The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-09
MARKETS DEVELOP
GREAT STRENGTH
BuIIish News and Heavy Buying
Make Prices Higher and
Trade Active.

The wheat market closed about 1c
higher yesterday. There was good de-
millers. and the buying Of cash grain was
also brisk. The receipts have fallen off
considerably during the past few days
Shorts covered freely, aiding materially
the advancing market.
The strength in wheat was reflected in
the corn pit Country offerings continue
to run light. while the demand for cash
is heavy. 1t is, said that the quality of
this years crop is poor and that there
viii be good premium paid for the old
crop The damage to the crop by the
recent rain and cold weather is great.
Oats followed the lead of corn and
wheat The supply and demand was
about on an even keel
The stock market was very heavy and
dull yesterday. From the opening there
was. considerable pressure upon the lead
ing issues; and at various times during
market closed at low ebb 5.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The change in sentiment noted
Wednesday was put into concrete form
advance, exhibiting a strong desire TO
cover being apprehensive Of the growing
prominence of strong cash situation. Out
side markets were all higher, Minneapolis
leading with a Sc advance. The North
western messages made the situation up
there very conspicuous. Duluth is paying
L
northern. Minneapolis millers are buying
both cash and the December. the former
for immediate use, and the latter to ac-
cmmuiate stock of desirable quality. The
hard winter is in good demand by mills
farther south for mixing with damp
wheat. The -four trade is good and mil
lers selling up to full capacity, and report
good export demand at paying prices,
which is rather surprising considering
the market is still out of line.
Corn-Corn was very strong, particu-
lNGT N frI,r f,,Il.
premium over the May. Shorts were nerv-
GUS from the start, affected early by re-
newed reports of poor crop prospects in
portions of the West, especially from
Kansas, and later by improved demand
for export Cables are firm with upward
tendency, and good demand is reported.
liverpool predicts a falling of. in Ar
tfon TO inferior quality OF arrivals. Our
reports suggest that great deal of the
new crop viii be soft and unsatisfactory
TO handle. and the prospects al e for a
good demand for old corn.
Oats-Oats participated in the general
upward movement, and number of short
lines We're covered. The local cash mar
ket was 1A@Ac higher, and general de-
mand for shipments continues to improve
O'Connor & Van Bergen's stock letter
says
We have to report a lower range of
prices and pessimistic feeling on the
part of the room traders, shared to some
extent by the money lenders, who feel
uneasy and unsettled. The DEVELOPMENTS
connected with the shipbuilding trust. So
called, have exercised an unfavorable in
fiuence upon the market price of steel Sc
curltieS, and, while many people discredit
much of the testimony which has been
produced, yet there is enough of truth to
give much food for reflection. The bust
ness of the day has been light, and there
Is little left for US to do but to general
lie upon the outlook without being spe-
cit1c in any particular direction. Securi-
ties have reached a point where a 10
per cent margin makes the lender of
money 50 secure that it would seem as if
further shrinkage in low-priced stocks
was not likely to overtake us. On the
other hand, the weakness of steel COM
mon sets a standard, if we may so de-
scribe it. for other securities which are In
disfavor. Perhaps it is wiser to look
beyond the present and to console our
selves with the feeling that the pendu-
ium always swings as much too low as it
mas been too high, and that, with the
coming year and with the elections de-
cided and congress in session a better at
mosphere may be found.
j. {. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan: The market is again
unsettled and heavy. The bear element
forcing some liquidation. The principal
point of attack was Amalgamated Cop
per and some of the fractions The rails
We're fairly well held and under the cir
cumstances showed a fairly strong tone.
Inc bears are claiming that the dividend
on Amalgamated will be passed. Tone
ana acton Is not disappointing to these,
VINO, like ourselves. can see nothing un-
favorable in the conditions that bears
upon the general class of dividend pavine
properties The short interest must be
something enormous