The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-16
What the Brokers Say


NJ. Doran & Co.'S grain letter:
Wheat-The action of our market today
has been based on speculative transac-
lions and more on cash situation than at
any previous time. People who handle
the Southwestern crop are buying practi-
cally no wheat to come here. 1t is not
possible to buy 1t and bring it here at a
profit. Farmers offerings have fallen off.
There IS no prospect of our getting any
red winter wheat here to amount to any
thing. Prices in the Northwest are higher
than ours. These conditions mean this
market will be lowest one in which con-
sumers can supply their wants from now
till close of navigation. All these facts
point to small stock of wheat here and
nave lea to an Increased demand for De-
cember wheat and narrowing of diff
ferences between December and May
Early our market was weak. Quite a
good deal of wheat was sold short for
local account and we think these short
sales were largely covered later. Weather
IN Northwest is bad. raining and showing
in Manitoba; We will, of course have a
run of good receipts in the Northwest
when weather permits. Figures on Rus
san crop snow 1t is 1OO,OOOOOo bushels
Short Of last year Liverpool closed
shipments will be 100000 bushels He says
Argentine acreage will be 20 per cent
larger than year ago. Present crop pros
poets excellent. Estimated receipts to-
morrow, SO cars.
CornEThe early reports of weather
through the corn country We're not bad
SllOuSn W encourage buying ana, On the
contrary. for little. while every one
seemed to have selling orders. This
selling lowered price of May to Sic. The
market was firmer later. Large holders
of futures in our market are open buyers
on large scale again. Some local traders
bought May after it got above 51Rc. All
the, news We, have been able to gather
and what we know of the market inclines
us to believe May around SOC is low
enough for present. The frost of last
few days where fine warm weather was
ho rsfo Tod oil slD,., II
The cash market has dragged today and
we call it weak. Estimated receipts for
tomorrow, 533 cars.
Oats-There has been only a moderate
trade today. There is nothing here to be
said of the situation. Cash demand is
moderate and states east of us are selling
fhe demand our ana are
Provisions-It looks as. though provi-
sions would work some higher but for
steady liquidation that has begun in Oc-
tober. Even the packers who have owned
the october lard and predicted much high
er prices for it seem to be changing this
lard over to January, paving he hun,
was at &c to nc discount under Novem-
Der today. Holders keep selling October
ribs and with light speculation these fea-
lures are against an advance. Estimated
hogs for tomorrow, $4,000
j.. c. Geraghty & Co.'s New York stock
a3vices:
Logan & Bryan-The market Is
acting little more hesitatingly and as
if there might be two sides to it for a
time. The ownership has probably not
been improved by the active trading of
the past few days. A good many stocks
have drifted into the hands of those who
trade with stop orders back of them. The
advance has made great many attrac-
tive profits which the trade will be glad
to take. Quite a number of stocks with
no merit in them have been freely bought
and advanced of late. SO that while we
are still Of the view that the market has
INF yyaf
also of the view that sharp reactions may
easily take place. We would wait for the
reactions.
O'Connor & Van Bergen's stock letters:
The rather aggressive buying of New
York Central about midday looks like part
OF the general plan outlined by those in
charge OF the stock market to stimulate
confidence in the permaneney of the adj
vance and thus attract the public atten-
ton. which has not yet manifested a
marked speculative interest. The move
ment in steel stocks is accompanied by q
variety of rumors more or less absurd
This afternoon, for instance, it is report
ed that there is an attempt being made
to secure control by important interests
who have been accommodating gradualls
the common stock for some time and
have recently again been large buyers
Another story has it the corporation will
acquire the Pittsburg and Lackawanna
Steel company. The market has been de.
cided Irregular since midday; in fact, we
think rather toppy to use a street term
net lOQdy Has D6SH on a very neaVy
volume of business, with strength the
general feature. but with bulk Of trad.
ing confined to relatively few issues
PENNSYLVANIA and Steel stocks were easil,
the leaders and under cover of theii
strength heavy realizing elsewhere was
evident. Trading was distinctly .'spotty,'
and conspicuous strength and eviden,
weakness We're frequently manifested al
the same time in different quarters of ths
market. Sentiment, while ruling builist
for while was rather mixed as to flu.
ture course Of market, being Influenced
by the recent sharp advances and irreg.
ular trading. Heaviness in the so-cailef
Hartman group was depressing and off
set effect of advances elsewhere Stock.
We're for sale on every advance, but as {
whole the market absorbed the Offering.
well until the last hour. when price:
yielded, touching the lowest point of The
day for the general list.
Close was at some slight improvement
and active, with declines the general rule
Time money rates were distinctly firme,
on offerings, but with little change in fh.
demand.