The Saint Paul globe., 1904-10-22
What the Brokers Say
v. Doran & Cos grain letter:

NJ. Doran & Cos grain letter
Wheat was firm on a quiet trade. about
noon and then it became very strong
closing at practically high figures on this
upturn. That there should be no selling
pressure to speak of later the rapid adj
vance is pretty good evidence of conf.
denee holders have in the correctness of
their position. The news on the whole.
was buillsh, although the cash demand in
several quarters was reported easier.
There were complaints from Northwest
respecting damage from excessive rains,
and Eastern millers were said te be- big
buyers at Duluth yesterday. The Modern
Miller suggests continued bullish possibili-
ties IN regard to the winter wheat crop.
1t reports moisture needed over a large
proportion Sof the belt, and further states
that weather has been ideal for Hessian
fly, which has made its appearance in
Illinois and Southern Missouri and Kan
SdS. The Minneapolis market was strong
towards the close. Northwest receipts are
expected to; decrease considerably with
IN the next two weeks. We believe in
purchases on every reaction. Liverpool
68 cars.
Corn was firm on a light trade regain
ing in part losses of yesterday. The fea-
ture of trading was the buying of De-
cember, against sales of May. Demand
for old corn continues good, stocks are
light and movement small New crop
conditions continue entirely satisfactory.
Export demand for deferred shipment is
poor and the seaboard reports no interest
pool closed 4sd lower. The Argentine ship
ments, practically 100000 bu, somewhat
smaller than a week ago, but still ample.
This, more than anything. accounts for
cars, 1O7.
Oats were firm on moderate trade.
There was a scarcity of offerings and pit
traders took their cue, from strength in
wheat and corn. The Eastern demand is
gradually increasing and export prices
are not so far out of line as to discourage
the idea of a fair business later on. Esti-
mated cars, 124.
/ Provisions were rather irregular but on
the whole the tone was much better and
tendency upward The hog market was
some higher on receipts of II, 0e0. Esti-
mated hogs tomorrow, 5000.
J.. G. Geraghty & Co.'S stock letter:
Logan & Bryant continues to be a
pig, broad market There is some hesi-
tating on the part of recent leaders like
Steel, for instance, but there is marked
strength in many others. The big trader
doubtless indicates good deal of profit
| taking. but the tone is strong and the
been persistently bulling stocks for long
time, and during. that time the market
has had a great advance. In looking at
the other side of it, however we can see
nothing attractive and no chances for
more than temporary weakness. Consider
Ing the money situation and the tendency
OF the business situation stocks are not
high. They will probably go too high be-
fore any money will be made selling them
| short.
O'Connor & Van Bergen's New York
advices:
Although the market continues very
broad IN many places, it is somewhat spe-
cIallzed. Advances are retained as a rule
IN face of very heavy profit taking from
what seemed to be important quarters.
one of the features in Reading and On
tar1o &c Western has been the steady
supply of stock from Philadelphia
sources The liquidation for this ac-
count must have been very heavy in the
aggregate, especially in Reading, where
the best Informed early bulls seemed to
be getting out. One suggestive feature
of the day has been that stocks gave no
evidence of tagging when neglected. TAX
ing it all together, the traders are bullish
but are watching closely and particularly
the source of any selling movement. One
explanation for Ontario & Westerns
great strength is that some one considers
the terms of the transfer of that property
to be good enough to make it worth more
than 40.
The market was very active today, with
/ special movements the feature. These
lifted the general list to a higher level
in face of some good selling and as fa-
appearance of strength was well main
tanned Room traders were active on
large scale following the manipulations
The traction stocks continued yesterday s
and without explanation. Ontario & West
eF11 was again heavily bought on its ac-
| quirement in some way by the New Ha-
ven road, but the details as guessed at
were probably in excess Of actual terms.
Other anthracite stocks were active and
higher. In the last hour the irregularity
was more pronounced and standard
stocks felt the, weight of earlier sales as
the influence of special movements We're
off. The close was active and feverish.