The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-18
WHEAT FALLS OFF,
STOCKS GO HIGHER
Statistical Situation Weakens
Grain, but Stock Trade Is
a Wide and Strong

5rzs
Wheat was lower yesterday on general
statistical news. Stocks were active and
strong but the advances scored in many
of the favorite speculations were very
slight.
stasa What the Brokers Say
NJ. Doran & Co.'S grain letter:
Wheat-The advance last week was
pretty rapid and the reaction OF today was
more on speculative conditions than on
anything radically bearish in the
news. The milling demanding basis or
preVa ling Yalues-WaS good. Minneapolis
reported -four sales of good volume The
smaller country receipts of spring wheat
and the heavy shipments from country
elevators are expected to deplete interior
stocks considerably within the next month.
StatiStically there was a bearlsh tlnge 10
the news. The firm making the. inporta-
ton of Manitoba wheat last week predlcts
liberal business of this kind this season.
estimating that the Northwest will
need such supplies. If the milling con-
sumption of the three Northwestern
states which is computed at lao, 600, 600 is
correct then the crop of 154, GOO, 900 makes
the above statement look reasonable. We
believe in purchases on breaks Liverpool
I'D lower. Estimated receipts for tomor-
row, 1879 cars.
'Corn-There was a collapse in corn
values during the first hour, trading from
which there was but little recovery at
irnately the lowest ones. The break in near
delivery came as a direct result OF the
absence Of support rather than from any
urgent selling. The absolutely perfect
weather for conditioning crop had much
to do with bearish sentiment. The GER
tainty of an early movement and the pos
sibility, however remote, of the new corn
grading contract in December gave mold
ers less confidence. The cash marker
slumped 111c the local industries taking
the offerings. The inquiry for shipment
Ill n, fI7o n a1i al ana wa
enabled to work a few loads abroad:
Liverpool closed firm, 14d higher, On good
demand. Estimated receipts, 163 cars.
Oats made a new low record on present
decline early. but rallied later on pretty
good covering of May, and on sale at
seaboard of 40, 900 bu for export. Estimated
receipts 233 cars.
markets and lower hogs were the chief
bearish influence in provision market. All
products sold off rather sharply, with
quite general. There was some pro.
nounced early selling of January product
by specialists. Estimated hogs tomorrow,
j. G.. Geraghty & Co.'s New York stock
letters:
Logan & Bryant is big, broad mar
ket. There has been enough scattered
profit taking to prevent anything in the
nature OLA further advance and to bring
about slight recessions in spots. The sur
prising thing is that the latter are SO I'M
l.
of the market to indicate any more than
a pause in the upward movement There
is not a cloud upon the horizon anywhere,
and prices are not yet high enough to dis
turb confidence. There was a large buy
ing of Reading and the Gould stock,
which have heretofore been comparative
~ neglected, are beginning to move up
on what seems to be good inside buying.
We expect the market to continue to
work higher.
Dick Bros-The market has broken all
recent records for activity today and has
been again decidedly strong. A number
of sharp advances were scored and nu
nerous high records were made. There
was very heavy realizing, but until the
afternoon this selling was not very effec-
tive. Prices held very well, but in the
last two hours there was reaction
which carried leading stocks down point
from their highest figures. The closing
was irregular. The late reaction seemed
to show the presence of stop orders in
some leading stocks. There was no news
of Importance and the market was gov
erned wholly by sentiment and by the
operations of leading professional and
pools. The iTregularity shown at the
close was not altogether satisfactory to
bullish spectators.
O,Connor & Van Bergen's stock advices:
It is said one of the most active traders
has made a heavy bet that United States
Steel preferred would cross the price Of
the Sinking Fund 5S before election.
There has been some rather good buying
of Amalgamated Copper on strength of
metal in London and the strong statistical
position shown in the fortnight'S consump
ton figures. Traders still consider the
Gates following to be the principal bull
influence in Missouri Pacific. The Gould
selling seems to have been suspended, as
it is presumably willing to take advantage
of the general strength before selling
more. The way the market has taken great
realizing sales today is most remarkable
and significant. We hear as an instance
the important people who have placed
Union Pacific at its present level have
disposed of a large amount of stock not
because of lack of faith in the stock or
the general market, but on the idea it
would be a better policy to check mat
tiers somewhat and express surprise how
extensive a buying power seemed to be
in this issue. The fact is the market has
acted remarkably well, the professional
observers do not appear to think it needs
any support and were buyers on all recess
sions
day and speculation was conducted on
very orderly lines. A large demand at
and after the opening was mt by real
izing sales which kept fluctuations within
bounds and in some cases caused a check
which made early prices the highest of the
day. TIE activity continued with but lit
tie pause, but irTegularity became more
pronounced, resulting from weight of the
early sales and shifting of trading specu-
Iative interests The market has become
decidedly broader. and while there is I'M
doubtedly passing of stocks from early
buyers to new corners, it seemed probable
afternoon a reaction. but it was no more
than normal in a bull market, and the
tone at the close was steady at the de-
clineS. with some irregularity.