The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-04
What the Brokers Say
a. Doran & Co.'S grain letter:


What the Brokers Say
NJ Doran & Co.'S grain letter:
Wheat-Judging from the aiacrfty with
which offerings were taken on opening
break in sympathy with unexpected de-
cline OF q to I'D at Liverpool that mar
ket-WaS rugged The trend from then
was upward with good strong undertone.
December. which at one time sold on
parity with May. The receipts at spring
wheat points were heavy. totaillng l,45O
cars. but this popular beariSh point SEEM
ed lost sight OF in view of advices Sug-
costing a falling eff in country movement
Receipts in the Northwest included falr
proportion Of winter and Pacific coast
wheat. Three-quarteTs of the marketable
surplus Of latter is said to have been
shipped in Washington, Oregon and Idaho.
which would naturally suggest limited
supply in near future The cash inquiry
was not especially good. in fact Kansas
City reported demand there dull How
ever. all grades of contract are still sell
ing at prices making delivery Impossible,
excepting at a loss, and in view of our
limited stocks this seems to check -ag-
gTessive short selling. StatiStically there
was a good deal OF bearish character.
Estimated cars tomorrow, 101; Liverpool
closed = to Id lower.
Corn ruled fairly steady the forepart OF
session. with some easing in values near
the close. An absence OF offerings was
noticeable at opening. Aside from IN
duence exercised by wheat the 100000 de-
crease in visible and the 12c advance IN
sample market, there was little OF bulllsn
encouragement III the news. WeatRef
faXorS late corn and the forecast IS 1Of
fair and warmer weather over important
areas. with exception OF lower tempefa-
ture in Northwest. Prof. Davis, OF the
agricultural department Of the University
of Nebraska. estimates the yield In his
state OF I'll 600, 000 which compares Win
a production of 1T2 600, 600 a year ago.
Liverpool closed fHnt and 14d higher Estl-
mo fla.I acfs-- +r,r17F
Oats followed closely the trend OF corn
under very similar pit influences. Inc near
deliveries were relatively firner. Sample
market was Ire higher. Estimated cars,
300.
Provisions-There was a good. strong
market all around, and indications point
to upward trend. The months decrease
in local stocks was bullish feature. EStl-
rated hogs tomorrow. $4,000.
j. c. Geraghty & Co.'S New York ad-
vices:
Logan & Bryant is just a persistent
bull market, and that is about all you can
say on it. There is. of course, more or
less LIQUIDATION as the market advances,
but it is on small scale and occasions
very little pressure. The buying conIln-
ues as good as ever and loads do not seem
to be accommodating where they are likely
TO do any harm. We see nothing IN con-
ditionS or prospects 10 disturb the course
of the market. Those who are waiting Tor
the reactions now Will be Just as apt 10
get left as those who have waited for
plenty of first-class stocks which pay
handsome interest on the investment, and
even the cheap stocks will go higher.
Dick BrOs.-The market had small
reaction this morning, but 1t was snort
lived The advance was later resumed
and in the afternoon the list became ac-
tive and buOyant, leading stocks Jumping
to the highest prices OF the movement
Manipulation and short covering had
much to do with the advance. but there
was also a lot OF real buying. There was
no news OF Importance. The closing was
strong at about best prices of the day.
O'Connor q Van Bergen's stock let
tiers:
The overshadowing feature in today's
stock market has been the strength IN the
steel stocks. 1t is very apparent TO those
who have watched the course OF the mar
ket for the past two years that nothing
could be more likely to bring about re-
turn of public confidence in American
securities and American financial leaders
than an advance in the market value or
steel stocks to a level near that IN winch
the great public investment was made IN
these securities. The collapse in these
stocks was a bitter blow to public con-
fidence. There is scarcely a town
In the East which does not number among
its inhabitants some investors who lost
money in SteelS. They carried it down 10
the bottom and these people grow more
cheerful with every advance in the stocks,
and their cheerfulnesS as may be readily
seen. will spread TO other people who VIII
become buyers of securities when they
feeF they have seen the end of the de-
pressed values.
There We're heavy realizing sales this
morning by professional traders which
caused an irregular reaction in prices for
a brief period, but as the stocks were well
taken and in others there was a strong
tone the general tendency soon started
upwards, and the tone became buoyant
toward the close. The selling of the
morning was in line with previous move
mentS in the market when a conservative
feeling gained ground and the absorption
of stocks. as occurred today, led to higher
prices and repurchaSes by the sellers.
Speculation was influenced by reports of
to grow out of Northern Securities af-
fair To the latter the strength of st.
Paul and Erie were in part due. The per-
sistent strength of steel preferred after
the early selling was Of favorable inf1u-
ence. The business of the day reflected
rather more general buying. The close
was strong