The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-08

tinueS to be bullish and prices all day
yesterday had an upward tendency.
Stocks continued their upward trend,
but on liquidation closed at slight conces-
sions all along the line.
What the Brokers Say
NJ Doran & Co.'S grain letter:
Wheat-The news on wheat from the
Northwest continues bullish. Receipts
there are light. Threshing returns from
scattered sections show very unsatisfac-
tory yields. There seems to be a little
Improvement in demand for flour. Stocks
at Minneapolis show fair decrease daily.
Many of the largest operators in our
market continue very confident in the
belief that later prices will be materially
higher. Our market has ruled higher than
1t did yesterday and closes NC higher.
Sentiment was influenced somewhat
through the day, in fact We think a good
deal by the idea, which became general
that Armour q Co. We're buying wheat
through brokers or commission houses.
We know this was not the case. We do
not care to advise purchases of wheat
except on good breaks. Off grades of
wheat are several cents a buShel lower
here today than they were yesterday,
Notwithstanding futures have been higher
We expect to see a materially wider diff
terence between December and May wheat
than today'S market shows Liverpool
closed Id higher. Estimated receipts to-
morrTS, "A cars.
i
Yesterdays leading buyers were buying
December aud May. again today. There
is a very large long line of December held
mere. Cash corn Is weaker Country ac-
ceptances somewhat larger. Shipping de-
mand is light. 1t has been possible
to buy corn here today. to deliver on Sep
line Tor any export business. The mar
ket is in position to be influenced large
~ by weather for the next three or four
weeks. Liverpool closes SD higher. Es-
timated receipts, 466 cars for tomorrow
Oats-Have been heavy all day. The
market closes rather weak. The rapid
speculative buying and cash demand is
only fair. Elevator people and receivers
continue to sell oats daily, against their
purchases. and the result is a dragging
market. Estimated receipts. 100 cars.
Provisions-Speculativ the provision
market is small one. The cash demand
export business doing in lard every day,
and the demand should be larger this year
than usual on account of the situation on
the continent Estimated receipts for
j. c. Geraghty & Co.'S New York let
tiers:
Logan & Bryan-A higher opening
brought considerable liquidation. Some of
sources. The result is little easier mar
ket throughout 1t is nothing more than
natural reaction and indicates no change
in general conditions or tendency. Call
money was also little firmer 1t is still
very cheap. These are both results of
a broadening general interest A crop
on the 10th. With the exception of whea t
conditions, it is said to show a generally
favorable outlook. For several months
the market has had scarcely any reac-
ton. We have probably reached a point
TOW where reactions are likely. even with
an advancing market. We would now buy
stocks on the reactions.
Paine, Weber & Co-Some of the trad
erS look profits IN copperS today and this
afternoon showed a disposition to work
for lower prices. The tone of the market
stocks was feature. One house bought
I;0OO Mohawk and another sold 1000, and
there was excellent buying of Oseeola.
The New York railroad and industrial
list opened higher and then sold off.
Realizing was quite general. 1t looks as
though the reaction might go some fur
ther. We continue to think that stocks
should be sold ON rallies as we'll as bought
on declines.
Walker Bros.-After very strong
opening with fractional advances all day
today's market sagged on profit taking
The reaction continued all day and prices
in most instances We're half to one pei
cent below opening figures There APP
peared to be, no pressure and offerings
were well taken, but the realizing and
some short selling had its effect. The
close was irregular, with no evidence OF
ticular anxiety.
O'Connor & Van Bergen's correspond
ents say:
Although the market developed quiet
er tone this afternoon, it has lost none
of its strength. In fact, its absorption
On all occasions is favorabiy commented
upon. Trading was little too active al
the start, but there were few who felt
at all bearish, as stocks for both long and
short account were well taken. This fea-
ture is very indicative of the firmness OF
the markets foundation Brokers usually
employed by Standard Oil brokers have
been quite prominent on and off during
the day as sellers of various stocks Some
significance was attached to this by those
hoping for reaction, but otherwise il
has not attracted any particular attention
Feature of the market today was the
fair supply of stocks at the early advances
and on the first declines. The distribu-
ton assumed proportions of consequence
and was a weight on the market through
out the Gay. Spasmodic rallies met stocks
and volume of business fell Off At the
close the toneswas inclined to heaviness
There was nothing of consequence in the
way of news to adversely affect prices,
and change of tone in market reflected q
natural profit taking movement after 8
prolonged rise. A pause and probably a
further reaction pending maturitySof corr
and cotton is in order The money mar
ket was more active and higher at a-siiefft
advance in rate. As the outward move
ment increases a gradual hardening OF