The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-02
WHEAT SELLS HIGHER
ON SHORT COVERING
Export Demand Is Still Light,
but MiIIers Are Heavy
Buyers.

Wheat sold up yesterday. There was
considerable short covering in the st.
Louis market and good demand for No.
red winter by the domestic millers. The
primary receipts We're somewhat less than
last year. The demand for export con
tnues to run light and the cables yester-
day We're weak.
The bulge in wheat had little effect
upon corn. The market closed unchanged
At the opening prices We're weak and
on the decline there was some covering
by shorts Towards the close the strength
IN wheat was reflected in corn and the
early loss was recovered The oats mar
ket closed unchanged. During the first
hour of trade prices were forced down
but on the decline shorts covered and the
loss was quickly regained
STOCKS showed considerable improve
ment yesterday. The tone of the market
was much stronger and the entire LIST
displayed a decided Improvement, A
hlSher market is looked for today.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-we have had much better
market in wheat The feature of the mar
ket was buying of December and selling of
May, narrowing the difference to &c a
bushel. There was this class of bnving
py large operators in the Southwest
ana also by prominent elevator concern
mere There continues to be a good, steady
demand for No. red winter for domestic
1 1al ing purposes and prices paid are bet
X
Ings. of wheat were small. only seven loads
being reported at the close
Corn-The market opened weaker and at
a decline of about 1ac from Wednesdays
close. Some further decline was recorded
on heavy selling by a large commission
mouse here, but the decline was taken
aaavahtage OF by several large shorts who
bought freely, steadying the market, and
iater causing an advance of 15c from the
bottom. The strength in wheat helped
corn some, but new investment buying
NIr%,N
posed to take hold freely until they can
see more settled condition of affairs in
Wall street 80
Oats-The market opened weak with
heaVy commission house selling of long
oats and general letting go by small local
holders, causing a quick drop from
we, med1 hes avs, prices The decline was
of local shorts. who covered freely in
spite Of poor shipping demand and weak
cash market. A quick rally resulted and
closing was firm for May and December
]. G. Geraghty & Co.'s correspondents
say of stocks:
Logan e. Bryan-The tone of the mar
ket Is much stronger. That dire calamity
winch the street has been fearing and the
bears have been hoping for still remains
phantom of the Imagination. AS a re-
suit of recent operations, we have. we
Deneve; a tremendously oversold market.
anybody that could be forced out or
frightened out of long stocks has been
subject to that process. With a cessation
OF liquidation, the short interest is not
IN any enyi . position. With the good
financial situation, large earnings of all
the properties and general prosperity 10
every interest In the farming community
up STOCKS should now be on sound foot
ing and we should have something of a
Dull market between now and Christmas
we still advise buying good stocks at
present prices.
O'Connor & Van Rergen's stool, Ia++ar
says: '''oA ie''ei
=. The stock market shows a rather dis
tlnct and fairly satisfactory recovery.
based on doubt in part upon the natural
reaction due after so much Iiouida ton
and in part to the covering of short con-
tracts by the bear party. When this
market is left alone it shows a fair
amount of resistance and some disposition
10 improve. 1t seems rather futile to re-
peat opinions which after all can have but
niue merit or weight at this time, yet
whose securities have been so success
IuIIy attacked impress US with confidence
IN the ultimate recovery from the eX-
lStlng quotations. While it is true that
the pank loans are enormous, yet the
Gdointiln4ed ease OF time money shows how
one sood purpose. Frequently panics
similar to that which has been slowly
working Its insiduous way during this
summer nave caused active money there
by audlng TO the universal distress The
present condition differs in that respect
ana is so much the less distressing. IT
IS IuIe 10 expect any material improve
Ineht until after the new year for the
HeeliNg or congress will doubtless have
Out little influence on securities. Patience
ana conservatism are the elements most
needeu at present by holders of securities.
Two attributes as indispensable to any
future success.