The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-11
HEAVY RECEIPTS
MAKE WEAK MARKET
Bears Gain Control of Grain
Pits and Prices Quickly
Decline.

The pears mad everything lHelr way III
the wheat market yesterday. The trend
of foreign and domestic news was bear
ish and there was free offering of Rus
sian and Argentine grain. The cables
reflected the weakness of the American
markets Of Monday. The receipts in the
Northwest continue to run heavier than
the receipts of a year ago.
Liberal offerings of Argentine corn
opened the Liverpool market lower and
our markets responded to the weakness
in prices. Great selling pressure was
evident in the pit during the day. On the
decline a great many stop-loss orders
were received, which helped to keep prices
moving downward. Oats opened in SYM
pathy with other markets. but on the
slump became steady. The cash situa-
ton continues dull.
The stock market yesterday was again
irregular. Steels were forced to a new
low record mark during the early part,
of the session. An attack was made on
Pennsylvania and that security fell to
las. Other railroad stocks declined in
was some good buying of steels, and the
prices strengthened. Amalgamated Cop
per was about the strongest on the list.
What the Brokers Say.
M. Doran & Co.'S Chicago grain letter
says:
Wheat-This was a festival day for
bears in the wheat pit. Foreign and do
mestic news and trend of values here
and at outside points are all one way.
Free offerings of Argentine and Russian
wheat and our weakness Monday brought
lower cables from Liverpool, and these,
with liberal Northwestern receipts and
fine weather, opened our market lower.
The tremendous increase of 100000 in
BradStreets worlds available accelerated
the downward movement, and the excess
of the total primary receipts over those
of year ago was the final straw. On the
decline Duluth reported some business
lynd CT oh
Sence of good demand, particularly for
export, the tendency of receipts to ip
crease. light speculative trade and the
shadow of record crop In the Argentine,
which will come into competition with us
In foreign trade, about Jan. /, makes low
Ell values seem certainty.
Corn-Liberal offerings of Argentine
corn opened Liverpool lower and our start
was with pressure to sell, particularly on
the December. The unsatisfactory ship
ping demand for some time past has made
the December premium look unreason
able. and before trading closed 1t had
been down to 4 C over May, compared
with &c last night. On the down turn
Stop-losS orders were encountered, which
facilitated the, decline. The close
which is expected to be bearish, was an
other depressing feature Sharp decline
in the December made the cash business
possible and fair amount was reported
sold
Oats-Oats opened in sympathy with
other grains, and with further selling by
local operators. but on the decline stead
led on covering by same parties. The
cash situation continues dull.
j. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market was again
a little irregular. There was a further
heavy trade in steel. but it was appar-
emily well bought and closed shade bet
ter than Monday. fractions and copper
We're also strong. The latter has been par
ticuI1rlV we'll summarized time
past, and, although the rumors concerning
it are conflicting, the quotations show
there is something doing and indicate
better prices. The bears attacked Penn
sylvania and forced the loss in price on
the theory that the things unfavorable
to steel would also be unfavorable to that
property.
Dick Bros.-The market has been ir-
regular and feverish. An early break in
the United States Steel stocks was follow
ed by heavy selling of Pennsylvania,
which broke that stock badly: AT the
same time there was some selling of the
general list, but it was not extensive
enough to do much damage. In the last
hour both steel and Pennsylvania rallied
the closing was fairly firm. The strong
feature of the market was Amalgamated,
winch was bought steadily chiefly by
Boston interests. The elevation of
Rockefeller representative to the New
York Central directorate received atten-
ton and may have had more or less to do
with the selling of Pennsylvania because
OF the friendly relations between the
Roekefellers and the Goulds.
says:
London came weak and lower Our
opening was heavy with price level gen
orally lower than Monday night, but de-
eli aS;so were RE-, not important in the early
ferred. which made another new low
record. selling down to 49% After the
first hour heavy pressure was evident in
PENNSYLVANIA, and on enormous dealings
this stock sold off to 114h, the balance
of the railroad shares selling off moder-
ately in sympathy The only strong feat
ure in the list was Amalgamated Copper,
also the fractions, all of which advanced
and held firmly throughout the entire
session. There was quite smart rally
in the last hour, in which the general
list participated and on which steel pre-
ferred recovered the loss of the early
morning, and, at one time sold above
Monday nights closing. The close was
rather irregular, but fairly steady. Ex-
change was weak and lower again. but
up to the present writing no announce
ment of gold engagements for import
have been made.