The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-22
HEAVY RECEIPTS
MAKE WHEAT LOWER
Other Grain Markets Are Firm
and Stocks Display Censid-
cradle Strength.

w neat had anotner nervous spell yeSter-
day and there were quick changes in the
quotations. Towards the close of the mar
ket the grain became firm on buying OF
the May option by commission houses
and December by cash houses. There
has been fair increase in receipts due
to the continuous fine weather in the
Northwest. The close was about 1sc I'M
der Tuesday.
The corn market was firm throughout
the session. The Chicago traders favored
the bull side of the market and sustained
prices. There is a feeling that the decline
of the past few weeks has run its course
and that prices are now at a low level.
The oats market also displayed con-
was light. There was some selling by
receiving houses on reports OF liberal
country offerings
burg, the stock market rallied quickly
after the opening yesterday. Stocks be-
came strong and active and the bond
market was also firm. On the advance
there was some profit taking. which car
rled- prices back to Tuesdays closing
figures.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-The market was repetition of
that of the past two days. The trade
duently subject to quick changes. The
news was both ways. The export and
shipping sales Tuesday Were larger than
at first reported and a fair business was
done Wednesday. On the other hand
there was a promise of increased receipts
at Minneapolis in the next ten days, as
more liberal and the weather is perfect
for the movement. The premium at Min
neapolis over the Duluth market is I'M
doubtedly having the effect of attracting
shipment. Prices at Minneapolis Were
1G11sc lower on wheat to arrive Country
offerings of spring wheat are said to be
larger, as are also the offerings of red
winter in Ohio.
Corn-Corn was entirely local market
and generally steady. The assumption
that the present prices are about right
moderate and are hardly sufficient to meet
the shipping requirement. The local sam
pie market is firm and inquiry is good
sales amounting to 100000 bushels. There
are some reports of disappointing husk-
ing returns, indicating that corn may be
following the course Of wheat and oats
When mai results are considered as com
pared with the harvest promise We adj
wise keeping off the short side.
OatsIOats We're firm most of the ses-
SION, the May in particular being in good
demand and buying suggesting the rein
statement of long lines. Receipts are
moderate and shipping inquiry fair.
says:
Prices show further advance. and
throughout the whole day the tone OF
prices the demand for stocks is greater
than the supply; but it must be con-
1eSsed that the principal reason for the
oluNdIlC anu III TACT, The OnK 0ema
for stocks Is from the large existing shor,
interest, and, as far as one can Judge the
so-called large short interests are still
outstanding and have made no movement
ments, There has been considerable
profit taking, and some scattered sellins
for foreign account, but stocks have ad.
Nanced steadily throughout the day. an(
we have Enthusiastically reached a leve
where, even if the present holders OF
stocks do not care to increase their in
tereSt, they are well able to take care OF
those which they already own. The con
tmued activity in the bond market is
the very best feature in the immediate
SITUATION. and, while as yet it has beer
limited almost entirely to the highest
grade of railroad bonds, it will without
doubt reach the lower grades of bonds
netting from to 51s per cent, the results
of unsuccessful syndicate transactions
which have never been properly dis
tributed. People generally believe thai
this increased demand for bonds is, as il
always al has been heretofore, forerunnel
OF awakening public interest and a return
OF confidence, and we can see no reason
10 doubt that this is So
}. e. Geraghty & Co.'s correspondents
Logan & Bryan-The feeling is still 6
httle unsettled and uncertain. but the
market acts fairly well under the circum-
stances. The bank failure in Pittsburs
caused moderately weak opening from
winch prices rallied well. Later in the
Gay there was some selling on the fears OF
~ .iCI eAOuple ana on ruInOrS OF cOmpl-
cations IN the Russian Japan affair. The
market shows no loss on the whole. Il
would be too much to expect that it would
that absolute confidence would be restored
in a moment There is no doubt thai
stocks have been well bought on the veal
Spots OF Iate; nor that there still is
eral conditions We think it will do bet.
ter On special and local conditions. like
those of the past two days, it may have
weak spots. Unless something more per.
manently serious happens we would bu,
stocks on the breaks