The Saint Paul globe., 1904-10-21
What the Brokers Say
M. Doran & Co.'S grain letter:

What the Brokers Say
NJ. Doran & Co.'S grain letter:
Wheat halted after ten days of pretty
continuous advance. The market was
greater proportion was of a professional
character. The pressure came from real
lzlng sales and short selling for a natural
reaction Operators both ways were in
fuenced by the speculative conditions
rather than any decided change in the
situation. The Southwestern markets
were inclined to easiness on some let up
in the cash demand and on prospective
larger marketings now that the fall plow
ing IS completed. No. 1 northern in Min
neapOlis sold at 51bc over December and
there was a Tumor current of further
impoTtatiOnS of Manitoba wheat. This,
however, was never confirmed. The flour
production in Minneapolis last week was
little short Of the previous period but
about $4,000 bbls larger than last year.
The Northwestern Miller reports trade on
the whole satisfactory, with sales in ex-
cess of output. We see no reason to
change our bullish position on this mar
ket. Liverpool closed Ad lower. Esti-
mated cars tomorrow, 90.
COrn-The reactionary bulge in corn
on pit conditions spent its force by mid
session. Shorts at that time were pretty
well in and renewed selling by influential
interests changed the whole tone and
resulted in quick decline and losses in
all options for the day. The December
suffered most, the selling of it being espe-
movement forecasted yesterday was real
lied only in Iowa. In the balance of the
corn territory lower and seaSonabie tenn
peratures are favorable feature. Price
Current says previous indications are full
ly SuppOted by later conditions. The
evidence Of good quality is maintained
Such export demand as existed has been
shut off by the advance. Not a bushel
OF corn was cleared today from the Allan
tic Seaboard. May will go lower and we
again suggest the purchase of December
against such sales. Liverpool was 40
Esd higher on good demand. Estimated
cars. 1O4
Oats-The early buying by cash houses
and elevator interests made the day s
the lead of corn when that market
turned weak. The shipping demand to
Eastern points is increasing somewhat
and few loads are being. worked daily
for export. If the present level of values
is not advanced gradually increasing de-
mand may be anticipated. There was
nothing cleared from the seaboard. Es-
tinated cars, 104.
Provisions were pretty much within
control of local operators. Prices were
bid up early as offerings proved to be
with the break in corn. Estimated hogs
tomorrow. 14,000.
J. C. Geraghty's stock letter:
Logan & Bryan-The market seemed to
be again gathering strength. 1t is still
an active market but little less so than
; CSN~O-S
in the way of liquidation and profit taking.
The tone is at least steady, and under
the circumstances We think strong. We
can see nothing TO make any permanent
weakness in the market Profits to a
great many holders seem attractive, as
the market has had a long and persistent
money is cheap and seems to be tending
cheaper. What can the big fellows do
with their money to better advantage
than hold stocks which are paying con-
eli n
tereSt. We see nothing to make more
than scalping reactions.
O'Connor & Van Bergen's New York ad-
vices:
The market has developed quite a Wig
Orous rallying tendency especially this
afternoon. recovering most of the early
decline and showing in places distinct
strength. Traders were quick to follow
advances in several of the more active
stocks, some of them covering shorts and
taking the long side. They seem to find
a strong bull argument in the fact that
with all the strength in ST Paul no real
news has been made public to account for
it. It is said if the movement had been
manipulative there would have been any
quantity of rumors, each more plausible
than another. The buying looks good,
even on the advance. The bull talk on
Brooklyn Rapid Transit included report
that another traction interest, supposed
TO be Metropolitan. had offered to buy
the property on a basis of 312 per cent
guarantee, but had met with refusal. We
do not think much of this story. 1t is
said the uptown crowd are carrying an
unusual heavy line Of stocks, some of
which have been disposed Of today.
The market was irregular, with some
heaviness in the morning on heavy selling
by Western houses, which depressed prices
without causing real weakness. At the
lower level the volume of trading fell off,
a good symptom in a bull market. Late
TeCoverieS were on a light business and
Influenced in part by strength of special
ties. The fractions were features. Met
ropolitan was bought from the opening on
vance Ontario &, Western was well
bought at the opening and later made a
sharp advance on enormous buying or
ders clearly for accumulation and not for
speculation. The close was irregular,
with better tone all through the list.