The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-11
ESTIMATES ON CROP
PLACE YIELD SHORT
100000 BUSHELS
While Prices Were Not Materi-
ally Changed From Satur'
days Closing, DemoraIiza.
ton Was Not so Much i'm Evil
derce Conservatism Exists.

Greater conserva tism characterized the
market of yesterday and the general ten
dency was toward reaction from the ex-
citement of the day before. All esti-
mates on the crop of this year place the
yield. from $4,000 600 to 31,000,O 900 bushels
short of that of last year. and this in
formation from different reliable sources
had its effect, although action was steady
SIS What the Brokers Say.
O'Connor & Van Bergens market letter
says:
it would seem as if the Wall street
community at the opening today had re-
covered in a measure its sober second
thought inasmuch as, while prices were
not materially changed from the closing
of Saturday, there was an absence OF the
decentralization then so evident. The mar
ket opened with less excitement than
could have been anticipated, and it was
apparent that supporting orders We're in
force, not SO much with the idea OF any
advancement of prices as with the idea
of checking the acute declines of last
week. When the traders saw that the
greater part of this class of buying or
ders had been filed they again attempt
ed to raid the market, but in turn this was
halted by violent rise in Canadian Pa
cific, after which extreme dullneSS and
absence of pressure prevailed. At the
time of writing prices have rallied sharp
ly. 1t is a fact worthy of mention that
the demand for stocks in the loan crowd
is now growing greater than has been
seen here for a very long period, and
where any good buying appears prices are
easily advanced. Rates for call money
are 2@21s per cent, and we have no ma
terial change in time rates. Never be-
fore have we seen the street so bare
of authentic information of value from
quarters where it should be most expect
ed. The best opinions are contradictory
as to the causes of this long continued
liquidation. but all agree that there is a
large amount of ilI-adViSed selling of Sc
curities and that until this eXhausts itself
there is little hope for the possibility of
maintained Improvement. The rally which
we see in progress this afternoon may
run somewhat further, but the market is
certainly entitled to such an advance,
and we think any sustained movement
would bring in a great many purchasers
Strong, Sturgis & Co.
M Doran & Co.'S Chicago correspondent
says:
Wheat opened higher in sympathy
with strength in the Northwest markets.
The advance brought out a great deal of
realizing, traders taking profits pending is
suing of the government report this after
noon. The estimate of the Commercial
West of 147 900. 900 for the three North
western states produced only a temporary
bulge. 1t evidently had been pretty well
discounted on and on the other hand a
great many good people Were Skeptical
about accepting this low estimate. The
600, 600. The market was largely an even
ing up affair, and closed weak. The Sep
TENDER acts as if there was concentrated
long line in it and we advise those wishing
to sell short to operate In deferred futures.
Estimate of cars for tomorrow 220
Corn-Was higher early, but the pit was
soon called upon to digest large quantities
of long corn. The selling was persistent
to the close and the effect on prices much
less than might have been expected. Some
consider growing crop going backward
rather than gaining; country acceptance
light; unsettled weather Indicated with
cool temperature through larger part OF
belt. Estimate of cars for tomorrow, $50
Oats-The market today has been largely
sympathetic one, strength in wheat on
cables and in cash oats market being the
influence. Opening was at some advance
with general commission trade on buying
side. but heavy local realizing forced a
decline in all options. An irregular market
with light outside trade followed close
showing fractional decline from Saturdays
close. Estimate of cars tomorrow, 345.