The Saint Paul globe., 1904-08-27
What the Brokers Say

What the Brokers Say
M. Doran & Co.'S grain letter says:
Wheat was strong and higher, but the
market was very nervous and operators
did not follow the market far either way
Judging from the we'll distributed buying
orders here at the opening, the Minneap-
oils curb, which was down 2Bc, was
evidently manipulated to allow of getting
some cheap wheat here. The news was
bullish, but meager as to quality and
short as to variety. The advance was
doubtless more in response to well ground
ed convictions that the situation in the
Northwest is a serious one and that high
er prices are going to rule later onathan
to- any items in the days developments.
The threShing returns at hand are below
anticipation and it looks very much as il
the machines are going to verify in full
the worst claims of damage. The largest
Canadian milling company reduces its es-
innate of Manitoba yield from 19 bu to
from to u, and the Ontario fall wheat
yield is given as 1927, 000 or $500 900 less
than a year ago. The Liverpool market
closed strong, 5sd higher Continental
markets all higher. The tone of our pri-
Yate cables is very strong. We believe in
these prices. Estimated receipts 103 cars.
Corn-It was a full hour after the open
ing ebefore liquidation, which started late
yesterday, had fully run its course When
the excitement had subsided somewhat
and the disappointment of the bulls at
finding no frost in this mornings map
was forgotten, the cool weather over all
the belt and the significant refusal of
the country to accept the reduced bids for
cash turned the tide and final figures va
I1ed little from the previous close. On
the break December was actively bought
and we would advise our friends to keep
off the short side of this option as it is
probable old corn will be scarce around
delivery day and because of the fact that
December usually proves an old crop fu
ture. The Liverpool options reflected our
decline but spot value of American corn
was advanced I'D on good demand Buy
corn on the reaction. Liverpool closed
&d to Bd lower. Estimated receipts S69
cars.
Oats varied from steady to firm on
small, featureless trade. We favor the
buying side on reactions. Estimated re-
Provisions was general liqufda-
tion of all product today, especially Of
that bought on recent strength in corn.
The export demand for lard is reported
the Hungarian supply has been reduced by
drought conditions. Estimated hogs to-
morrow, 5000
IL. c. Geraghty & Co.'s New York ad-
Logan & Bryan-Because the market
does not react traders attack it every
lew days thinking a reaction is due.
They have been doing this unsuccesSfully
for six months. There is no change in
the market and no change in the condi-
7tions which make it. There is some in
day, but it is slow and small. There is an
increase in business and in earnings, but
these are also small and slow. They al
ways come in that way. We see nothing
on which to advise the sales of stocks;
the tendency of things in every respect
is favorable to better future and it is
only a question of how many weeks it
will be until it will become so apparent
that waiting investors will cease waiting.
Dick BroS.-The market has been very
irregular today with some stocks very
hkasax
fuence of profit taking. Reactions in the
commodity markets helped sentiment but
the chief influence was the activity of
professional operators and further short
covering. The close was irregular but not
weak.
y Paine Webber & eo.-The interest in
made a new high record. There is a good
demand for Winona and it acts well.
-Amalgamated and the rest of the Coppers
all acted well and show a steadily i'm
proving demand, and the outlook is IA
vorable to higher prices. The tone of the
general market is still firm and sentiment
is bullish. Atchison earnings for July
decreased over $500, 900, both gross and
net and this may have been Responsible
for the duller market this afternoon. 1t
may lead to re2Gtiun, as a moderate one
must Se about due.
O'Connor & Van BergenS correspond
ent says of stocks:
The powerful character of the forces
back of the present movement in stocks
mas DeSH pldlIlly uiSpIdyed To-Day IN al
most positive buoyancy in many parts of
the list, notwiths tanding a strong upward
tendency in commodity markets. Steel
preferred has been one of the most active
features of the buying, thought to be from
Morgan sources. The strength of this is
sue in the face Of recent recessions made
in prices is indicative. plainly demonstrat-
ing the general opinion that this action
by the corporation, instead Of being
bearish argument, is to the contrary, very
bullish, as furnishing an incentive to live
lier competition and increased business.
Trading continues almost exclusively pro-
fesSional, what public interest there is be-
ing at the moment confined mostly to 9TH
er speculative fields. Renewed traction
deal talk awakened these shares, each
scoring substantial advances.