The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-21
LIGHT RECEIPTS
CAUSE STRENGTH
Wheat Opens Firm and on Good
Buying Prices Advance
Steadily.

The wheat market yesterday opened
firm and on reports from the Northwest
telling Of light receipts an advance
at once began This was maintained I'M
til the close on good buying and short
covering and the final quotations We're at
the top notch for the day. Country offer
ing continue to run light and the move
ment is small.
Corn at the opening was slow to. re-
spond to the strength in wheat After the
first hour of trade, however, this grain
became strong and during the remainder Of
the session the market was bullish. The
offerings were small, while there was a
fair demand. Oats were strong in SYM
pathy with corn and wheat. Before the
close this grain developed strength in
: dependent of the other cereals. There
was a good buying demand and but small
offerings. The cash market was brisk.
Stocks were strong yesterday at the
opening of the session. For over an hour
the trend of the trade was upward. How
ever, call money became stiff, causing
quick reaction in the price of securities.
The gain made on the advance was quick
ly lost and the close was at low level for
the day.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The opening was about at
Thursdays closing figures and steadily
advanced throughout the day, with but
small recessionS, and last prices were
practically the top for the day. The adj
vance was based on domestic situation
and flood of bulliSh adViceS received
from the Northwest covering crop esti-
mates. country movement, receipts and
Eastern demand. The Minneapolis fu-
lures We're affected by same news and led
the advance. Country movement is light
and receipts We're again small at North
west points and at Winnipeg, where ar
rivals We're 1877 cars, compared with $50
year ago. Bids for Duluth wheat to
Lake Erie ports were raised to &c over
Chicago. The Modern Miller, in spe-
cial report on winter wheat, concludes
conditions are on the whole satisfactory.
Liverpool closed a to e lower.
COrn-COrn was a little backward in fol-
lowing advances in other pits, but event
ually got in line and became decidedly
strong. The offerings of December We're
noticeably small and gained steadily over
May. The movement is light. Central Il
linois advices conform with the reports
from other districts in claiming improved
weather of the past two weeks has not
benefited corn, which is still soft and
mushy Local receipts were light. The
weather IS very favorable. Liverpool %
lower, being depressed by heavy arrivals.
Oats-Oats We're unqualif1edly strong
With this market the cash situation is
the chief bull factor. The country move
ment is light and country elevator stocks
surprisingly small. Receipts here are
q,
particularly for better grades The light
offerings and good demand promise de-
crease in our stocks. The position of the
cereal is very strong and warrants higher
prices.
j.. c. Geraghty & Co.'s correspondents
say of stocks:
Logan & Bryan-The market closed soft
and generally at some loss from Thurs
days prices. An advance in the rate of
call money to So per cent is the depress-
ing feature. There was quite a little
profit taking by traders early and the
market still suffers from lack of commits
sion house buying The pressure from long
stocks is not, however, great in any sense
and on the whole they seem to be pretty
well held. Nothing very unfavorable in
the way of bank statement is expected.
The whole market is a waiting one and
will likely be influenced greatly by the
money situation We are inclined to think
the conservative thing is to buy stocks
on the soft spots for moderate profits
OConnor & Van Bergen's stock letter
says:
The London market was strong and
higher, the features being Southern, Pa
cific, which sold at A, and United States
Steel preferred at 54H. Our opening was
steady, with little or no change in prices
generally, the only exceptions being
6erred and Steel bonds, which were about
u per cent higher, but they failed to come
up TO the advances abroad. There was
considerable profit taking in the early
trading, but the market seemed able to
aDSoro offerings easily, and after this
pressure had wasted itself the market
hardened, and fractional advances were
general throughout the list. The known
movements of money indicate a loss by the
banks to the subtreasury and interior
since last week of about $500, 900, but the
receipts of gold from abroad are far in
excess of this, and as a decrease in the
loan account is looked for, the bank state
ment tomorrow should be a favorable one
:, Cal money was advanced to S1a per cent
this afternoon and was used by the bears
to, sell the market: There was also con-
siderable selling of United States prefer
red, undoubtedly by buyers who got in at
the low prices. The selling of this stock
and the advance in money caused reac-
out the list. The closing was ouiet al
about u to q per cent below last night.