The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-30
HEAVY HOME DEMAND
MAKES WHEAT HIGHER
Stocks Finally Turn Upward
and General Advance Is
Now Predicted.

Wheat closed yesterday at 1zc advance.
There was very little selling pressure and
after slight break at the opening the
market turned upward, on heavy short
covering. The local demand for cash
wheat is heavy. but there was very small
foreign demand. The labor situation at
Minneapolis remains unchanged and the
interior mills are buying large consign-
mentS of cash wheat.
The corn market closed unchanged Re
ceiptS are running fair, but commission
men predict that there will be large fall
ing off before the close of the week, as
farmers refuse to sell at the present
prices. More reports of frost damage We're
received yesterday. The tone of the oats
market is quiet and the market remains
unchanged.
The tide of the stock market turned yes
terday and for the first time in several
strength. 1t is thought that liquidation
has now run its course and that there
will be general Improvement all along
the line. London was a good buyer of our
stocks yesterday.
What the Brokers Say.
M.-Doran & Co.'S Chicago grain letter
says:
Wheat-The domestic situation contin-
ues strong. Interior mills are paying good
premiums for cash wheat. but export de-
mand has dropped off and but very little
business was done. Our market was al
most entirely a local one. Some of the
large shorts covered on the break causing
a rally. part of which was lost at the
close. There is nothing new in the labor
troubles at Minneapolis and the receipts
in the, market keep fairly liberal;
Corn-Where the trade was not large
there seemed to be better undertone to
the market. The buying was of a good
class. The outside does not come in as
freely they should to cause q permanent
advance We believe the receipts will
run much lighter by the last of the week
and continue light for some time. as the
farmer is not disposed to sell on this de-
. cline The deTna nd for ShinpnRnt continues
good. The impression seems to be gain
ing ground that we have had sufficient
break for at least reaction of &c or &c a
bushel. Damage reports continue to come
in from people thoroughly reliable and we
must recognize them.
Oats-While.thee eat market was with
out special feature, and with outside
trade very light, the tone was relatively
very steady. The close of both December
and May options was at an advance over
Monday There was further buying of
the December and selling. of May at about
one cent premium for May and some
purchasing of December for the North
west.
]. c. Geraghty & Co.'S correspondents
say of stocks:.
4: Logan & Bryan-The whole tone of the
market is changed. Pressure from liqui-
dationS IS over and stock rallied sharply
through the whole list. Wall street adj
vices are to the effect that the necessities
which caused the forced liquidation the
past few days have been relieved thereby.
through this decline and holdings must
be sin better hands. London has been
good buyer. There has been no trouble
any of the time with the value of proper
ties or the general and financial situation.
If it is true that the forced liquidation is
over, the whole market should do better.
We look for substantial improvement
in the near future.
O'Conner & Van Bergen's stock, letter
says:
. We are gratified to be able to send you
more encouraging news of our market
than We have been able to of late. After
the first hour it was evident there was
less pressure to sell stocks and this
caused an attempt on the part of the
shorts to cover, which demand, together
with some good buying of stocks, was suf-
hcient TO turn the market. 1t was OBJ
Servable that certain interests had shifted
their position and the story was persist
emily circulated that the Standard Oil
line OF Pennsylvania railroad stock to
accomplish the results they desired, and
that this marked the end of the assault
on prices, although there is nothing to
confirm this gossip, nor of the report of
Mr.. CaSSatts resignation. We shall NOT
individual stocks. but in the quieter con-
ditiOn of the market we think If is uretfy
generally realized that the best class Of
securities have been selling much below
their intrinsic merits or anything that
existing circumstances warranted AS
we have had to point out to you so often
of late the present depression seemed to
US IN no wise due to any menace to the
prosperity of the country. but rather to
the prevailing needs of individuals and
fairs The market closes at the best
prices of the day, and this strength Leads
Us to expect that, temporarily at least
we shall see more cheerful state of af-