The Saint Paul globe., 1904-08-30
What the Brokers Say

present level
What the Brokers Say
M. Doran & Co.'s grain letter says:
Wheat-Wheat was strong throughout
the session and materially higher. at. the
close. The relatively greater strength at
Minneapolis was an early encoura cement
to bulls, and later crop estimates and
threShfng adViceS gave to buying an ag-
gressiveness to which the market was
quick to respond Foreign news was
bearish Cables for both futures and spot
were lower and the worlds shipments
We're one million over the estimate, with
an unexpectedly large supply from Russia
but this news was not a factor Indeed
it is worth while keeping in mind that the
wheat problem is domestic one and for
eign markets, while they may exert an
influence in the absence of home news,
or on dull days, are entirely diSregarded
under other circumstances. Jones eSti-
mates the crop in the three Northwestern
states at 12S 900, 900 bushels, and the total
504,OOO,O ,OO0. The latter is in close agree
ment with Snow, who says the combined
condition of winter and spring wheat will
be below seventy, and probably the lowest
ever recorded. On the basis of govern
ment acreage the crop cannot exceed
500 100000. The managers of the Cana
dian Elevator company at Winnipeg fig
ure the Manitoba crop at 35 000, 000
Threshing returns continue to verify ear
lier damage claims. At Comstock Mimi,
half section yielded bushels of AZ to 80
pound wheat to the acre. The South
Dakota yield of good milling wheat is
estimated at 18,000,000 bushels. The flour
demand is steadily improving. With re-
duced crop estimates, the falling off in the
Southwest movement and the improved
flour demand there is only one ultimate
course for the wheat market. Prices GER
tainly will rule much higher and we be-
IeVe in purchases on sharp breaks Liv-
erpool closed I'D lower. Estimated re-
ceipts tomorrow, 237 cars.
Corn-The selling last week was evi-
IDENTIFY oVerdone. The market today was
strong from the start with prices grad
ually hardening, although cables were
cess of the estimate, the total being 8O1
cars. 1t is possible trade has in a large
measure discounted heavier movement,
as it has been generally anticipated The
market was not depressed by hedging
sales; as these were largely made at the
time of purchase in the country The
country now Is selling little. This move
ment will continue two or three weeks
being heaviest the next seven days It
represents the cleaning up of the old crop
The cash market was strong and &c TO 1c
a bushel higher, and the demand for ship
ment and for export promises to steadily
improve. Estimated receipts tomorrow.
S75 cars.
Oats-Good buying of May developed on
the fractional opening break, and aided
by the strength in corn made a very fair
advance for the session. Near deliveries
were held in check by the selling of cash
houses. The cash market was 14c to 1sc
September. cover and sell December, and,
If long, sell out and buy May. We consid-
er the May a purchase on breaks Es-
timated receipts tomorrow $50 cars
Provisions-The bull activity in grains
had stimulating effect on provisions and
there was scattered buying by commits
sion houses and local scalpers. The trade
in the aggregate, however was not large
nor significant Estimated hogs tomor-
row. II 900
]. c. Geraghty & Co.'S New York
stock advices follow:
Logan & Bryan-The market is again
exception of the selling of St Paul which
was induced by the reports on the wheat
crop. there is the same lack of offerings
throughout the list as heretofore The
nothing new. The continued upward
creeping tendency of the market is due
to the pressure of idle money and low
interest rates under the good dividend
paying properties. The tendency still
seems higher.
Walker Bros.-The market was strong
all day, but closed fractionally off from
highest prices. In many cases there was
no weakness and such little reactions as
there were appeared On the profit talk
ing. Pennsylvania. Reading, st. Paul, At
Gibson, Rock Island and Union Pacific
were all strong and active. The closing
was strong.
O'Connor & Van Bergen's letter says:
The market has continued to show
great strength with fairly broad trading.
Flour traders were buliish and some pro-
afternoon at a loss. There seemed to be
a fairly good supply of Amalgamated Cop
per. The movement in Glover Leaf is at
tributed to the Gates following. The
buyers of the steel stocks. Traders say
there was good long stock for sale In
both Metropolitan and Metropolitan Sc
curities when the market would take it.