The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-23
NORTHERN BUYING
SENDS UP WHEAT
Increased Receipts In North.
west Have Small Effect on
Market

Wheat was strong yesterday on news
that was counted upon to carry price
levels lower. The brokers thought the in
creased receipts in the Northwest would
bear the market, but heavy buying in
Minneapolis counteracted the big stock
showing.
The stock market was small and pro-
fessional, but the levels Were pretty gen
orally maintained
What the Brokers Say
NJ. Doran & Co.'S grain letter:
Wheat-The strength came as some
thing of a surprise to the trade. The fea-
ture counted upon to lower values-in-
creased Northwestern receipts-was multi
fed for time being at least by excellent
buying in the Minneapolis market by
millers against flour sales. Advances there
met ready response here. Although the
market was small and trade almost en-
tirely professional the strength was main
Tracted by the good demand for cash
Wheat and for flour at st. Louis, and
the advlces concerning the probability of
a further decrease in the Southwestern
movement. The total today was approx
mately same as a year ago, while ship
ments Were 100000 bushels lower The
Hour production at Minneapolis last week
was 1000 barrels larger than previous
week and, according to the Northwestern
Miller, sales reached pretty fair volume.
Shipments. Liverpool recovered an early
break, closing unchanged. Manitoba adj
vices reported threshing general and the
weather fine Near the latter part of the
season a report of locusts in Argentina
stimulated buying afresh. Estimated re-
ceipts for tomorrow, 81 cars.
Corn-Corn acted contrary to news dur
firm at a fractional loss on buliish at
titude of pit crowd. No help was forth
coming either in the way of bullish facts
or of fresh buying and an attempt to
q d aal ~
which stop-loss orders became a factor
The market the latter part of. the ses :
sion was weak with a fractional recov-
cry near the close. Weather conditions
are Such as to relieve all anxiety as to
possible frost damage, and indications are
for decidedly higher temperature through
the belt. Country adyices are more and
more optimistic regarding the outlook.
The Price Current estimates the total
yield at $500 900 .bu, and 80 per cent of
the crop safe from frost. The Union Pa
clhc and the Chicago, Burlington & Quin-
cy. both figure the Nebraska crop at ap-
priXlImate l III ,099 goo, which is com
erpool futures We're easier and some low
er, while spot was steady. With all con-
1ditlons favoring the crop maturing safe
ly. and no distinctly bu1lish items in cash
situation, the probability of lower MAY
values seems certain. Estimated cars,
oats were weak from bell tap, with
Northwestern selling, presumably hedg-
ing, the conspicuous feature Stop loss
orders came into considerable prominence
later in the session, when corn was weak
est. Stocks at Northern points steady;
increasing. Arrivals in Minneapolis to-
day, 1SS: Cash market here was 1ac
lower. Estimated receipts 176 cars.
ProNlSlonS-Contlnu buying of Octo-
Der RIBS by prominent packing house
was the feature OF the days trade The
market in general closed a shade lower
in January options, doubtless influenced
by weakness III corn. Estimated hogs
tomorrow, $4,000 head.
j. c. Gera ghty's stock advices:
Logan g. Bryan-You can take your
choice about the market today. The
feeling is very much mixed and the mar
ket IS irregular. The action of Union
Pacific is puZzling to the whole market
The stock has apparently been freely
supplied the past two days. The selling
pressure in spots looks as if it came
any material liquidation The market
shows hesitating action, but the I'M
DERIVING. conditions are unchanged, and
We would continue to buy stocks on the
soft spots.
Paine. Weber & Co., Boston-Coppers
dullness. There was a little demand fol- foi
up at 21s OPS bid at the close, the sell
ing agents are talking higher prices fol-
Copper, and We hear that the large wire
low and they ape ap nor soppe'
Walker Bros.-The market today was
irregular at the opening. 1t was stfons
and prices oi advanced, but soon began t.
middle of the day the market was dull
but in the afternoon it braeed up a little
and closed steady. There was little news
OConnor SS Van. Bergen'S New Yorl
letter:
The tone of the market has been de-
cidedly weak this afternoon The vol
ume OF trading was small, and this tend.
ed to check a sagging tendency, which
was nevertheless apparent in recent,
active issues. Traders are bearish no.
relishlng the apparent character of ths
selling. The appearance of Housman as
seller of Southern Pacific was consid-
cred rather significant, as he has beer
one of the principal active influences OF
the buh side. Atchison acted badly, Civ.
ing the Impression that the short interes
IN it had been mostly run in on the pre-
nIoqs days rally iI,aa up ite,d States stee
houses connected with the old underwrit
ing syndicate are distinctly bullish anl
seem well satisfied to pick it up, espe
cially the preferred, on all recessions
There seems to be a bull pool operating
In il, as all commission houses seem K
DE carrying a little for their customers
So Tar as so-cailed insiders are concernel
the stock is allowed to take care of itsel
in the market
For the greater part of the day th'
market held little of interest. Southern
Pacific opened higher but failed to en-
thuse the general list, and the Improve
ment was quickly lost Some strength Ii
Steel stocks and local fractions ATTRACTED
languid interest. but i'll a general wa,
the market was heavy, with light demand
and declines of 1s@1 per cent were th,
general rule until the last hour, when s
moderate Improvement took place, tn,
market. however. closing irregular, auie
and somewhat heavy in tone, with thu
advance in Ontario & Western the chic
feature OF the late trading THE class O
business was very largely professional
the floor traders being responsible for b.
far the greater part OF the days trans
actions. Sterling exchange was again
weak, and there was tendency in ou
money markets TO work tribe easier.
New York Butter
NEW YORK Sept. 22-Butter steady