The Saint Paul globe., 1903-10-03
GRAIN MARKETS
BECOME BULLISH
Strong Cables and Brisk Do
mestic Demand Force Wheat
Upward.

All the grain markets closed higher yes
terday. Wheat was strong early, but on
the rally there was profit taking of con-
siderable volume. Gables were strong and
st. Louis was good buyer.
Corn also closed higher. The country
offerings continue to run light and there
was further covering by anxious shorts.
The cash situation is also firm.
Oats sold higher at the opening. There
was but little interest in the operations.
On the advance there was some profit
taking and considerable selling by COM
mission houses. The close was firm and
higher
The improvement in the stock market
continued yesterday. The entire list was
of a good quality. A favorable bank
statement is expected today.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says
Wheat-The market was decidedly err
ratio The early advance was in sym
pathy with firm cables and strength in
outside markets. especially st. Louis. On
the advance, sthe interests which have
been buying December and selling May
started taking in their spreads. resulting
In widening of December discount to
%c at midday. At the same time there
was some shorta selling ON a tremendous
Increase, of APO, zoo. bushels, in the Odessa
that three cargees of No. 1 northern were
to be brought here. from, Duluth fornmix-
ing purposes exercised some bearish in
Huence The close was firm at a moderate
advance. The new country elevator re-
ceipts are falling off.
Corn-Shorts were very active in the
early trading and ran prices up on them
selves, rapidly increasing the December
premium over the May. The improved
cash demand, moderate receipts, strong
sample market and firm cables were the
IOrnf 4..ne el,x,e
seemed inclined to take quick profits, ap-
parently not having made up their minds
as to the. future course of the market,
and this selling, with a cessation of active
Some large interests were persistent buy
ers on the decline, and this, with report
OF 100000 bushels of lake room taken to
Buffalo, influenced the closing firmneSs
Our Liverpool house wired that shipments
from Argentine will probably continue on
present scale.
Oats-The opening price was at an ad-
vance of Nc from Thursdays close, with
moderate general commission house trade
and market showing good firmness. Later
the weakness in other grains and falling of
in support caused a drop of 1ac from high
point. but on the decline local short COW
erlng and better demand from COM
mission people developed. At the close
nearly all the decline had been recovered
and the general tone was firm.
O'Connor & Van Bergen's stock letter
says:
lie SlOCh market SHOWS furtner I'm
provement and quite handsome advances
are to be noted in many cases. Some
good buying of stocks was observable
and We are inclined to think that on GER
tain properties there is decidedly bullish
feeling. From our point of view. how
ever. the advance is largely attributable
to the growing restlessness of the short
interest. During the late depression ir
prices weak holders We're very generally
shaken out of The market, and this has
left stocks in small supply. The char
acter of news from Baltimore did not in
fluence the market as much as might
have been expected. In the railroad list
the advance in st. Paul is quite marked
and we hear of specially good buying OF
old story regarding the Erie as an East
ern outlet for the Northern Securities
properties. The bank statement promises
to make a fairly satisfactory exhibit
There is slight easing off in the rates
for time money and more anxiety on the
part of lenders to get their funds out
]. G. Geraghty & Co.'S correspondents
Logan & Bryan-The market continues
to improve. The stocks are all higher
and closed pretty close to outside prices
good deal of proftta and more OF
less short selling. The tone of the mar
ket is, however, strong. The feeling in
Wall street is much better. A good bank
statement is looked for. There is, we
think, still a very great short interest
in the stocks. Prices are low. Outside
investment buying is increasing. We still
feel that the" general business and finan-
cial situation justifies higher prices, ana
we think they will come between now and
Christmas
Dick Bros.-The market is decidedly
strongest. Persistent buying for both ac-
counts advanced prices from 1 to points
CntaVorable news, like the Baltimore
failure and the Union Pacific August de-
crease. had no effect upon the market On
the other hand. good news was made
much of. The steel stocks We're strong
market closed strong at about the best
price of the day.