The Saint Paul globe., 1904-01-28
TRADERS TURN TO
THE JULY OPTION
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Strength Is Displayed In Wheat
and Other Grains Are
Firm.

July was the favorite option with the
traders yesterday. They have turned from
the May and are now pushing July for
ward. The wheat market shows remark
Bile strength after the recent decline.
Prices held well yesterday. Receipts con-
tinue to run light and the country move
ment is small. All the other news is also
bullish Corn and oats are both strong.
The professional operators were covering
their corn lines at the opening of yester-
days session, but before the close again
played the short side of the market. Oats
were dull. but very firm.
The stock market yesterday opened
strong and a little higher. There was
heavy London buying of professional
nature. The bond market showed great
hrmness and few rail speciaities were
advanced. The whole list closed higher.
What the Brokers Say.
NJ. Doran & Co.'S Chicago grain letter
says
Wheat-Wheat was firm on the whole,
with periods of considerable strength. The
July closed firm and May easy. The
trade is working over into July, the May
being comparatively neglected Relatively,
July was stronger. the differences at times
narrowing to fully 1c. The Northwest
cash news was strong. Receipts were
small. compared with a year ago, and ar
rivals at Winnipeg were II cars, against
313 last season. Minneapolis reports a
keen competition for cash wheat, millers
paying SG5c higher prices for No. rela
tive to May than ten days ago
Corn-Corn was strong at the start. The
professional operators who have been sell
erS the past few days were covering early.
Later they again took up the short side
and the close was practically unchanged.
The news was all of a bulliSh sort. Local
receipts are largely of fine grade. The
movement is becoming smaller, as indi
Gated by decrease in the primary re-
ceipts. compared with last year.
Oats-Oats were dull. but, on the whole
firm at a small advance. easing off some
l.
mates for Thursday are light. Sample
market is strong.
J. c. Geraghty & Co.'S correspondents
say of stocks:
Logan & Bryan-The market is rather
quieter, although it can hardly be called
dull. Prices are little irregular. but the
tone is not weak There is still a good
deal of disposition on the part of in
vestorS to wait for weak spots, but the
weak spots are so slight as to be unat-
tractive. The feeling in London seems
gaining strength, and cables indicate that
investors are turning toward American
securities. In the meantime, except when
the bears try their hand at it, the market
Is without selling pressure. Money is
cheap and the banks still gaining. Stocks
are not high and we still advise buying
them. at least on the soft spots. Apart
from the remote possibility of war, we
see nothing to make bear market.
says:
The market opened strong and higher
in response to a better London market.
and in the early dealings there appeared
some good buying orders in Baltimore,
Chesapeake and Ontario & Western,
which advanced them and helped the bal
ance of the list fractionally. London
bought about 10000 shares on balance
here and the tone of foreign markets was
steady all day. The bond market con-
tinues firm and active, and bond houses
report good business for good bonds.
After the first hour the market became
very dull and irregular, and the, trading
was confined mostly to floor traders.
off to 1291s. The Pressed Steel Car stocks
were strong and moved up sharply in the
morning session prior to the dividend
declaration. The market became more ac-
tive in the last hour. with Baltimore the
feature, selling up to S5%. The closing
was steady with strong undertone, clos
ing from a to p per cent above Tuesday
niPhf-