The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-13

NEW YORK, Aug. 1.-THE dominating
factors in the stock market continue to
be the coming crops and the money out
look. Crop news was emlnently satls-
factory today through the monthly report
of the agricultural department and the
later current news of the weather bu-
reau, but it is to be borne in mind that the
speculation for some time past has been
diligently diScounting the good crops
which have been clearly foreshadoWed
On the other hand, the autumn activity
expected and made the subject of indus
trious warnings, has been ignored in spec
ulation. This weeks rise in money rates,
therefore, would naturany be of most eff
feet on speculative conditions. Buyers, in
anticipation of good crops, seeing the dan
ger of furry in the money market which
attracted by the high level to which
prices have attained, are tempted to sell
to realize their profits.
There was considerable strength at one
time today in a few cases that continued
to the close, but for the most part the
early rise in prices was taken advantage
of to realize profits and the general level
of prices ended lower than last night.
Dealings Were Small.
There was further contraction also
dropped back again below half a million
shares. Unofficial estimates on todays
government reports indicate a wheat har-
vest of over 2.000. 900 bushels. This is
nearly 100, 10000 bushels below the crop
of last year. but has never been exceed
ed except by that crop and the one of
1898 AS for the corn crop, the govern,
ment figures indicate yield the largest
in the history of the country This had
its effect among the Southwestern Gran
gers. especially among the Gould group.
made by Baltimore & Ohio. Among the
returns of railroad gross earnings for the
first week of August, Chesapeake & Ohio
shows a decrease of $103, 553 compared
with last year. and Missouri Pacifie's
earnings for the same period declined
$4,000. Two groups of railroads were
thus handicapped by this unfayorable in
AS for the money market, the rate for
call loaGs averaged more nearly per cent
than 3 per cent, which was the maximum
up to yesterday. Time loans and COM
mercial paper showed a hardening ten
dency as well, five and six months loans
on good mixed stock exchange collateral
ruling at 5 per cent. The rise in money
rates, however, had a perceptible effect
on foreign exchange rates, which reced-
ed a fraction and plans for further ship
ments of gold this week were abandoned.
Still In New York's Favor.
still in favor of New York. Exchange
at Chicago remained at a premium of 20
cents today. Another development was an
increased export demand for grain which
held the market firm in spite of the crop
report, and made some exchange. The
United States treasury operations are al
so showing continued deficit, the ex-.
cess of expenditures thus far for this
month exceeding $1,000, 900. while for the
same period last year receipts were more
than 100000 in excess of expenditures.
This affords some relief to the money
market. but the beginning OF the interior
demand for currency is awaited, never
theless, with anxiety. 4aae
The bond market was dull and the Cen
trail of Georgia incomes were weak. Total
sales, par value, 1880, 600.
United States bonds were all unchanged
on the last call.
Stocks.