The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-10
WHEAT Says UNDER
GENERAL SELLING
yarket Level Lower on Opinion
That Government Report
is Bearish

caused a lower wheat market The brokers,
generally assumed that the crop report.
of the government would show bullish
angle
Heavy sales and liquidation in Wall
street failed to break stocks. The market
was buoyant aid in some cases material
gains We're made.
What the Brokers Say
NJ, Doran & Co.'S grain letter:
Wheat-There has been a good deal of
first-class selling today, beginning at the
opening Several large holders of May sold.
Armour sold considerable at the opening
and more freely around sL10.' The failure
of cables to respond to our advance today
and fine weather undoubtedly had Son,e-
thing to do with this selling. Uncertainty.
as to what the government report will
say perhaps induced some holders to sell.
ThreShing returns. from Northwest con-
tinue exceedingly bad. However, we doubt
if the government report will show as low;
yield for the. three states as has been
generally predicted by crop exports and
others. In the face of selling the market
held remarkably well and showed good
deal of strength, today's close being only
&c lower than yesterday. There continues
to be good milling demand for wheat Re-
ceipts IN the Northwest are so light they
are quite certain to show an increase soon.
The Modern Miller says the movement
of winter wheat to market is curtailed
by the tendency to hold in anticipation of
larger today. Liverpool closed iAc tos 1sci
higher Estimated receipts 70 cars. =,
Corn75-As we have. advised you for sey-'
er Say seFn has beer
predict much higher prices While we adj
NIT it is possible weather from now on
may be SO unfavorable higher prices will
be certain for corn we feel there is nothing
in conditions today on Which to advise
buying. We may get some bad reports
from some crop experts who have been
out in Missouri and Kansas, showing low
conditions in those sections. We consider
general outlook today favorable for large
crop of good corn. and on that theory
feel that present prices are high enough ::
The selling today has certainly been of
good character, and the market shows 1c
decline and closes weak. Cash market
was lower. About 10000 bushels sold for
shipment. Acceptanees in country fair.
Liverpool cables 1sd to sd lower. Esti-
mated receipts, 563.
Oats-The feature today was the de-
cline of May to 35c, at which price there
were great many buying orders, only a
part of which were filled. Cash market
accomplished. It is fair to expect larger
receipts. unless holders are dissatisfied
with prices, as the amount of oats stored
in the country is unusually large. Esti-
mated receipts. 165 cars
Provisions-The speculative trade is
very, small. There is a good cash demand
both for meats and lard. The, settlement
of the strike will result in liberal ship
ments of lard from here. Wee notice in
clinatien on the part of holders to sell
October lard on each bulge lately. EST
J. c. Geraghty & Co.'S New York stock
advices:
Paine, Weber & Co.-There was in
creased liquidation in the Coppers today.
1t seemed that every commission house
broker had three orders togsell for one to
buy. Notwithstanding this prices held
it would have easily taken more stocks.
The Metal company raised its asking
price for, copper &c. The general
The buying of Amalgamated was very
good. The position of the market is such
that the long side seems much the more
attractive. We would rather buy at this
level than sell, and We would be pre-
pared to buy on all reactions.
Logan & Bryan-The market is active
and continues to show an advancing ten
dency. We see no reason why we should
not continue to advise buying. them or
the soft spots. Why not buy them 5 pei
can be bought and sold readily within
a narrow range of prices. AT about s.
they pay about per cent They certainly
look very attractive as an investment t'
Walker Bros.-The entire market will
the exception of Metropolitan Securities
was very strong from start to finish ant
closed at highest prices of the day very
firm. Stocks offered seemed easily alb
sorbed. Such irregularity or profit TAX.
ing as was noticeable appeared to have
no effect on the upward movement tt
date.
Dick Bros.-The market continued buoy
ant today and sharp advances were made
in a larger volume of trading than has
been seen for some time. Morgan stocks
were again leaders. Another strong feat
ure was Rock Island and Sugar There /:
expectation Of Disappointing bank state
ment tomorrow. The closing was very
active and strong with most stocks a
their best prices.
O'Connor & Van Bergen's stock letters
were:
The market has had periods of dullnes.
today. but it has at no time been weak
In view of the character of the selling
which at times has been rather large IL
volume, the street is of the opinion
that the market has acted exceedingly we'll
The same tactics so observable the pas
few days of aggreSSively combining at
tention to special stocks has been con
tinued with no doubt much profitable
called Western crowd IS again the sub
ject of the usual gossip, today beinf
credited with having gotten out of
good deal OF long stock. the Gates people
particularly being reported as heavy, sci
lers. 1t is significant feature, il The
realizing has been as large as estimated
how well the stock has been taken. /
is thought there is still large short in
terest in Steel preferred one active trad
er in particular being known to be still
on that side of quite line
Much of the days market was some
what Irregular and sentiment was rathel
mixed. The strong stocks were very
strong and others sagged without weak.
ness. A determination to await the gov.
eminent crop report tomorrow in con.
nectlen with the; rumored unfavorablt
reports from private sources led to some
realizing and to short selling in small
way, which became an element of strength
In the last hour. when a wave of bull
dealings represented broadening tendenc,
and many stocks reached new high levels
Ihe close was active and strong