CSC under pressure from
elevator interest. The New York and st.
Louis market followed the course of ours
but the Northwest prices Were relatively
much the stronger. The news was. not so
oVerWhelmingly one-sided as was the
case tuesday. The Northwest receipts and
-BradstreetS worlds available were rays
of hope for the bulls. The former were
not, up to expectations and were 125
cars short of last week and smaller than
year ago. The latter increased only 5f9 =
900 bushels, compared with an increase
last week of 4,42S 600. The break seemed
to bring values to buyers ideas and a
falr export business was reported from
New York and direct from here via the
gulf. 1t is logical to suppose the move
ment and will depend largely on weather
conditions. Minneapolis reports the lower
grades relatively higher.
"a Of ~,
firm, influenced by a disposition among
shorts to cover because of showery wealth.
er and mild temperatures in the corn
belt, which are not particularly suitable
old corn will be largely marketed within
the next ten days, and we may then see
smaller run of receipts. The cash is
stu slow sale and futures got no sup
port whatever from that quarter
Oats-OatS We're steady with a ten
dency to work higher during the morning
Ihere was no selling pressure. and at the
mand for shipment poor.
-.. j. G. -Geraghty Il Co.'S correspondents
say of stocks:
Logan & Bryan-The market acts a
little heavy. Bears are again taking ad-
vantage of the dullness and raiding in
dustrials. This affects the whole list a
little and prices are all a shade off. New
York banks are losing moderately in funds
to the interior and gaining by gold i'm
ports. There is nothing that we can see
that is drastic or alarming in the bank
situation. Having failed to bust any
body in st. Louis, the bears are now
assailing the credit of somebody in Lon
don. We think they will some day get to
the end of their rope. We see no reason
ourselves for lower prices.
Dick Bros.-The market sopened strong
and for time the tendency was upward.
Professional manipulation brought about
higher prices for Atchison, st. Paul,
Union Pacific and other railroads. On the
advance long stocks began to come out
and some rather heavy selling of the steel
stocks appears. During the rest of the
day the market sagged and closed weak,
with most leading stocks showing losses.
O'COnnor e Van Bergen'S stock letter
says:
The strength shown in the market re-
. f1ected the idea that local corporations
had won a victory at Tuesdays election.
stocks at good advances. That these
would remain within limits and tempo
rarily stimulate others was natural and
shorts and traders bought the general
list. Buyers of last week took profits
and, on the whole, the selling was better
than the buying. The bullish sentiment
received a check about noon from the
showed in the early gains, and when
they declined the whole market Sympa
thZed and lost the early advances and
closed fiat. There was no news to ex-
plain the weakness in the steel issues. On
the declines the selling was mixture
1irmer market for sterling exchange and
large shipments of currency to the West
were unfaVorable incidents. Money on
call was In good supply with 4 per cent
the ruling rate. and on time was shade
easier at 5@514 per cent.