The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-27
SHORTS COVER AND
PRICES IMPROVE
Wheat and Corn Are Forced
Upward on Good Buy
ing Trade.

Wheat was a steady. and firm market
Saturday. There was considerable cover
ing by shorts. which forced prices ur
towards the close. After the first hour
of trade prices sagged off little, but
before noon the short interests of the
Northwest came in with large buying
orders, which caused a bulge of about - c.
The cash business was good.
Corn was shade higher at the close.
This market like wheat, was influenced
solely by short buying. The weather con-
ditions in the corn belt remain perfect
but good weather as factor in the con-
troll of prices is beginning to lose its force
Oats remained firm and quiet. The con-
ditions of supply and demand about
the same.
In spite of favorable bank statement
stocks sold lower Saturday. There was
considerable liquidation and industrial
stocks again sold down.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
Wheat-Our market was almost feature
less. The only noticeable thing that came
to our notice was buying of September and
December by one Of the large elevator
concerns, and selling of May. There waL
covering of short wheat by the Northwest
and by the Southwest, which caused our
about 15c over Friday. There was some
weakness early on reports that receipts
in the Northwest would be very heavy
next Monday, some estimating them as
high as 1900 cars.
Corn-The market was influenced to a
great extent by actions in wheat. The
trade was almost entirely local. Outside
was doing little, possibly because it was
Saturday. The cash business was be-
tween 400, 600 and 500, 00o bushels Es-
innate for Monday is somewhat larger
believe this is the cleaning up of some
corn that has been held outside the city
and next week the receipts will rur
lighter.
oats--The market was irregular and
generally without feature. The early
prices We're steady, but under local sell
ing and easiness in wheat the prices drop
ped 1sc, responding only moderately to
final upturn in other grains, closing $50
for May, 37Ssc for the nearer option
OConnor & Van Bergen's stock letter
says:
The action of the stock market has beer
productive of little that is encouraging
and during the last half hour of business
the weakness that developed left prices
bank statement was better than the street
looked for, inaSmuch as there was an in.
crease in the reserve and a very consider
able decrease in the loan item Londor
was reported as heavy seller of stocks
Sale orders We're notably in force in Atch.
ison, Union Pacific and St Paul. but they
were not in sufficient quantities to hole
prices against the selling. SpasmodiC
rallies occurred on shorts covering bui
they were of brief duration. The BOND
market was active. The steel bonds were
again a weak feature, and both the com
mon and preferred stocks were unde,
pressure Rumors rejecting upon credits
were current, few, If any, of which were
worthy of serious consideration. but they
served to keep the speculative situation il
restless and unhappy condition. 1t is
useless to attempt to predict the imme-
dlate course of the market and until the
situation is relieved of anxiety and pessi.
m1sm prevailing any permanent improve.
ment Is out of the question. The nlarke
is much in need of period of rest, witt
absence of extreme fluctuations
j. Z. Geraghty & Co.'S correspondent.
say of stocks:
Logan & Bryan-The market was agar
heavy and lower. The bank statement was
a good one for this season of the wear
but it offered no check to the declinint
tendency of prices. There was eyidenti1
a good deal of liquidation throughout thu
entire list. Apart from the covering ot
shorts, there was no noticeable support. n
is difficult, if not impossible, to discove,
the source of the liquidation, but In some
spots it seems to be a forced liquidation
The whole tone of the market is dis.
couraging. We feel ourselves that the
standard railroad stocks are worth the
money. and that prices will regain an,
loss that may temporarily suffer. but al
this moment the feeling is anything but
encouraging.