The Saint Paul globe., 1904-08-13
What the Brokers Say

NJ Doran & CO. s grain letter says:
Wheat-Most OF yesterdays advance
WAS sacrificed today. Realizing began on
opening bulge and was continued through
out the session. The lack of anything
novel or decisive in the news led traders
10 anticipate some decline. The market
was nervous with a decided falling off
IN volume of trade. Northwest adTices
were few, but the gist of them was on
much the same lines as common OF
late. In neighborhood of Harvey, n. D.,
Snow found rust but no damage from 1t.
Smut. however. was bad and crop prom
iSeS eighteen bushels TO the acre with
two weeks of good weather. The Modern
Miller noted scarcity of soft winter
wheat at markets and at country points
and states quality of hard wheat is much
better comparatively than soft Foreign
markets were all higher, mainly in re
SpOuSe to our gains Of yesterday. Argen-
tine shipments l.744. 000 which is SOC, geo
larger than last week and !, 100000 larger
Ilan last year. The edge seemed to be on
the market today and without something
more bulllSh in the news. prices may
work lower on this dip. Everything con-
sldered- the market stood the selling very
well today.
Corn-There was good deal in the corn
news relative TO the foreign situation and
J0 our crop which is reasonable to con-
fiuue as bullish. but under realizing and
affected by decline in wheat. the market
ruled nervous and lower with a consider
abl falling off in pit activities Cables were
suong. and Austria Hungary was re-
ported bidding fer corn in Argentine. Ad-
vices regarding European fodder crops
are not at all optimistic. Reports that
cur own crop is not progressing salts
factOrily Were quite general from South
west and from parts of Ohio valley The
cash market was easier.
OGtS-ActiVity hattened out this morn
Ing Trade was largely local with pit
operations working bear side. There was
fair amount of realizing through COM
mission houses. The cash market was
about steady and demand moderate.
PTpTlSionS-There was a sharp contrast
between the action of pork and lard. The
former was decidedly weak on HQuida-
tioH. While the latter was strong on eX-
port sales the past two days which ag-
grega1ed 10, 000 rerces. Ribs about steady
25.d00 head.
= c. Geraghty & Co.'S New York stock
adNjces We're:
Logan & Bryant is pretty hard to
4ind anything new TO say about the mar
ket which presents the same features
and the same action day after day. There
IL some little irTeSul8rity in prices, but
an the main the market continues to creep
upward. Some stocks are sharply higher,
7here has been rather more activity the
past two days and it probably represents
some little increase in outside interest The
traders are. however. doing most of the
business. Stocks are just as scarce and
as Wen held as Ihey were at good many
points lower 1t seems to us a market
Il which there is but one side.
Dick BrOS.-Aarket has been excited
and rather irregular today. There was
smaller than Yesterday. Apart from
Southern Pacific the leading railroad
shares did not continue their advances
They acted as though profit taking on
large scale was going on. and most Of
them closed showing slight net losses.
Southern PaclfIc. however, was again ag-
sreSsNely bought. and reached 551a.
Sharp reaction occurred on the Metropoii-
tan shares, which were evidently due
TO profit taking. In the early trading
Amalsamated was decidedly strong. In
dic3fionS point TO q moderately good bank
statement. The closing was fairly firm
walker Bros.@The market today was
irregular. and while active there was not
aS heavy buying as yesterday. fractions
sold eff easily. and this in the middle of
the.5 day caused the whole market TO
weaken. Smelters was well bought and
scored good advances. The market in the
afternoon was duh snd without any great
pressure.
0,Connor & Van Bergens stock letter
Wen informed quarters speak well of
the movement in Southern Pacific attrib-
uting II to a gradual accumulation of the
stock based on its present and prospective
merits as an investment that viii some
tlme rank With the securities of other
roads of the same class. noYE selling we'll
above par Under the influence of this
buying and the general scarcity of stocks
prices advanced with marked ease, offer
inSs found ready buyers. 1t is said the
absorption OF Reading shares -inaugurated
in the 40s is still being very Slxiilfully
conducted and the stock is graduaIIy but
surel9E disappearing from the street. The
tone of the market as a whole is sSignifi-
cantiy hard in the face of extensive hqui-
dation both home and abroad. United
States Steel stocks are about the only url-
certain feature in the list Reports are
SO conflicting regarding the exact status
OF affairs in iron and steel trade, people
are taking the more conservative course
and let insiders hold prices where they