The Saint Paul globe., 1903-11-28
RALLY COMES ON
LIGHT RECEIPTS
Northwest Offerings Fall Off
Greatly and Wheat Rapidly
Advances.

Light receipts in the Northwest and re-
ports of rain in Argentine caused wheat
to open strong yesterday. Trade was light,
the tone dull and prices were steady. Corn
was also dull and trade was small. Prices
held firm, however in sympathy with
wheat. The oats market was also quiet,
and followed closely the action Of the
other two grains. There was no shipping
demand and offerings continue to run
light.
Stocks opened strong yesterday on
higher cables and professional trading.
Following the rally there was a break, in
which Pennsylvania suffered the worst.
On the decline there was fair buying, and
the railroad stocks soon regained their lost
ground A favorable bank statement is
looked for today
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The market opened with 1ac
advance on light Northwest receipts and
rains in Argentine. Trade was light and
the tone dull, with prices steady till noon,
when the avalanche Of bull news sent
from the Northwest. created some I'M
easiness. among shorts, resulting In add
ing another 1ac to May advance. Mime
apolis and Duluth were higher, but SEEM
ed to look to Chicago to lead. The North
west receipts were 1000 cars short Of
last year, and the total arrivals at pri-
mary points 100000 bu less than a year
ago.
Corn-Corn was excessively dull, with
small attendance in pit most Of the day.
The firmness was purely sympathetic, with
the strength in wheat. The higher open
ing reflected strong Liverpool cables. Corn
recently forced upon the Liverpool mar
ket has all been absorbed and present
holders are not selling, and this, with
light shipments anticipated, gave the
market a strong tone. The sample mar
ket was somewhat frmer, but demand for
shipment is slack.
Oats-Oats shared the dullness in corn
and there was an entire lack OF influential
news. Receipts were moderate. The spot
market was dull, the best grades steady,
but poor grades lower. There is no demand
for shipment.
]. G.. Geraghty & Co.'S correspondents
say of stocks:
i Logan & Bryan-The market has very
good tone. Nearly everything closed bet
ter than Wednesday. There Is no great
activity and most Of the trading is pro-
feSsional, but the absence of selling pres
sure from long stocks is still noticeable.
1t looks like a good bank statement Sat
urday. Sugar is still working sharply
higher. There is strong talk of dividend
on smelters, and big short interest is
In it. Some of the recent selling of the
preferred stocks Of the industrials are
having hard time to borrow the stock
Lie dCllOn OF the is encouraging,
The Atchison statement is favorable
Dick Bros.-The market is very irregu-
lar. Trade was quite professional after
strong opening. The whole list turned
weak and declined in sympathy with
break in Pennsylvania and Steel preferred
There was no news, but money worked
easier. Towards the close PENNSYLVANIA
rallied sharply and carried the whole list
up with 1t. The close was strong and
practically all of the early losses were re-
covered. Wheat looked like Keene buying
and expectations of good bank state
OConnor q Van Bergens stock letter
says:
Moderate buying by London and pro-
fessional following here caused some
small advances in railroad stocks in the
first hour AT the same time the develop
ment of borrowing demand at premium
for the preferred stocks of the indus
trials so freely sold on Tuesday and
"wednesday caused shorts to GOVERN these
issues at advances. The market was very
narrow and the good supply checked the
improving tendency. Early rates for
money at 61a and per cent We're unfa-
Vorable influences and prices slowly yield
ed fracuonally with greatest pressure in
PENNSYLVANIA. At the low level the mar
ket became very dull and out of this dull
ness the tone hardened and a disposition
TO take stocks under lead of the principal
room traders caused a rally lasting until
the close, which was dull but strong at
general price improvement. A sharp break
IN sterling exchange In the late afternoon
was favorable factor, and good hank
statement is generally looked for