The Saint Paul globe., 1904-10-12
What the Brokers Say

New York:
What the Brokers Say
NJ. Doran & Co.'S grain letter:
Wheat was nervous at somewhat
lower range OF values during the fore
noon. but recovered entirely before the
close. The opening slump may be dl-
rectiy attributed TO improvement IN
government figures on spring wheat
and TO lack of good trading news. the
market was largely q local one, with
Dit conditions making prices. The De
cenber was in relatively good demand,
and discount under May was narrow
ed. Statistical news again furnished
the bear arguments. The total crop
suggested by the government is 55O.-
GEO ,00o, with the three Northwestern
states producing $4,000, eco. Liverpool
was a shade lower. Estimated receipts,
SO cars.
Corn was firm, excepting for an
early dip on the government report.
Local shorts covered quite freely, and
many bought in anticipation of a re-
action The tone may be traced TO
falling off in country purchases, the
improved domestic demand and
strength IN the cash market. all OF
which were to a large extent the natu-
raj result OF the severe break. Kansas
City reported sales to gulf points, also
sale Of a small lot of new corn for ex-
port today Export bids in general
however. are 1d2c bu out Of line
The government report practically
substanuates the September figures
and larger private estimates The
yield IN seven surplus states is H.
Goo 900 larger than year ago, while
In Illinois Nebraska and Iowa, the
largest shipping states in normal
years, and ones most drawn on for
commercial supplies, the total is 215,-
100000 larger than last year. 1t Ger
tainiy looks as if there's enough 10 go
around, and II Is further probable that
as a result of ideal weather since the
report data was gathered that final
figures VIII be somewhat larger. LiY-
eTpOOl closed g q lower Estimated re-
ceipts, 81 cars.
Oats-The market reflected the enor-
nous increase of over 100,000060 bu
reported by the government over that
OF month ago. The yield per acre
was high and also the quality The
latter, however. was long ago verified
BY receipts. The cash market was Il
a &c lower Estimated receipts. ia
cars
Provisions were quiet. and steady
market at fractional losses. The hog
market was sc lower Estimated re-
ceipts OF hogs for tomorrow, 1000
head.
J. c. Geraghty & Co.'S New York
stock adVices:
Logan & Bryan-There are hardly
any laggards in the list today. Pretty
much everything is higher. If you are
waiting for reaction you are getting
beautifully left There is no impair
ment in the strength OF the situation.
stocks are not yet high and there is a
great time ahead II IS not opinions
that are making the market; it is con-
dltions and the tendencies of condi-
TlOns- These are all bullish.
Walker BrOs.-The market today
opened strong and steady on good buy
ing and then reacted a little. ST. Paul
was bid up and advanced on scarcity
OF stocks Some specialties were bid
UP. In the middle of the day the
market was not very active but before
the close it braced up and became
quite active. We look for a continu-
ance OF this sort OF a market with
prices working higher.
Dick BrOs.-8Iarket had a curious
reaction in the first half hour today,
but the selling soon ran itself out and
new strength developed which contin-
ued TO the close. Numerous special
ties were advanced. The very favor
able government report was the en-
couraglng factor and was made much
OF The market showed less activity
IN the late trading and was somewhat
reacuOnary.
O'Connor & Van Bergen's stock let
ters:
Although the stock market is by no
means broad, activity being confined
20 few specialties il has displayed
1he characteristic strength to which
the street is becoming accustomed: !:
such a thing as a serious setback. does
not seem possible. Union Pacific and
81. Paul as leaders are maintaining
That position with hardly a Waver.
other stocks following in sympathy.
but in a kind Of hesitating sort of
fashion. The buying is mostly by trad
ers, and therefore does not inspire
much confidence. Keech Loew. 4. Co
who are credited with Standard Oil and
First National bank orders. were
buyers Of some 10000 shares of Union
Pacific. Philadelphia houses bought
Southern Pacific in fair quantities.
Best London buying today was in the
latter stock The early morning ad-
vance. considering the highIy optim-
1sJIc figures given out by the govern
ment crop report, did not by any means
come up TO expectations, in fact much
disappointment has been expressed at
the scarcity Of buying orders at the
opening, an indication to the minds of
many that the large estimate in corn
Is not taken as a certainty bv sDv
means In fact. it is the best opinion
OF those who think the corn harvest
Will be large, that the government
IS some 10000. 600 bu too high
The market was uncertain in tone
IN thefirSt hour. with prices irregularly
lower on unimportant London and To-
cal selling, Influenced in part by yes
rerday's feeling that the government
report was discounted for the present.
Il may be assumed that this view was
not shared by the large operators. as
heavy buying orders in a few stocks
came IN later from parties conspicu-
Gus as buyers in the past two or three
WeezS, generally referred TO as West
ern interests. Union Pacific and St
Paul were early features and later 9TH
er stocks were taken up, giving a gen.
eral appearance of decided strength.
but il was not in many that the sup
ply was large and that prices bulIed
hard- It is apparent that the heavy
buying IN today's market is not so ef-
fectve as 1t was a week ago on senti-
ment or prices. The market closed ir-
regular, in the main firm, below best
prices.
Available Supply Changes
NEW YORK. Oct I-Special Cable
ana telegTaphic communications received