The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-13
What the Brokers Say

VHdI BROKERS Say
NJ. Doran e Co.'S grain letter says:
wheat sold at opening and held prices
down Tor short time. The market stood
this selling well, and when it started to
rally the demand was very active and
winch has continued all through the SEES
Sion Light supplies discourage every
one. from selling short. Armour & Co.
again seem to have been largest sellers.
Higher prices are freely predicted and a
further advance expected this week The
government report was as bulliSh as any
one mad looked for. Frosts We're reported
through the Northwest. Speculative trade
mas been active and on a large scale
Liverpool wheat Us @1%d higher. Good
demand for flour is reported in all mar
ketS. ST. Louis quotes cash wheat mar
ket very stiff, No. 3 red selling at s114.
Kansas City quotes cash wheat 3D4c high
er. Estimated receipts tomorrow, SIG
cars.
Corn-There We're light frosts reported
In Iowa as well as frost in the Northwest.
The corn market has Jagged all day,
notwithstanding it shows a little advance
IN price for December and May. Septem-
Der has been weak. Shipping demand
poor. Notwithstanding the fact that the
weather was not very favorable: it looks
corn would have sold lower than it did
saturday. We see no reason for higher
prices. Estimated cars tomorrow, 79S.
Oats-A fair demand for May developed
at S4&c. Prices at close are about same
as on Saturday. There is but little, spec
ulation in oats at present. Northwestern
receipts are large and it looks as though
the, shipping demand from here for a
While will be small. Estimated receipts
tomorrow, 279 cars.
Observation-Disclosures were firm at
opening, but later weakened under SELL
ing, and 1T looks as though it was done
for some of the leading packers There
Is falr cash demand for both lard and
ribs, but We see nothing to cause higher
Packers continue 70 Ca1I To-
product, and we believe it a sale on ev-
cry bulge. Strike is over. Estimated hogs
tomorrow, 49, 900.
j. c. Geraghty & Co.'S New York stool,
advices: - '''0o'>
Logan & Bryan-There is evidently a.
g good deal of profit taking in stocks today
OF the stocks that have been the most
active and the best sustained are easier
After such a long continued advance the
surprising thing is that the reactions are
so slight. They should be in order how
ever We do not look for anything like
a bear market. The general conditions
Whlch nave made the advance are I'M
changed, are still operative, and we do
not think have yet exhausted their in
ftuences. On the reactions We would buy
stocks.
Paine, Weber & Co.-The better buv-
ing of Copper Range and the weakness of
Utah today seemed to be the rule of a
letter issued by Lawson on Saturday. In
and announced his Intention IN to to- marx ark
traders and commission houses were
buyers of Copper Range today.
There was nothing but the reactionary
tendency of the general market to ex-
plain the heavy tone in Amalgamated. The
reaction in the railroad and industrial list
get another boost at any time There
does not seem to be public interest or
speculative account of sufficient amount
to warrant the expectation of more than
a limited decline.
OConnor e Won Bergen's stock letters:
Traders have turned rather bearish to-
change in sentiment Is due to several
reasons, the most suggestive perhaps be-
ing the impression that the government
In its crop report may possibly be too
high on its corn figures, as has been
proved in the case of wheat. The way
corn has maintained it's price today. in
face OF the government figures, is at least
significant, to say the least. 1t has been
found in today's dealings; it has been
more difficult to rally stocks after de-
cline than has been the case recently,
present levels, on the theory perhaps that
a substantial reaction is Somewhat over
due. Jersey CentraPs advance in rather
a narrow market for the stock was done
no doubt to help the Reading pool The
usual rumor of probable Increase in div
1dend accompanied the movement. Stand
ara on brokers were quite prominent in
Consolidated Gas. Reports of frost in
the Northwest and the bullish figures of
the government report caused hasfy
short covering in wheat, causing a marked
strength right from the opening
Accumulation of selling orders in an
ticipation of a strong opening market
with a very moderate demand and initial
quotations were generally below Satur-
days closing prices. The market rallied
easily, however, and developed a strong
tone on heavy trading in Southern Rail-
way especially The advance in prices
found stocks. for sale and the market be
came irregular, rejecting heavy realiz-
ing. as well as on the resistance offered
by bearish traders. The government cron
report was generally fairly we'll received,
but reports today of frost were made fine
most of and caused continued pressure on
the granger group. In the afternoon the
earlier hesitancy developed into real
weakness, and weak and nervous holders
together with stop orders, carried prices
off sharply, with Metropolitan Securities
the feature of the decline. Toward fine
end of the last hour the market ea6Iied
somewhat and was less active, but closed
heavy at about the lowest. The reaction
in the market was to be expected in
view of the persistent advances of the
past several weeks. and market wise
should strengthen the general specula tive
position.
New York Butter