The Saint Paul globe., 1903-12-21
BUYING IS CAUSE
FOR GOOD ADVANCE
Saturdays Market Was Active
With an Upward Tenden-
cy in Prices.

SATURDAYS grain markets were all ac-
tive and higher. Wheat led the list with
a fair advance on good buying for the
long account The news was not over
buIlish. but it took only a little fncen-
tive to cause bulge in prices. The ca
bles from Argentine told Of rain. which
helped the upward movement. Corn was
also strong and active. The wet weather
in the belt. which has retarded the coun-
try movement was the principal factor in
the advance. Oats were firm and higher
and there was a fair trade. The cash
situation showed an improvement.
The upward tendency in stocks contIn-
ued Saturday and the tone Of the market
was little bullish- The good investment
stocks were an higher and United States
Steel preferred was again feature. The
bank statement was favorable, as was
expected.
What the Brokers Say.
II. Doran & Co.'S Chicago grain letter
Wheat Saturdays was the broadest
market in weeks and the activity seemed
all out Of proportion with the news:
There was a good deal Of covering and
new buying for long account. The local
professionals let go t$eir May IN the neigh
b0rhood of SIC and were the most nota-
hle buyers above that price. Northwest
ern futures were strong on the light re-
ceipts. aggregating only 321 cars. COM
pared with AIT q year ago
The early Argentine cables were rather
6e9FlSh, Dut q late one says lldL L4uu-
der storms threaten in the northerIy sec
tiOns and the weather Is suItry else
where. This proved to be a factor in the
late buying.
CoFn-The corn market was firm, with
considerable activity, partly in sympathy
with the strength in wheat and in part
on wet weather, detrimental to movement
throughout the corn belt, and improved
export demand during the past flew days.
The local professionals were the chief
buyers.
Oats-Oats were very strong. The trade
was more general and the wet weather
and light receipts induced shorts to cover.
There is q better conSumptive demand and
the movement in the principal oat states.
Illinois and Iowa, is very light, and IN
the Northwest it is falling off.
J. c. Geraghty & Co.'S correspondents
say Of stocks:
Logan & Bryan-The narget still
maintains a firm undeFtone and prices
average g little better. Gossip continues
to mourn over the absence of outside In
teFest but Notwithstanding the absence
Of buying by the public, the market con-
ward tendency. The bank statement was
the best in many months. There IS nc
pressure from long stocks in any quar-
ter, and the efforts of the bears to find
a weak spot have not been successful for
some time past. Its action does not IN
dicate a runaway market, but we don't
believe it will hurt to buy stocks on the
soft spots for some time yet.
O'Connor & Van Bergen's stock letter
says:
The general market WIS somewhat un-
certain, and its hesitation and narrow
ness and preponderance of professional
trade, IN view of several favorable cir
eun1stances. were perplexfng. Whatever
the cause, the close was on decidedly
firm tone, due largely to the sharp ad-
vances in high-priced investment stocks
particularly the anthracite stocks, whose
advances on light transactions at least
demonstrated the small floating supply
United States Steel preferred was firm
transactions were in good part due to a
leading room trader, who was thought te
be distributing stock bought Friday The
bank statement was favorable, but was
hardly a factor in the speculation, as II
was in line with expectations.