The Saint Paul globe., 1904-10-29
WHEAT GOES LOWER
ON PACIFIC NEWS
Passing of war Scare and Gen.
eral Good Feeling Sends
Price Down

Wheat continued its downward trend Of
the past few days on easier feeling with
regard to European complications.
Stocks were nervous and somewhat
What the Brokers Say
NJ Doran & Co.'s grain letter:
Wheat-The passing of the war scare,
as told by weak cables and but frac-
tional loss in consols formed the founda-
ton for further liquidation during the
first half of the session. During that time
outside markets were weak, those IN the
Northwest rejecting fine weather and the
sharp increase in stocks the past week at
Minneapolis and Duluth. The cash de-
mand fell off with the decline and little
business was reported until the market
rumors of a large lot sold from Duluth
to Eastern millers. There was evidence
that some of the principal bulls We're re-
placing long wheat here and at M1nneap-
oils, and this gave the closing strength
to prices. Every bull in the country has
been a seller the past three or four days,
short. This is the time to buy. Liverpool
was u 1sd lower. Estimated receipts,
SS cars.
Corn-The bearish local operators had a
free hand today, with lower cables, the
foreign war news, the fine weather and
weakness in wheat as leading influences.
Break in December produced no effect
whatever on cash market which fully
the light receipts was eagerly taken. But
little shipping business was reported
chiefly as offerings were light, but pre-
V1ous premiums could have already been
obtained. Weather conditions ideal, clear
and cold, without trace of precipitation
and forecast is for continuance of these
conditions.
The continued heavy clearances from
Argentine render Europe independent Of
supplies from this country. We see no
reason for selling December so long as
n
big premiums. The May is sale on
hard spots. Liverpool closed 1s @5sd low
er. Estimated receipts, 81 cars.
Oats simply mirrored the fluctuations
IN wheat and corn. The day passed with
out features. Cash market &c lower and
a fair cash business was worked on break.
Estimated receipts, 116 cars.
PTovisions-The selling of lard weaken
ed provision list. Trade light with
bearish sentiment prevailing with pit ep
orators. Estimated hogs, $4,000.
]. c. Geraghty & Co.'S stock advices.
Logan & Bryan-The stock market is
closing strong. The DOGGY man. having
run to cover over night, traders turned
their attention to the buying side of the
market. New advices are that the trouble
between England and Russia will be set
tied by arbitration and that no diplomatic
breaks viii occur. A better demand is re-
ported by the railway equipment COM
panieS for supplies. The Atchison state
ment for September shows a substantial
net Increase, although for the three
buying all through today was of splendid
character, although at times the market
showed some nervousness. We believe,
barring other accidents, stocks for the
present have had their break. There is
a considerable short side, which is but
natural on this large volume of bust
ness, but we still favor the buying side
OF the market, as all reactions can be
but temporary.
Northern Securities opened 116, highest
1I7$s, lowest 116, last sale 116B, closed
116% @116%, sales 10000.
Dick Br0S-ReSDonding to the foreign
assurance that the Anglo-Russian matter
would be quickly adjusted, the market
has been decidedly strong today bullish
prompt response by the speculative rank
and file. Aggressive buying brought about
sharp advances in Sugar and Amalgamated
Copper, these stocks being the feature.
Union Pacific was decidedly strong. Steel
also rallied well, trade news being
encouraging. Forecast of a bank state
ment being favorable, helped speculation
considerably. Chicago Great Western,
Rock Island, Erie. Delaware & Hudson
and st. Paul We're all quite strong.
Paine, Webber & Cot is impossible
to pick out any particular strong stock
in the Boston market today. All the cop
per stocks were intensely active and sold
on the advancing prices in large vol
unles. Atlantic was in great demand and
sold steadily up to f07. Isle Royale fol-
lowed with an advance of So and Michi-
gan, Franklin and Allouez moved up
over a point a piece. Winona- was taken
in hand today for the first time for many
months and on heavy transactions ad-
vanced to 105s, closing at the top. Taking
1t altogether, it was the best market We
have had for some time and promises well
for the future. On any reaction buy cop
per stocks.
OConnor & Van Berger's New York
letters:
Watson & Co.-operators have been
inclined to bullishness today, arguing
there was evidence of large financial in
tereStS were sufficiently committed to the
long side of the market to insure pro-
lection against any serious decline. Nu-
merous consolidation rumors are floating
ilarity to that of 1901 Most of the
changes seem to contemplate the absorp
tion of every small line in the country
into the folds of one of the greater sys-
tens. The market has ruled firm and
strong all day. although activity has
been confined to some extent to a limited
have been conspicuous as leaders, with
large professional following to excel
lent buying. There are yet a number of
cases said to be ahead of the Northern
Securities matter. 1t is thought, how
ever, it will be reached next week 1t
is estimated arbitrage houses have bought
today about Sc, 900 shares of stocks. In
view of small net loss by banks a rather
favorable statement is looked for.
Van Emburg & Atterbury-With the
reaSsuIing news from London and higher
prices there for our stocks, buying of
The market was resumed with confidence,
prices advanced easily and the strength
found covering by yesterdays short sell
eTS. London was a buyer. particularly of
Erie. and that stock led the early move
ment. Later the anthracite stocks were
conspicuous and the steel stocks, on good
buying, made an easy advance. A slight
tendency to slight reaction later was
checked by strong buying of Sugar and
a few others and the close was active at
about the best prices.