The Saint Paul globe., 1904-10-28
What the Brokers Say

that market broke, while stocks were
also slumping
What the Brokers Say
NJ. Doran & Co.'S Chicago grain letter:
Wheat-Higher cables and lower con-
soils inspired by gravity of the political
situation abroad, caused a wild opening
and advance of 1c for July to 19sc Tor
the December. Liquidation was renewed,
however. and prices carried below pre-
ViouS closing level This selling has been
a feature for three days and the market
has been an ideal one on which to unload
as each morning there was an initial ad-
vance on strong domestic or foreign news
with bulk of current adviees OF -pulLsh
nature. The tone was much better on the
decline today and it is probable that
realizing has pretty well run its course
The speculative situation has at least
been cleared by this dumping OF long
lines. and in view of continued strength
in legitimate situation we must continue
to advise purchases on every weak spot.
-Today'S news from the spring and VIM
ter wheat centers. covering many phases
of the situation, had decidedly bullish
20 trend. The movement fell off sharply
from last years figures, particularly at
Minneapolis and Duluth. Farmers del1V-
cries of spring wheat light. A good au-
thority estimates so to so per cent of the
crop has been marketed in Minnesota and
the Dakotas. Minneapolis cash demand
was reported brisk Liverpool closed I'D
to 13sd higher. Estimated receipts, 50
cars.
Corn-Shorts received an opening scare
on higher cables and on war talk. They
ran prices up 1e buShel for December
and * @%e for May, the dlfIerence I Wlaen1 en-
ing at that time to 4c. Trade soon tel
into control of local scalpers, who pounded
prices with little opposition to previous
A late recovery netted fair gains for
day The old corn demand is maintained,
although but few transactions were. put
through, as offerings for shipment are
scarce. Four cents over December was
bid for No. 2 corn in store and &c over
c. i. f. Buffalo if shipped this month.
Cash market was strong and 1ac higher.
Country movement Is so small as to IN
sure light receipts of this description for
next thirty days. AS affecting the May
advices We're bearish. The country sold
fairly liberal. Our Illinois and Iowa re-
ports uniformly attest the excellent quail
ity of crop and husking returns to date
are fully up to expectations. The weather
shipment taken abroad, buyers being
doubtless Influenced by political situation
Liverpool closed 1sd to SD up. Estimated
Oats-There was a good firm tone in
oats with the December having little
best of it. Trade broadened some and in
terest was more general Country OFFER
ings light and demand fair. The cash
market closed &c higher Estimated re-
ceipts, So cars.
Provisions were strong with but a very
light trade. Buying was chiefly for ac-
count of a local operator. Packers did lit
tie other than to sell January and buy
May lard in a limited way. ESTIMATED
hogs for tomorrow, 10000.
J. C. Geraghty & Co.'S New York ad-
vices:
Northern Securities opened 116. highest
116, lowest 114A. last sale 1151a, closed
1158s @115M sales, 5000.
2 Logan & Bryan-Our market opened
sharply lower under the gravity OF the
= situation abroad. All through the session
IS stocks have been extremely nervous but
at no time did they appear panicky. There
oo6 oil in enc
notably Steel. J. j. Hill issued a very
pessimistic interview on the stock mar
ket. This no doubt caused some selling.
The market closed with a firm tone,
showing substantial advances over the
low prices made at the opening. Large in
terests have absorbed large quantities or
stocks on this break, and if the foreign
news should improve over night we look
to see the market improve. We have been
waiting for some time for reaction in
the stock market, but as usual when
something happens to bring about the long
looked for reaction the public is a little
scary about buying stocks. We ourselves
are still believers OF higher prices Tor
stocks and strongly advise the purchase
of good stocks on any favorable news
from abroad.
market has given very remarkable
demonstration of its ability to absorb
stocks. Union Pacific has again been the
feature and after early sharp decline has
exhibited marked strength all day. On
tario & Western on the other hand has
been submitted to considerable and Sc
we're pressure on rumors that the plan
under which it was to be taken over by
the New Haven could not be agreed upon
and that some hitch had developed in the
proceeding The close was generally
strong at a good rally from the low
Dick Bros.SThe market opened with a
very sharp decline this morning in re-
sponse to the lower London quotations
and the serious foreign situation. After a
rally the market broke again and went
to new low prices. the selling was ex-
tensive and stop loss orders played an I'M
portant part. The engagement OF ST.
600, 600 gold for export was q disturbing
factor. In the afternoon advices regard
ing the Anglo Russian situation were
more reassuring and this led to feverish
recovery. A rush of short covering late
in the day made the closing firm one.
Tt was a highly excited market and a
very confusing one Some of the selling
was undoubtedly of an important sort.
Union Pacific was well supported. The
SteelS were heavily sold.
Walker Bros.-There was very heavy
dealing at the opening and prices broke
quite sharply. The traders sold stocks
and caught a great many stops. The
market seemed to be full of stops. After
the early break there was better tone
and late in the afternoon prices recovered.
Union Pacific was very steady and strong
and led the advance. The general feel
ing was that the market was in better
shape and traders were inclined to think
that the deal was about at an end for the
O'Cennor & Van Bergen's stock letters:
Watson & Co.-Think if the foreign
situation clears up satisfactorily the
market will be a purchase again.
The public could easily be per
SIaded that the break was due to
the unfortunate war scare, instead OF
anything being wrong with the market.
The market, however, proved Vulnerable.
No doubt big people have been getting
out of stocks for a week or so at higher
prices, but that has been true at previous
lower levels. There is a big buying pow
er left in commission houses. Keene
has not been on top of the market today
as reported. All will depend on the at
titude of the public when it is appealed
TO once more; if it responds satisfactorily
advance will be resumed, barring, of
course, European war. Foreign banking
houses are very conservative, which is to
say not bullish.
Van Emburg & Atterbury-The market
opened under the influence of a war scare
in London and sharp declines there in
American stocks. This served to hasten
the reactloDary tendency shown here yes
terday, and during the morning stocks
were freely sold for both accounts at ir-
regular declines. There was good buy
ing, but it was evident some of II was
for the purpose Of steadying the market
and the stocks were sold on the rallies
Throughout the greater part of the day
the market was feverish and uncertain in
tone, frequent rallies meeting stocks and
followed by moderate reactions, due in
part to the conflicting dispatches regard
ing the situation in London. There was
an improved feeling in the last hour
though prices did not improve materially
A feature Of restraint was the persistent
pressure on United States Steel preferred
and offSettng influence and special