The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-23
SALES ARE SMALL,
MARKET is STRONG
Lack of Selling Pressure Makes
Wheat and Corn
Higher.

Wheat closed a shade higher yesterday.
The slight advance was due to let up
in the selling pressure, and liberal buy
ing by the short interests. Not only did
the shorts seek cover, but they bought
considerable long wheat.
Corn was also an improved market and
many operators think that liquidation in
this grain is over 1t is said that there
was considerable damage done by the
frosts, which is just being reported. Oats
was higher. There was a good cash bus
mess.
Stocks remained unchanged although
The tone of the market was improved.
The pressure in steel seems to be over.
What the Brokers Say
NJ. Doran & Co.'S Chicago grain letter
Wheat-Our market was early inhu-
enced by reports from Minneapolis to the
effect that the mills would have to close
on account of strike among the employ
es Wheat became somewhat easier on
these reports. Then gradually firmed up
on heavy buying by large local profession
ais. who We're. not only covering their
wheat. but taking long side of the mar
ket The cables showed but a small de-
cline This was another Strengthening in
tluence There was some cash business
done from here to Seaboard.
Corn-At the opening there was very
heavy selling by several big commission
houses disposing of long corn, but their
offerings We're well absorbed by invest
ment buying by local professionals, who
believe corn has had its break and look for
higher prices. The demand for cash corn
for shipment East is good one house
selling 300, 600 bushels for shipment. The
total cash business is far in excess of this
and We look for continuation of good
shipping business. Reports were numer-
GUS to the effect that late frostS did con-
siderable damage.
Oats-The market has been irregular,
but generally quite firm, in spite of heavy
local professional selling. Leading bull
houses bought moderately. The opening
was &c up on good commission house
b9ying' and somewhat in sympathy with
wheat. The close was about Ac higher
all around from Mondays prices, with
general commission trade quiet. Cash
oats We're fully hc higher
j. c. Geraghty & Co. s correspondents
say of stocks:
Logan q Bryan-The market was very
quiet. and on the whole unchanged. 1t
showed some strength at times, but the
Improvement was mainly lost at the close
The trading is almost wholly professional
and selling largely short 1t is waiting
market with no change in the conditions
The prevailing sentiment in Wall street
is bearish Railroad earnings on the
whole are larger With fair crops and
good prices to farmers the outlook for the
coming year is favorable. We are in
clined to think that the bears on stocks
are overlooking immediate conditions and
way off.
O'Connor & Van Bergens stock letter
says:
Today's stock market has ruled quiet
and firm, with opening prices little chang
ed from Mondays figures, but with an
appreciate improvement in values and
tone as the day advanced. The morning.
news was conflicting in character The
failure of the Superior directors to
finance its company created much adverse
comment, and was in sharp contradiction
to the optimistic tenor of the crop re-
ports. 1t was to the latter news that
the Improvement in prices that we are
able to note was due, for it is now very
generally admitted that the harvest will
prove abundant and that the railroads
have in store an active fall and winters
business For the first time in several
days the steel shares showed more resist
ance and the closing quota lions show i'm
provement. We should not care to see any
marked activity in the stock market at
this time nor do we think it is possible
under existing conditions in the money
market; but We do feel that the great
shrinkage in securities on our exchange.
footing up 10 hundreds of millions of
dollars together with prospects for crops
and railroads good, viii go far towards
discounting previous financial indiscre-
tons and slowly bring about a more con-
fdent and satisfactory tone of affairs
here.