The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-11
What the Brokers Saw

j. G. Geraghty & Co.'S Chicago CORE
spondent SAYS of grains:
Wheat-The unfaXoFable reports con-
corning the Argentine crop were absent IN
tne cables and Liverpool lost the advance
o. SATURDAY on large World shipments.
AFTER q weak opening here the market
ruled steady and fairly firm. The gov
1illIle4ll report IS SUCH an element Of IN
certainty that traders were not disposed
20 operate on it Domestic conditions
are unchanged There was perhaps little
better cash demand in all the markets,
ilul temporarily the supply Is equal or
IN excess OF the demand. With only do
nestle conditions operative. the iTnnedi-
dLe situation hardly looks favorable to US
1oL more than scalping operations.
COTn-Ihere was mild weather in the
corn belt ana whatever there is OF the
crop mat can be matured IS doing SO I'M
tt-t tdNOfaDle conditions There was fur
tlef pear pressure and scattered liquida-
tlOn- The SeabOaTd reports good export
business at the decline and the close was
something steadier- The prevailing senti-
nenC IS bearish and the short interest is
-arge- We are doubtful as to whether
country offerings at or below the 45e mark
VIII be very large.
Oats-4t continues to be a heavy mar
keI on large ana increasing stocks.
BroVlSlons-The market was sharply
lower. The weakness in corn made a
SOOd deal OF scattered LIQUIDATION and a
considerable pressure. The demand for
both meats and lard, however continues
good and stocks are decreasing. The
Tor buH market We are still of the
view that provisions should be bought on
these breaks.
J. c. Geraghty & Co.'S New York stock
Logan & Bryan-There is nothing new
IN conditions or the action Of the market
IL continues TO make new high records
and the tendency Is as clearly as ever an
advancing one. There is no more pres
sure to sell long stocks now than there
was at ~ 10 10 points lower. We can see
NO reason why there should be- While
mere are SJiu plenty OF good dividend
paying stocks that are not high, we want
10 again call attention to the Steel 5s,
selling around "a. With the preferred
STOCK selling above 20 and earning and
paying Z per cent. dividend and with bust
ness conditions steadily improving, can
anyone tell why these bonds should be
SelIng below parH They pay nearly per
cent on the basis Of present prices We
mink they should be bought.
DICK BFOS.-harket has been very strong
again today, although more or less spot
ted- western rails were only firm rather
sluggish, While the leadership was in
such stocks as Steel preferred. T. G. L,
AnaIgamated and Reading. There was
very little news. Expectations OF a favor
able government report kept sentiment
quite buIISh. The strength of iron and
sJeei stocks was due to aggressive buying.
The Gould stocks were strong for a time
but later turned quite heavy.
walker BrOS.-Ehe market today OPEN
ed strong and active on better London
prices and traders bid some Of the spe-
claltles up. Late in the day there was
some profit taking. but the market held
very We'll The talk was for better prices
ana there was not much inclination to
sell The close was the best The mar
heL looks like a purchase on the breaks
COnn0r q Van Bergen'S stock adViceS.
Apart from the continued strength
In the steel issues the market
was narrow and without much fea-
rure- Traders were reducing commit
HlenJS both ways. but they were n0t~preSS-
ing STOCKS Tor sale For the most part
lhere was complete absence of significant
lIading- There seems very little question
That United States Steel especially the
preferred mas been bought for people eX-
tremeiv close to the MANAGEMENT. who
should be accurately informed on the
earnings ana prospects. It is said that
me orders IN hand viii make a very fine
showing IN the quarterly statement The
movement IN Erie was said in some quar-
tiers 10 have good buyiug behind If al
though II looked rather like traders
move 10 secure some sympathetic effect
rom The advance IN United States Steels.
mere was fair demand for stocks. in
part rom London. at the opening, which
caused nigner prices for a time The
supply Tor sale was ample in MANY and
continued so throughout the day so that
il-t ma JOI1Iy Oh active stocks not with
standing the strength in steels Conner and
heaQlng. made no further gains after the
opening ana had Sagging tendency.
which lasted with some irregularitv to the
close When the tone was uncertain. but
WlLnOuI any weakness. Early in the day
lneFe was disposition TO make specu-
latIve capital out Of the government crop
report due this afternoon. but the general
leeilng later was that 1t viii be about as
predicted by other EXPERTS and is dis
counted for the time being.