The Saint Paul globe., 1904-08-24
What the Brokers Say

What the Brokers Say
NJ. Doran & Co.'S grain letter says:
Wheat-The market had much the
same adverse conditions to contend
with as yesterday. Poor wire service
Curtailed business and news from New
York and liquidation by local holders
was more or less general, particularly
at the opening, when stop-less selling
was feature. Prices regained to a
large extent the early loss on the pre-
dictiOn of rain in the Northwest and
of frost in Manitoba. The latter, how
ever, was unofficial. Towards the close
prices broke on local selling on the es-
innate of the Northwestern Miller that
the Dalotas and Minnesota would raise
170,000,000 bu, and that there was no
rust in Manitoba. We can hardly take
this report seriously in view of well
authenticated news received during the
past week Such adviceS as come from
the Northwest were about as bad as
ever Even the government weekly
bulletin was bullish, reporting great in
jury by rust and threshing delayed by
rains. Receipts in the Southwest are
letting up. Kansas City correspondent
says advices of shipments are much
smaller than last week and a decreased
movement is anticipated due in part to
farmers preparing for fall ploWing. We
do not consider the situation materially
changed, and when present liquidation
Is over and first class wire service re-
neWed prices will again work upward.
Liverpool closed 5sd to sd lower after
ruling steady at the opening. ESti-
mated receipts, II cars.
Corn - The pit was the center of
bullish activity. The market was buoy
ant throughout the session and the
last prices were close to the top. Lines
sold out on recent rains were rein
stated, and wheat operators were play
ing bull side. Offerings were decidedly
meager to start and continued so until
call price was reached, at which point
the market ruled steady until towards
noon when additional gains were made.
The largest advance was made in Sep
tember and least in May. Bullish in
centiyes were based on staple condi-
TONS not on sentimental ones. De-
mand all around is steadily increasing.
Receipts moderate and local stocks are
decreasing weekly. Sales to other
side yesterday were larger than at first
reported, and cables reported great
strength in Liverpool spot market,
which was UP to "a d at one time,
closing with gains of Id to 1Ad. The
country has ceased selling corn as sud-
denly as it offered it when rains be-
came general Temperatures are rath-
Si COOl IuIOuSuOuI the w est lOf pest
progress of crop. Omaha reports an
unusually large percentage of stalks
with no ears, or with only one through
many sections of Iowa and Nebraska.
The cash market was strong on light
offerings. We believe in purchases of
corn on every recession Liverpool fu-
lures closed unchanged. Estimated re-
CeiptS 50 cars.
Oats-The market was pretty well
T1nOlpPfp6 or, ,Ni4
but it eventually responded to the
strength in corn. Receipts were lib
era1, also increases in local stocks last
week. We believe, however, in pur-
chaSeS of May on reCeSSions. EStf-
mated receipts, 20 cars.
Provisions = There was certain
amount of firmness given provisions by
strength in corn and of moderate pur-
chases of lard. Estimated hogs tomor-
row, 24,000.
O'Connor & Van Bergen's New York
stock advices follow:
Watson & Co-The activity of the
market at steady figures has been its
most prominent feature. There has
been little pressure to sell, purchasers
being obliged to pay top figures. The
accumulation process in Southern Pa
cific, Southern Railway and allied
properties seems to be going on and
conducted in very skillful manner
without forcing prices too high. Trad
>ers are inclined to be bullish and are
looking for recessions to get aboard
Revival of the traction deal talk stim-
ulated renewed trading in Metropolis
tan and the Securities, but there being
apparently considerable stock for sale
at top figures, prices quickly receded.
Van Emburgh & Atterbury - The
market was irregular and rather dis
appointing in the lack of response te
yesterdays closing strength. Several
issues were active and higher on poo
manipulation, and had a good trading
following which stock was distributed
at the advances. The general run OF
stocks was more Or less reactionary
and the market acted tired last half OF
the day, but without weakness and
with q fair demand at concessions. Ir
view of the professional character OF
the greater part of the trading it may
be said that the market behaved fairly