The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-15
WHEAT OPTIMISM
BEARS THE MARKET
Good Reports From Northwest
Cause Selling and Lower
Prices

Wheat was off &c at the close yesterday
as result of general selling and profit
taking induced by good reports from GER
tain sections of the spring wheat belt.
Stocks were strong and higher, with a
broadening tendency to the trend of the
market in New York.
What the Brokers Say :
NJ Doran & Co.'S grain letter: -
Wheat closes &c lower than it did yes
terday. While there nave been a great
many returns showing very small yields
in spring wheat states there have at the
same time been a good many reports from
good authorities showing fair to large
yields of wheat of good quality. This
fact has led to liberal selling. Some lines
OF long so wheat ao were sold out and there
closed at the lowest price of the day.
We believe that anyone who holds wheat
will ultimately be able, to. get much high
our market: This should be expected.
Liverpool closed 1850 higher. Brad
S6reets figures show an increase of $780,
600 blu. Trade has been general and in
lerest In our market is well distributed.
Estimated receipts tomorrow. IS cars.
Corn closes Zee lower than it did yes
terday. 1t is weather market. as the
prospect is for frost throughout the West
again. If we find tomorrow that killing
1rosts have been general corn will tenn
p1orarily sell higher, in which case we
ers, and without frost every one would
want to sell. Eastern markets were Of
ferlng to resell corn here today. Liver
pool closed ed lower Estimated re-
celptS tomorrow, 436 cars
OatS-Tle market has been rather quiet
and closes little easier than yesterday
me strength in corn makes an offset
TO large stocks in sight and the result
IS a rather steady market. with but mod
crate speculation. The cash demand is
small. There is some buying, in the oats
market due to the difference in price be-
tween oats and corn. Estimated receipts
tomorrow. 100 cars =
[ProVislons1January provisions showed a
small advance for the day There has
been a scattered demand Which has been
suppiled by, packers. The packers have
already sold moderate lines of January
provisions. but would undoubtedly be glad
to see an advance to sell more. There
is good cash trade. Hogs receipts
were moderate and are expected to be
SO next week, Estimated receipts of hogs
j. C. Geraghty & Co.'S New York adj
vices: n
Logan & Bryan-The market continues
10 broaden and to advance. There is an
active general buying and a good many
stocks are passing from the hands of
those who held them through the dulIness
and the low prices into the hands of
buyers at current prices. There are no
1ndicatlens yet of any abatement of con-
1ldence. On the contrary the manifesto
tlons OF it are increasing and the market
'--A u. O1Sipiy LliSuSI. Win I'M
favorable tendency of the reports on the
cotton crop and on the corn crop and the
latter at the moment threatened with
carnage by frost, bullIshness is naturally
scattered holders accommodating stocks at
the advance that any advance on the
crop proposition might make a sharp re-
Paine, Weber & Co.-The market in
the Coppers shows decided tendency to
9roaden. Ihere was renewal of buying
n md ta<1o
was strong all day and acts as though
It would go higher. The general market
Is very strong again, seeming to have
improved as result of the recent reac-
ton; On sharp advances we would take
prohts. however, and be prepared to buy
on weak spots.
strong and active and the buying was on
a big scale. There was slight reactions
during the day. but the tendency was up
al; ana oefore the close everything was bid
Jay: we are still very bulish
Dick Bros.-The market turned buoy
ant again today and sharp recoVeries
vices Were more favorable than expected
and there. seemed better prospects for
good weather. Vigorous buying was seen
Vapia, Reading and Union Pacific The
market showed very determined s1pnort
whenever it became reactionary and ii
crossed with whirl. Bullish Sentiment
was very much encouraged by the
strength which was shown
O'Connor & Van Bergen's correspond
enfS say:
Morning advances In stocks have been
generally retained in later dealings, al
though trading at no time showed any
particular activity. What trading there
of further United States Steel spreferref]
stock to be transferred into bonds. al
though not treated at all seriously. caused
a gnd bod nghtihlng covering in the stock
on the rest of the list, which before ha
shown a disposition to hang back eowirle
TO further frost reports, which the
strength in wheat and corn seemed &c
verify. PENNSYLVANIA movement attract
ed great attention, especially so because
sn@ oux ylg,,. apparently comes from
panys affairs. The predicted rise In
Baltimore & Ohio has not put in an an
pearance as yet; however. they saw it Is
only postponed and is surely on the pro-
gramme. unless something unexpectedly
adverse develops to cause a general down.
ward movement. London was an unex-
about 1000 shares in all saies being aakt ri
fling. United States Steel stocks. South
ern halfway and Erie. seemed to be the
1ayoHtes; 1t Is said the Morgan-Harri-
man following abroad ara particularly
issues. >. ',--~
Volume of business was a degree great
er than yesterday and with much alter
ed tone, confidence taking the place o,
uncertainty: Opening shade better, the
initial trading hesitated, then beea ms
strong and the market broadened ont
substantial advances being scored ali
along the line. Reports of some frost
in corn belt disregarded and a genera
belief in higher prices in our market lee
to buying for both accounts. Pennsyl.
yania. Southern Railway common and The
Steel stocks We're made the leaders.
better tone and advancing prices fo,
Southern Pacific and Union Pacific wers
without doubt influential on the market
sentiment. In the afternoon hours trad
ing was rather less active. but undertone
continued firmer. and in the last hou,
prices again advanced. the market clos.
Ing active and somewhat irregular. but
generally strong
Bank cisarings