The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-14
WHEAT OPENS STRONG
BIT CLOSES WEAK
Report of 100000, 900 Bushels
for Export Breaks Future
Market


The following advices touching on grain
and stocks were yesterday wired TO St
Paul commission houses by their New
York and Chicago correspondents:
What the Brokers Say
NJ. Doran & Co. 5 grain letter:
Wheat-During the early part OF the
session there was good strong tone 10
the market. Some of the bullishness was
doubtless carried over from yesterday and
was reinforced by the response ln,dite
OF flour sales last night ana this morning
at Minneapolis aggregating 25e,ODD barrels
The Northwest Miller reports business
the past week rather quiet but safes
nevertheless, about equal the output Cash
demand in the Northwest was reported
good. Kansas City made a sale of
round lot to Northwestern miliers. but
trade here was rather slow. The closing
Liverpool cable lost fraction OF ITS gam
on the Price Current estimate OF 100,Ooe:-
coo bushels or more for export from TINS
crop. Argentine crop conditions reported
as encouraging. During the last hour
the earlier gains were sacrificed TO real
izing and TO some short selling for &C
count of local traders. The December
throughout was relatively strong, going
to premium over May. Outside mar
ketS did not show the weakness displayed
here. liverpool closed sd higher. Es-
timated receipts tomorrow 20 cars.
Corr-During the first hours trading the
December premium was reduced to 35sc,
the May in the meantime ruling dull; and
advanced &c reluctantly. In the last hour
the whole list sold off with the December
showing least loss from best prices There
are two distinct markets in the corn pit
which bear little relation to each other.
the December being distinctly an old
crop proposition, reflects the cash situation
and small receipts. The sample market
today was 1c to 11ac higher on scarcity
OF offerings, and country acceptanceS We're
light. The short interest is understood to
be considerable and we would suggest
covering of shorts. The news bearing on
the May was as usual, bearish. The
Price Current now figures on 2,4OO million
bushels or upwards, with more merchant
able grain than a year ago. This was in
fuentiai in Liverpool, breaking the mar
ket I'd. Prof. Holden, of Iowa Agrlcul-
tural college, places the crop IN Iowa at
800 900, 600 bushels, with a possibility of its
reaching 350000,0 goo bushels, Liverpool I'D
up at the close. May corn is a sale Es-
timated receipts, GO cars.
Oats-The aggressive short sellers Of
yesterday covered this morning. making
period of strength which was lost as soon
as the demand was satisfied. the market
slipped off easily. Trade small and large
" local. Cash market re higher. Esti-
mated receipts IS cars.
Provisions-There was a much better
tone today after the Shake-out Of the past
few days, and the impression prevails that
weaker holders have pretty well liquidat-
ed. October lard and ribs. particularly
the latter, made fair advances. Estimated
hogs tomorrow, II, coo.
]. c. Geraghty & Co.'s New York adj
vices:
more than slightly fractional changes the
market is higher. The volume of bust
ness is running about the same from day
to day and does not yet indicate that
stocks are accommodating to any extent
in the hands of the general public or OF
weak holders. There is nothing changed
in gossip or conditions. The market is
gradually working higher through the
force of the underlying factors of sound
business conditions and expanding pros
perity Those who are still patiently
waiting for reaction are still suffering
diSappointmentS. Reactions are. of
course always possible, but We see moth
ing to make them very radical. The ten
dency of the market still seems higher.
OConnor & Van Bergen's stock letter:
Confidence seems to grow as prices adj
vance Promise of large crops form the
Foundation for the homes of 1905 as a year
of prosperity. In view of which ii is not
at all astonishing there should be an in
and investors for the securities of those
properties like the Steels. for instance,
which would receive the greatest benefits
if these optimistic anticipations are to be
realized. Growth of confidence means eX-
panSion of strength. We may next eX-
pect TO see the smaller investor enter the
field. and following that would naturally
follow revival Of public activity. Tne
ShortneSS in duration and extent OF mar
ket reactions recently is a further con-
elusive proof of the general confidence
in the situation. All attempts to diSlodge
holdings. even in which large profits are
accumulated meet with no success. The
rally in United States Steel preferred is
the distinguishing and powerful influence
in today's operations. and has paved the
way for manipulatiVe dealings in other
parts Of the list. Brooklyn has been an
other strong independent factor, moving
up on the buying of most excellent char
acter based on a knowledge that the
ST tus Of the company is better. both as to
its present actual earnings and its ca
pacity to do even greater business
The market was active today with a di-
version of speculation from the railroad
4-~s-, L.
was a continuance of liquidation in rail-
rOals which caused sagging tendency,
but declines were merely in line with an
ordinary reaction. little rallies occurred
at times. final changes being small. In
the traction list Brooklyn was the feature,
and was under constant manipulation,
making a large advance. The movement
in the induStrialS embraced many usually
inactive stocks and seemed to reflect a
sentiment that these stocks have been
unduly depressed and that the outlook for
the winter business is good. The irregu-
larity in price movements and in Senti-
ment regarding the markets course con-
tinued TO the close.