The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-23
What the Brokers Say.

What the Brokers Say.
M Doran & Co.'S Chicago grain letter
says:
Wheat-The sentiment in the wheat pit
this morning was distinctly bull1sh. The
professional element were all arrayed on
that side, but they received little assist
ance from the outside. There was much
tone. Cables were firm. Kansas ana
Oklahoma were without precipitation, but
over the rest of the belt it was general.
Prediction for colder weather caused some
apprehension. Cash news was mostly
strong. Southwest receipts were $4,000 bu,
and shipments, $4,000 bu. Duluth is re-
ported buying back wheat sold for ship
ment at opening of navigation at best
prices of season Minneapolis mills will
probably close down for few days at end
of week Bradstreet's decrease of 500 600
in worlds available was some larger than
last week and $50, 600 over a year ago.
The best prices were not maintained be-
cause of realizing late in session. Liver
pool closed A@9sd up. Local receipts
were Il cars. Northwest receipts, 3QS
cars against 145 a year ago. Receipts
at all primary points were 479, 900 COM
pared with 337 900 last year.
Corn was without friends. The only
assistance this market received was In.
f1uence of early strength in wheat. Pit
traders were bearish to man and per-
sistently attacked July. The May was
but sparingly dealt in as the average
trader considers 1t 100 dangerous pIopOl
sition Situation exhibits no signs of
improvement. Receipts are above re-
quirementS; seventeen cars contract
were included in arrivals, and sixteen
private houses. Contract stocks in
creased last week over 900, 000.. The cash
market was 1ac lower. We advise sale of
July on bulges. Liverpool closed I'M
Oats were dull and featureless during
early. trading AS the selling of corn
became more pronounced and that cereal
turned weak, considerable pressure was
put upon oat values and the market ruled
weak The deferred futures declined the
most. Cash situation is without new
feature The Nebraska acreage will be
greatly increased this year, according to
j. G. Geraghty & Co.'S correspondents
say of stocks:
Walker Bros.-The market today was a
sensational one. There were persistent
rumors that there had been a satisfactory
arrangement in regard to the Northern
Securities case, by which the Union Pa
cific and it allied companies would be
greatly benefited. Shortly before II
O. clock there appeared large buying orders
in Union Pacific which caused rapid adj
vance, and Union Pacific, with one or two
slight reactions, kept attaining higher
prices until the close, when it showed an
advance of nearly 8 points from the low
price of the day. Northern Securities on
the curb scored about the same advance.
Inc general market advanced rapidly anu
closed at about the highest prices of the
day with higher prices spoken of for the
Hartman stocks.
Randolph & Co.-The market opened
weak this morning and on continued
scattered liquidation and heavy bear SELL
ing declines were general throughout the
list. Support seemed certainly with
drawn and during the first hour entire
market looked extremely weak. After
the first hour the tone began to improve
and before long very heavy buying in
Union Pacific set in. AS the day wore
on this buying continued on a scale which
Wall street has not seen for a year and
a half. With the buying came rumors
that plan for the dissolution of the
Northern Securities had been arranged
which would be of great benefit to Union
heavy buying of Northern Securities on
the curb forced the price up to 99B. The
buying of Union Pacific continued on an
enormous scale up to the close.
O'Connor g. Van Bergen's correspon-
dents say Of stocks:
London prices came somewhat better
this morning and were an influence in
checking the declining tendency noted in
our closing dealings Monday. Initial prices
were irregular with quotations refieeting
an uncertain tone and with a small vol
was manifested and slowly improving
market followed, the continued heavi-
ness of Steel stocks being offset by
strength in other places, notably in bonds
and Gas. In the half hour before noon
a sensational advance in Union Pacific
with very heavy trading on vague ru-
mors of an important announcement in
connection with Northern Securities and
a sharp advance in that stock on the
| curb started a covering movement which,
however, was Of real Importance only in
the more over-sold issues where shorts
were forced in. Elsewhere the market
was comparatively neglected, influenced
by ignorance and apprehension of the
real motives for the advance in Union
Pacific and Northern Securities, in which
there was no, cessation in the heavy deal
ings, the advances continuing until the
close, Union Pacific showing a net i'm
provement of 81 points Market closed
excited at the top prices with a great
variety of rumors the result not the
cause of market conditions