The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-21
What the Brokers Say


lower
What the Brokers Say
NJ. Doran & Co.'S grain letter:
Wheat-Wheat more than regained yes
terday's losses on unexpected strength at
Minneapolis and in the Liverpool cable
which drove local shorts to cover The
advance at Liverpool was attributed to
failure of Argentine arrivals to grade
standard and delivery on contract. Cont
mental demand was also reported good
On the advance trade was chiefly profess
sional and the market was very nervous
but gains were maintained. Minneapolis
reported bulk of arrivals as low grade
and the Southwest reported a good de-
mand for flour from Chicago and Ohio
points. Crop news will soon cease to be
an important factor and supply and de-
mand situation will come more promi
nently to the front. We believe in pur-
chases on a &c or SC break from this point
Liverpool closed I'd to sd higher. Es-
timated receipts. n cars.
Corn opened strong and continued SO all
DAY, with the strength and the advances
and the prediction of frOStS over a large
area tonight. Overnight shorts created
something of runaway market. and the
advance was helped along by early Buying
for outside account. The trade was large
ana pit operators were somewhat bewil
dered by operations of influential parties
Should severe froStS be realized tonight
great damage would undoubtedly be done
which would Justify the reduction of the
yield to the neighborhood of two billions of
bushels and present values. The govern
ment weekly bulletin says cutting is gen.
eral and crop maturing rapidly in the
West and slowly in the Central and East
ern sections. The market at the moment
Is largely weather proposition, and as
such more than usualle uncertain. Liv-
erpool closed sd to Esd higher, and our
private cables reported an improved de-
mand and more general confidence on
the part OF holders. Estimated receipts,
26S cars.
naf NI,ax IL
the deferred futures were fractionally
higher the market did not participate in
activity in other pits. News was scant.
that of a statistical character being bear
fsh. Estimated receipts, 90 cars
Provisions were active, strong and high
er, with a general demand on the part
OF outside Spectators for January prod
uct. There was also good buying for ac-
: count of local packing interests. Cash
demand Is good and prices relative to
hogs too low Estimated hogs tomorrow,
J. C. Geraghty & Co.'s stock advices:
Logan q Bryan-Nearly the whole list is
lower Union Pacific was well bought
and well supported. but whether it was
TO accumulate stocks or to make mar
ket for selling in the other stocks is in
doubt. The scattered long interest which
prices and to which we have of late been
calnng attention was in evidence as real
1Zlng on both market and stop orders.
There was heavy selling of Steel issues,
and the general tone and action of the
whole market was weak. The tendency
OF money Is stronger. The. uncertainty
unfavorable tendency of the cotton cron
both contribute to the weakness Until
mere are indications of better buying we
action.
Paine Weber & Co.-The market TO-DAY
showed heavy liquidation and many stop
short corn crop and threatening weather
predictions encouraged the bears to. ham
mer the erangers. especially Atchison.
enf II s bi1sst were heavy on reports Of
ana Massachusetts and Copper Range In
Boston were the strong stocks. There
mas been good buying Of Massachusetts
Tor several days and tonight it closed at
"a, the highest for long time,
We think the market should be boueht on
the weak days.
curing the gerater part of the session.
breaking sharply under the pressure of
very heavy selling throughout the list
There was a lack of support and the -ex-
ecution Of numerous stop orders CAUSING
some urgent selling. Unfavorable -cron
news and rumors of the illness of two
prominent financiers had more or less in
fiuenee. All through the day Union Pa
clfc was particularly firm, being steadily
oought at advancing prices. In the last
half hour sharp squirt in this stock
turned the whole market, inducing urgent
covering The rally was a very sharp one
and the closing was decidedly strong.
Cohhor d van Bergen'S correSpon-
dents say:
Heaviness and uncertainty in the mar
ket has been the future right from the
opening. 1t is quite evident further con
sideration of yesterdays low corn crou
estimates has somewhat cooled much OF
the recent bulliSh enthusiasm At any
rate it has led to a disposition to take a
rev profits than hold stocks at recent
nigh level OF present advance and to await
further confirmation of the unfayorabl
news. Room traders report they obtained
stocks rather too easily today which they
considered significant as further demon
strating the uncertainty of the moment
and the desire to let go. Mr. Hills con-
frmation of Mr.. Jones figures is an i'm
portant influence. The hardening rates
for money and further large output of
cash from here since Friday also re-
ceives attention as bearing Particularly on
the immediate future of rates and its
speculative effect
. morning were undoubtedly the estimate of
corn crop and predictions of heavy frost
tonight. Aside from this. however, the
recent heaviness in prices after the pro-
loaged advance made a nervous feeling
among holders of stocks who saw paper
profits fading and concerted selling
Volume and short selling by professional
all the active issues with buying by shorts
almost the only support during the early
hours. Toward midday pressure ceased
temporarily and the market rallied with
Union Pacific the leader, influenced i'm