The Saint Paul globe., 1904-08-20
What the Brokers Say
5oran e. Co.'S grain letter saws /:

What the Brokers Say
NJ Doran & CO.. grain letter says:
Wheat-The entire wheat growing and
wheat handling world is rapidly approach
ing. if not already in a state of panic,
over the situation in the Northwest. Min
neapOis led today's advance with a gain
of &c for September, and other markets
responded with enthusiasm. Yesterday s
check was but halt for breath and a
clear view of the situation. Liverpool
opened unexpectedly higher, and the Min
neapolis curb gave clew to what might
be expected later. The market was eX-
ceedingly nervous and fluctuations more
often by Il and u than by 1s. In addi-
tiOn to previous misfOrtunes rains threat
en- to impede harvest and the forecast is
for further precipitation. Winnipeg ad-
vices leave little doubt but what rust is
spreading with same rapldIty and With
same destruction in its wake as on this
side of the line Reports of yields too
small to pay to thresh are coming in.
Snow, wiring from Alexandria, after a
drive from Fergus. says there is not a
pint of wheat in the shock in that dis
tTiCt. The Modern Miller says farmers
are holding the best wheat where the yield
was the shortest. and a decrease in move
ment is probable. Cable adviceS say the
yield in the north of France is 25 per cent
short of year ago. With the whole
country interested in the wheat situation
the Northwest in a panic, and estimates
OF yield by good, conservative authorities
being daily reduced, there is no predicting
Nlere the advance Will stop.
We still believe in the long side and
advise purchase on the sharp, quick
breaks Liverpool closed 17sd to I'd high
ct. Estimated receipts for tomorrow l3l
cars.
Corn-The critical situation in the corn
belt was relieved by general rains and
the forecast indicates further precipita-
tion throughout lake region and the Ohio
valley. This and the heavy country ac-
CeptanceS led to free realizing aIrd a
lower market with a temporary check
during forenoon on strength in wheat.
While the crop situation drops out of
sight for the time being there are other
features in the situation which foreStall
possibility of lower prices this season.
Values abroad are i'll line for export and
we made sales direct to Liverpool today /.
Spot corn there was Id higher on small
stocks RumorS early in week that Aus
tria was bidding for corn in the Argen-
tine were partially confirmed by reports
today of ocean charters made with priv1-
lege of a discharge at Fiume, an Austrian
port.
terday's prices. Relative to the options
we believe in purchases on breaks. 1iV-
erpooI was fraCtiOnally lower at the close.
Estimated receipts, 165 cars
Oats We're dull but firm for most part,
with Nav showing best relative strength
ON a continuatio of investment buying.
Near futures We're sold by cash houses
Receipts today were somewhat larger and
So We're country aCceptanceS. The caSh
market was steady at yesterdays prices
We consider May purchase. Estlnateo
receipts 354 cars.
Provisions We're somewhat lower all
around. with no interest whatever taken
in the market Estimated hogs. 10000.
J. c. Geraglty & Co.'s New York stoek
letters follow; l..
the lone hardly so good as 1t has been
The continued crop damage complaints
are doubtless something OF factor; int
DISRUPTION of the Steel pool is giving rise
fn talk of a reduction in the dividend or
Steel preferred. This stock is being sub
iected to another bear attack. There is
q little more evidence of liquidation. We
do not regard fundamental conditions
changed. however, and would continue tt
buy stocks on the reactions.
Paine. Webber & Co.-The action of the
wheat market today checked the buying
demand for railroad and industrials anc
increased the selling. Evidently thu
strength of the grain market IS mafSInt
the public believe that there really ma.
been considerable damage, and II thu
belief grows there will be more stocks 10
sale The action of the market en-,
courages the belief that the Teactaon Nv, Nj,
90 further, and for the present we Wonit
rather sell stocks than buy them:
we are going to have reactlon or lfife'
or four points it is good plan to get II
shane to take advantage OF the 4oV
pTices Activity in the Coppers continue:
to shift from one stock to another and II
Spite of the seeming duIlneSS the IeVe
of prices is slowly creeping higher.
Walker Bros.-The market today at thu
oDening was steady and with LondoI
prices a little higher. All morning stocks
remained firm. but in the afternoon thert
was a decided weakness and traders selt
heavily and the whole market declined
Several speciaIties remained firm, but tn,
general list made losses. Sentiment wa
mixed, but there was good deal o
bear talk. The close was at lowest of thu
day
O'Connor & Van Bergen's stock ad
Vices were:
The resistance which has been showl
for a day or two to influences that shouh
lead to a reaction in the stock nlarlle
was less pronounced today and speeula
tive sentiment weakened with the ton,
growing heavy towards the close of tlll
day The steel war and the continued
advance in wheat were the principal in
fuences.s and as the technical position o.
the market has been weakened by dis
tribution of stocks from large to Sma1
holders there was encouragement for &
renewal OF bear tactics The close wa:
rather weak