The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-17

Wheat broke yesterday and closed near
~ &c lower than the opening Consider
able long wheat was thrown on the mar
ket by holders who have been looking for
much higher prices for the staple. 1t is
said that they do not like the trend of
the market.
Stocks moved upward On fair general
buying. steels and Reading taking the
lead.
What the Brokers Say
NJ Doran & Cos grain letter
Wheat-Our wheat market has broken
about &c today. Men who believe wheat
will eventually sell higher sold out long
wheat today because they did not like
acton of market and realized prices were
pretty high. They We're influenced some
what by the weakness in Minneapolis; by
the comparatively. good grading of the
good weather receipts would increase ma
terially; besides some of threshing re-
turns are coming better than those we
have been receiving of late. The fact that
tracted attention today. Cash market in
the Northwest was reported weak and
much lower. This encouraged selling.
There has undoubtedly been considerable
short selling here today. Outside Specula-
ton has been lighter. 1t has been sort of
a realizing market and should the weather
be good for week 1t is not unreaSon-
able to expect some further decline. Re
apt to continue so. Only AZ cars today,
with 81 estimated for tomorrow.
Corn--Weather conditions this morning
more favorable. Local operators who
bought corn freely yesterday sold it just
as freely today. 1t looks as though lead
ing long interest here sold corn today.
The result was &c break, Ac of which
was recovered at close. The weather will
continue to be an influence in prices, and
predictions are for favorable and warmer.
We don't feel inclined to advise
selling May corn short at Soc at the mo-
ment, although We consider it reasonable
to expect lowered prices unless prevented
by bad weather. All our reports show
the damage, by what frost We have had
mas been slight. Estimated receipts to-
morrow, sos cars. Seaboard reports 46
loads sold for export, II of which were for
South Africa.
Observation-Disclosures weakness in corn
show practically no decline for the day.
We think impression that May are Cheap
enough at 35c is growing. One of our
largest operators has been a good buyer
today. These purchases. of course, had
some erect on prices, as speculative trade
has not been large. Cash demand here
is not good. Buyers are getting their
supplies elsewhere and cur stocks are -ac-
cumulating. We got 112 cars Estimated
cars, 139 for tomorrow. We favor buying
May at 35c.
liquidation of October product, both by
outside holders and some of the big pack
ing interests today These packers were
selling October product and buying Janu-
airy. There was little scattered buying
of January product. Packers report good
demand for lard and meats. Estimated
hogs, IL zoo.
]. C. Geraghty & Co.'s New York stock
adViceS:
Logan & Bryan-After the liquidation
and irregularity of yesterday the market
has again resumed its upward way. Col
orado Fuel seems to be having a little bet
ter support and its actien does not
thefaten the general market. The buying
Is OF general character and represents
the increase in general confidence We
still think the market has reached the
point where scattered holdings have in
creased enough to at times bring about
some reaction. but think stocks may be
bought on these reactions. There is nc
indication yet that the market has spent
its force. Cheap money can still find
good Investments. and while perhaps there
is a. little hardening tendency to the mar
ket it is more of a healthy condition than
otherwise. The bank statement tornor-
row is a little in doubt, but it is not like
ly to cut much figure either way.
Dick Bros.-The market was heavy fol
time this morning and some rather dis
turbing declines We're registered, but there
was good support on the reaction and
later when it became clear that the sup
ply of stocks had dwindled there was a
resumption of bullish manipulation. AS
a result the whole market rallied under
the lead on the Steel stocks and later
of Reading. Short covering played an i'm
portant part. Estimates of the banl
statement pointed to a better showing
Walker BroS.-After considerable I'm.
certainty and rather a weak tone today's
market developed great strength ant
closed at the highest prices of the day,
Reading became active and strong in tn,
afternoon and appeared to be in good de.
mand again. The closing was strong,
OConnor & Van Bergen's correspond
Although the market manifested a dis
tinct tendency to sag around noon it has
since developed strength undertakes
ticularly shows unmistakable signs of be-
ing wanted by some one. The movement
in these issues has naturally had it's EFF
feet on the rest of the list, particularly
in the iron and steel stocks C. F.. 81
for instance, which acted weak this morn.
ing has since recovered all the loss -sus
tanned, and part of its yesterday decline
on shorts covering. 1t is said the new
liability in front of the common stool
involved in the reorganized plan has
brought more of the minority stock tt
market than recent pool. operators art
apparently willing to take. Arbitragt
houses have not been nlanifeSting am
very definite attitude that would indicate
how foreigners feel
During the morning hours our naarke
was irregular and inclined to heaviness
with traders working for further reae
ton. Trading was at materially re.
duced volume of business, but stocks were
well taken at the declines, and the mar
ket showed undoubted resistance Firm
features in the market during the morn.
ing were Metropolitan. Copper and the
Steels, and later on Reading advanced OF
active trading Favorable weather re-
ports. from the West were gratifying
but they were without much influence OF
speculation until toward the latter par
of the day. Another unfavorable banl
statement is looked for tomorrow. though
the loss in cash may be in some measure
offset by decrease in loans, due to The
heavy realizing in the early part of the
decided Improvement in tone was evil
dent and prices moved up slowly unit
the last hour, when strength in READING
and the market advanced easily o. q
Cery much more active trade CLOSING
strong at some recessions from the best
Buying. as rule. was considered OF bet
ter character than for several DAYS. anC
pullish sentiment was encouraged by the