The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-13
SCALPERS GET BUSY
IN THE GRAIN PIT
WITH LIGHT EFFECT
Market Rallies From the Pres
sure and Closes Stronger
Outlook More Encouraging
and Less Panicky in the
Stock Market,

I.amencss and scalping tactics charac-
teriZed the wheat market OF yesterday.
There was some activity in deferred fu-
lures which showed much greater
strength than September. and toward the
close the market assumed a firm tone by
reason of more encouraging news from the
Northwest. reports of good export bust
ness and the continued strength in corn.
On the whole the movement was light and
there are but slight hopes of activity IN
til conditions change.
In stocks the outlook is more encour-
aging than for some time, and there are
indications of progression in that direc-
ton. All paTiicky feeling appears to have
subsidized and there has been manifested
a disposition on the part of the stronger
ones to help the weaker Indications are
for slight improvement in. the prices of
securities. $3.50
Following is M. Doran. & Co.'S grain let
ter:
Wheat-The market was a large scalp
ing affair today. There was considerable
and a number of long lines were disposed
of. Later, on the rally, there was good
buying of deferred futures which are rel
atWely much stronger than September
toward the close of a good export business
worked from the Atlantic seaboard, and
the continued strength in corn, gave this
market firm tone 1t looks to us as if
the present bull news had lost it's force
and that the market will be a scalping
one until some marked change takes place
in the volume. of reaction, the export de-
mand or in the threshing returns. Esti-
mated cars for tomorrow. So
Cofn-There was strong market based
on the abnormally low temperature pre-
VallfnS throughout the belt. This cool
weather keeps the plant at standstill
More bulls who liquidated previous to the
government report reinstated their lines
today AS long as the present unfavor-
firm market
Oats-The tone of oats has been firm all
day with good general commission house
been heavy local realizing.
j. c: Geragnty & Co. had the following
grain letter from Logan & Bryan:
Wheat-rhe market is shade better,
ceipts only about half those of last year,
small stocks and no accumulation. the
selling pressure is not persistent and one
days liquidation about relieves it, The
cash situation while not urgent is fairly
healthy. The Northwest reports a better
inquiry for spring wheat and there are
1ntimationS of a better export business
Corn-Market firm and higher There is
no change in the cash situation The
weather is still the important factor. The
country is in the main bulIish.
Oats-Market strong and higher Mod
crate receipts and fairly good cash de-
mand.
Professionalism and easy; the condi-
lions are without change. We see nothing
to change conditions or the tendency.
& Van Bergen had the following:
New York. Aug. Pit is with sense
OF satiSfa ction that we are able to write
of a market which gives evidence of some
really good buying and a distinct under
tone. We believe that al these prices the
lenders of money will secure any house
from suspension whose assets are equal to
its liabilities. even if the securities are
not distinctly current We feel. therefore
looking at the market from this point of
view, that We shall nave no serious failure
OF any kind for the present, and that Sc
curltleS VIII Improve in price AS to any
sustained or prolonged advance. or any
thing like market having both Breadth
and substance. We have no particular ex-
pectation that such may lHef1ie but we
feel that so many stocks have now reach
ed per cent basis that lenders of
money are willing to turn their funds into
the stock market and become investors
Geraghty q Co.'S stock letters were as
follows:
Logan e Bryan say-Market is fairly
active and strong. The uniformity of the
buying indicates, We think. that the de-
mand is only partly from shorts. It indi-
Gates the returning of confidence in the
market at the present range of prices.
The acute phase of liduida ton of the
market Is over and it is beginning to feel
the effects of the buying.
Dicks SayS-The market has been buoy
ant today. Short covering was responsible
for the strength and rallies. Reading and
Erie were very strong and active. All the
grangerS rallied well and Missouri Pacific
ran up sharply The rail- will probably
continue tomorrow morning, but there has
already been q sharp recovery and re-
neWed selling should not be surprising
II. LapSley sayS-AH the fondeSt hopes
of the bulls realized Market strong and
advancing from the opening to the close
and promises well for the future.