The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-26
What the Brokers Say

NJ. Doran & Co.'S grain letter:
Wheat was strong, except for a tenn
porary decline at the opening on the
denial of yesterdays bullish foreign
items, rumors of reduction of French
import duty and locusts in Argentina.
Our private cable expressed doubt of
French duty being reduced at all, and
In no case till the end of the crop year.
Prices are now on importing basis for
Indian and Australian wheat,and as long
as those conditions exist there is no
real need of change. That there was
no real weakness in our market soon
became apparent and values steadily
advanced till the close, with good addi-
lions to all options. Forecast in the
Northwest is for fine weather Mani
toba estimates are being raised, but
these points were forgotten in view of
the excellent demand for -four reported
from both spring and winter wheat
points and strength in the Minneapolis
and st. Louis markets. Stocks at the
former place decreased III, 900 bu last
week in spite of heavy arrivals. Esti-
mated receipts Monday, SIS cars.
Corn-Buying by local bulls and
strength in wheat gave a better tone
TO corn and fair advances all around.
The bull argument of deficiency in
warmth of 725 degrees this year was
nullified on analysis, when it was
found that $50 degrees of deficiency oc-
CURED the first four months of the
year before the corn crop was planted
During the past four months there has
been an Increase over year ago of
fourteen degrees. One crop expert
makes an estimate of 1,S75,O00. 900 as a
total yield. Against this may be placed
nSures of three of the best known and
best informed local firms Thev all
agree ON a crop of 2.250, 600,0 900 or up
wards OF quality better than year
ago. The giSt of country advices lead
us TO the conviction that the crop is
practically made. Liverpool closed 1sd
hlgher. Estimated receipts for Mon
day, 264 cars.
0ats-The trade was light, with
prices trim, rejecting strength in
Wheat and corn Receipts in the North
west are greatly in excess of a year
ago. one elevator reporting. them four
times as large. There was a little bet
ter inquiry for cash oats, and the mar
ket was 12c higher. Estimated cars
Monday, 129
Provisions were uniformly strong
on moderate trade Shippers bought
lard and packers the October prod
uct, giving tone to the entire list.
The cash situation is back of the
strength. Estimated hogs Monday. rs
0O0 20
j. c. Geraghty's stock advices:
y
shows strong tone and on the aver
age some Improvement in price. The
Dallk statement was about what had
been expected. There is no important
liquidation in any quarter. Farmers
are getting and will continue to get
sood prices for everything they have
10 sell, and there is no reason why dis
fribution and consumption should not
go on with maximum pace for a year
10 come. We see nothing to disturb
holders of stocks and still advise buy
ing on the soft spots.
Clark, Dodge & Co.-The market has
been active and strong, with Steel
stocks the feature Heavy accumula-
ton of Steels during the week. Re-
ports say they will be made leaders
m9the market. Metropolitan securities
Were the weak feature
Paine. Weber & Co.-The interest
centered today in RoyaIe Atlantic and
Allouez All were well bought. espe-
cially Royale. New York is buying
Royale and predicting so for: it. The
traders are very bullish and look for
higher prices for Atlantic and Allouez
when the latter strikes the lode. There
does not seem to be much offered I'M
Ger {, now that the assessment is out
or the way. Interest is reviying in all
the Coppers, especially those with
speculative possibilities selling at
moderate price.
O'Connor & Van Bergen's New York
letter:
Many are of the opinion that the
technical position of the market is
much improved as result of the check
IL the advance this week. 1t is Doubt
less true that the large banking inter
ests have been successful in distribut-
ing a good part of their holdings which
they had gradually accumulated on the
rise These shares are now a part of
the so-called floating supply. or IL,
other words, in traders hands and
they. seem confident for the moment at
least that there is a period of better
ment ahead They are therefore con
tent TO carry a part of the load. know
ing these who own the balance have
control of the situation and do not in
tend TO let go the advantage thus at
tanned without struggle. The out
flow OF money from here for the crop
movement, though on large scale, can
easily be spared. and our banks are
glad to nave the money Withdrawn,
knowing it to be usefully EMPLOYED
rather than remain practically idle and
viii later return as the increased