The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-05
MILWAUKEE, STOCK
HAS RAPID ADVANCE
Rockets Seven Dollars In a
Few Mlnutes-Grain Pits
Featureiess

- Wheat weakened, corn stiffened and
oats were steady yesterday.
Milwaukee, under. covering and infiu J.
= enCed by other considerations, went up ~
share in New York.
What the Brokers Say
-..s NJ Doran & Co.'S grain letter:
Wheat-There was gradual weakening
tendency on the market until the close,
although, the final declines were less than
p 1c. The bearish attitude of local oper-
atorS and selling by the South incident TO
declines in cotton were depressing factors
The news relative to- the cash situation,
the 3miiling demand and flour sales were
rather bullish. Duluth in two days has
d advanced premiums for No. 1 northern 4 c
and put through some business at the
higher price. The constant purchases by
country mills leaves little doubt Of the
condition OF these supplies and so long as
this situation continues to exist fair de-
flour sales the past ten days have been
heavy. One milling interest sold 10000
bbls on Sept. "a, which it is understood,
constitutes the record. Country milers in
Gables were lower, and Liverpool states
that the market is sustained by buying or
cargoes by French spectators. Argentina
is reported Offering new crop. The gov
eminent weekly bulletin reports threshing
well advanced in Minnesota and progreS3-
ing rapidly in Dakota. Liverpool at close
Corn-Near deliveries of corn made a
slight advance for the day and further in
creased premiums over May. Offerings OF
December We're noticeably light. The buy
ing was scattered and for small guam
titles, but effective. Unsettled weather
forecast for tomorrow. The latter oc-
casioned no anxiety after review OF
the weekly government bulletin, which
shows only small per cent Of crop liable
This from IlndPr
8 per cent in Michigan and Eastern Kan
sas- to 10 per cent in Ohio, Central In
diana. Iowa and South Dakota to 20 per
cent in Northern and Central Illinois and
Missouri. The Nebraska crop is said to
be practically safe. Estimates Of yield
for Nebraska are still climbing, the total
being 225, 900, 900 to $50 900, 600 by the Cen
trail GranaTieS association. Receipts OF old
corn are running well behind year ago.
Local cash market was steady, with fair
shipping demand. Export bids at mo-
ment are out of line. Estimated cars to-
morrow, 81.
Oats-There was a good firm tone to
the market throughout the day, which was
more than a reflection from corn pit. The
relative cheapneSs of this cereal is at
tracing in a moderate way investment
buying. The movement is decreasing as
a result of Discrimination on part Of
producer to sell at present prices. At
same time the inquiry for shipment is
showing a marked improvement. Peoria
reports good general demand. Local cash
market was &c up. Estimated cars, 1884,
Provisions-There was a reactionary
= tendency in the market which was quite
natural following recent advances. ESt1-
mated hogs tomorrow, %, 000
j. g. Geraghty q Co.'S New YORK STOCK
advices:
Northern Securities opened at ia; high
est, 1151b; lowest, 1884,; closed, 114S a
48Ss @49. 20 :
center of the stage today and it was oc,,
cupied by st. Paul. This stock advanced
81 per share under large trade. A re-
action in it later in the day rather un--
settled the whole market and lost most
of the general early improvement. The
street is Of course guessing o what at the the
guesses are that it has something to do
with the Hill and Hartman interests. 1t
is not unlikely, however, that there was
a considerable short interest in this stock.
Under the circumstances the general mar
ket shows no weakness. We see nothing
yet to disturb or brighten holders of stocks
and nothing more than temporary and
unimportant reactions as likely. When
the daily trade in stocks gets up to or
oyer 100000 shares day, it Will be
plenty of time to look out. We still ad-
wise buying stocks on the soft spots.
Walker Bros.-Today's opening quota
tons We're higher and followed by further
advances In prices and great activity
which continued to the close. st. Paul
was the feature on continued rumors Of
a settlement between the Hill and Har-.
riman interests. Union Pacific, Missouri
sympathy. The afternoon market broke
quickly on selling by traders, but grad
ually recovered. and closing prices were
near the top with a strong tendency.
O'Connor & Van Bergen's stock letter:
Arbitrage houses have been an active
factor in today's market. They were
conspicuous buyers of Rock Island, Union
Pacific and Steel. They report a better
market for Canadian Pacific in London
than here. ST Paul at the moment is
the special feature, numerous rumOrS
being handed out to account for the rise,
the most heard being that the company
has made arrangements with Union Pa
cific for Pacific coast outlet other stories
telling Of an early. announcement to be
made of a stock issue distribution and
favorable deal with Erie giving a New
York entrance. We can vouch for none
of these reports. 1t would be perhaps
nearer the truth to say the advance is
due more, to frightened shorts covering.
Keene. brokers took hold of Southern Pa
cifc this afternoon for the first time in
q long period. Heavy selling by Harri-
man & Co. served to check the advance.
1t is stated authoritatively Northern Sc
curitieS matters are unchanged and no
settlement out of court is at all likely.
The latest absurd rumor is to the effect
that the Northern Securities difficulties
have been adjusted on terms adyan-
tageous to st. Paul, which will give it
control of Northern Pacific.
Business was on very large scale to-
day and attended with much excitement.
In a general way 1t may be said that
there was heavy distribution of stocks,
the effect of which was not felt in full
because of great activity and strength of
St Paul and a few others. This sell
ing will be felt later. st. Paul was the
feature and was stimulated by the Tumors
referred to by US yesterday and more gen
orally accepted today. The advance was
materially aided by liquidation of an old
short interest. A settlement of Northern
Securities matters on a basis satisfactory
to the large interest viii undoubtedly be
of benefit to the general situation when
affected, but it is question whether
many stocks not Immediately connected
with such a settlement are not overbought
at present and in shape for reaction.
The close was as a rule heavy.
HIDES, PELTs AND sUNpRIEs