The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-24
STEEL PREFERRED
STRONG FEATURE
Estimates of Increased Earn.
ings Puts Steel Stock at
Head of List

The announcement that the presidents
of the subsidiary companies of the steel
the quarter would be. over So, Oo0, 600
caused heavy buying of steel stocks. The
list was apathetic, but showed fair de-
gree of strength. Wheat prices failed to
recover from break at opening.
What the Brokers Say
NJ. Doran & Co.'S Chicago grain letter
Wheat prices received a hard knock at
opening from which they failed to recover.
There was nothing of a distinctly bullish
character in news. Liverpool slumped
badly on realizing on Friday, Modern
Miller and Snow reports and talk of in
markets all higher with exception of Ant
werp. which was % lower. The weak
English cables, the perfect weather con-
ditions here and increasing receipts led
many holders to throw over wheat. The
Southwest and local professionals were
the best sellers. Secretary Rogers, of
the. Minneapolis Chamber of Commerce,
estimates yield in the three principal
spring wheat states at IS bu, with some
reduction probable by threshing time.
There We're Al cars of new wheat received
, red and 10 We're No. 2 hard. World S
shipments Monday estimated 100000,
and visible supply is expected to show
kYaall decrease. With continued good
Weather End fulfllment of present. prom
1se of liberal receipts next week prices
will probably work lower. However, it
Mpulu De wei TO De conservative on snort
side until spring wheat crop is assured.
liverpool closed 70 to Id lower; Buda-
pest Is up; Berlin, IS up, and Paris IA
10 = higher.
ed to be rather stubborn on decline. The
september appeared to be .pegged at 49,
Ihe bull interest was thought to be an
early seller of this option. Receipts. SO
cars under estimate. The weather is a
little cool. but cannot be construed as I'M
favorable. Nebraska advices suggest a
n lower at close.
Oats-The trade was small and unim-
portant. with all options a trife easier.
Iowa and Nebraska crop reports were
particularly good. Fair yields reported
through Central Illinois. with some talk
ot rust There were good many cars of
new oats of excellent quality on sample
O'Connor & Van Bergen's correspond
ent says of stocks:
The market opened very quiet and with
out feature excepting in Brooklyn and
Steel preferred. The former with good
buying on behalf in the permanent char
acter Of its reported heavy increased
earnings, the latter somewhat active on a
statement in one of the local newspapers
that the last quarter will show earnings of
$2O,O00.0O0 Extreme heaYineSS prevailed
during the first hour. but without sell
ing. pressure anywhere Steel preferred
maintaining its leadership with firm
tone. No change in conditions up to the
close. which was dull and firm, with more
or less activity in Steel preferred alone
j. c. Geraghty & Co.'S correspondents
say OF stocks:
RandOlph-The announcement that the
presidents of the different subsidiary com
panieS of the Steel corporation were in
session in Pittsburg and that their esti-
mates showed that earnings for the quar-
ter would be over $40. 00O, 000 which is in
excess of any estimates yet made caused
quite heavy buying of the Steel stocks,
under which they advanced to the highest
prices reached on this movement. The
rest of the list has been apathetic. but
has shown a fair degree of strength In
the early dealings the tendency has been
Tor the market to advance. On the pub
HcatiOn of the bank statement the trad
ers took profits, causing fractional reac-
lions, but there.was no weakness apparent
anywhere The close was dull and steady.
Dick Bros.-The market has been very
0ull, put quite firm today. with Steel pre-
1erred again the strong feature The bet
Ter foreign situation was an influence The
bank statement was favorable but was
not much considered. Pittsburg adyices
telling of Improvement accompanied the
buying OF Steel preferred, which was
rather heavy. Railroad stocks made small
gains. The close was firm.