The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-19
What the Brokers Say

WnaE the BTONCFS Gay
NJ Doran & Co.'S grain letter:
Wheat advanced slightly today under
stimulus of legitimate cash situation.
Sentiment originating in Hessian fly re-
ports enanating from st. Louis was1Some-
what OF a factor The potent features IN
the situation are those usually expert
.enced towards the end of snort crop,
and not within few months after mar
west and at the height Of spring WheaI
movement. 1t is becoming dally more evil
dent the quantity of good milling Wheat
available is limited and the eagerneSS win
which the millerS take 1t atteSts the
vances are being asked for the best guam
ties and the lower grades OF soft winter
wheat are working higher. NO 4 red sofa
in Kansas City today at Slut Duluth re-
ports stocks OF No. northern practically
exhausted and mixing houses giving up
the attempt to make it from lower grades.
The milling demand is a tangible every
day thing and not a speculative myth, and
as such can have but one erect on values
The uniquenesS of the present position ana
the bull possibilities can be more 1uily
realized if it is borne In mind that the
winter wheat movement Is over, and that
in the Northwest is on the wane. Liver
pool was I'D to sd lower at the close
Estimated receipts for tomorrow, 60 cars.
Corn was inclined to drag and Specula-
ton was at a low ebb. After an easier
start prices were comparatively firm at
small gain, influenced principally by
strength in wheat and by moderate COW
ering by shorts. Country acceptaneeS are
light at prices bid and the cash market
was a shade lower. We suggest pur-
chaseS of the December sales of May at
prevailing difference. Liverpool closed IA
lower. Estimated receipts, 73 cars.
Oats were firm, especially the May.
There was a moderate amount or cover
ing, but the sympathetic influence OF
wheat in the absence of news, bearing OIL
rectly on this market was the chief fac
tor. Country. offerings nave fallen OH
with the decline. Demand is rather slack.
The cash market was practically un-
changed at yesterdays prices. ESTIMATED
receipts, 100 cars.
the leadership of buying of lard by the
packing interest most actively Undermined
with the bull side. Estimated receipts of
J, c. Geraghty & Co.'S stock advices:
Logan & Bryan-The action of the mar
llet is a little heSitatlng, but the reactions
are unimportant and it holds the recent
advance remarkably Well. There has no
doubt been a great deal of profit taking
in the last few days. The buying repre-
sentS to some extent an increasing OUT
side interest. We do not think, however,
that there is yet any dangerous accumu-
lation of stocks in weak hands. The SItua-
ton looks to US still healthy one and
when we look for conditions and influences
which would tend to bring about anything
in the nature of a bear market we are
unable to see them. Stocks are not yet
high. There is hardly dividend paying
stock On the list which does not better
money. We still advise buying stocks.
BoSton-The Boston market today was
again strong and active, with Mohawk and
Range the leaders, and Allouez IN good
demand Traders were the principal SELL
ers. Mohawk opened in good demand ana
later on it was rumored that the showing
York sent several orders to buy, which
boosted the price. The interest in United
States Mining and Bingham seems to have
abated for the time and is selling now.
large volume. The price move was some
what irregular, but the undertone was
much stronger and the result OF the DAY s
operations was to leave the active STOCKS
well above yesterdays close. Nothing or
an unfavOTable character has developed to
bring about any modification OF bull Sentl-
ment and all the influences today were of
a favorable character. We still consider
the market sufficiently high for the time
being and we advise fair profit taking in
anticipation of some reaction. Advise I'M
usual caution in trading.
O'Connor & Van Bergen'S New York let
ter:
Although there has been a slightly more
professional tone this afternoon than
earlier in the day, active stocks eaSed off
only slightly, while others were at once
taken in hand with fair degree of success.
The most enterprising of the brokers are
still working on the bull side. Erie en-
countered some large selling around 30,
but took the offerings with suggestive
strength. H. &. EckStein sold a block of
10000 bought at lower figures, supposed
to be a merely speculative account in
which there was a large profit. In fact,
there has been undoubtedly a good deal
of profit taking of this character, although
it has had surprisingly little effect on
prices. Banker Vanderlip's speech, as far
as we can learn, has been most favorably
received, and it is thought will do much
to invigorate and hold confidence. People
who should be well advised are expecting
an announcement in the near future that
Ontario & Western has been sold to some
other road. London has it that Lacl1a
wanna is the purchaser, but we think the
New Haven would probably be nearer the
mark. The purchase of the stock in Lon
don the past few days by agents of con-
trolling interests on this side is thought
preSageS an early announcement.
Bank CIearines
St. Paul ;....................... 81. 277, 449