The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-11
LOWER PRICES CONE
WITH FAIR WEATHER
Return of Long Lost Sunshine
Causes Decline In Wheat
Market

The following grain and stock letters
were wired yesterday to st. Paul brokers
by their Chicago and New York CORE
spondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-C1earing weather in food sec
TORS OF the winter wheat belt and an i'm
proved forecast for the immediate future
created good deal of beariSh sentiment
and brought some realizing. Expressions
OF confidence in fair final Yields IL the
change proves permanent were quite fire.
auent- On this basis harvesting Is ex-
pected to be general in three or four days
The foreign adviceS are more worthy
Liverpool cables the demand strong and
the strength legitimate. The estimates
Ter the worlds shipments Monday are
light at 1.200. 600 bushels There was con-
siderable evening UP toward the close
10 guard against g possible contingency
over Sunday. The most aSting effect Of
Ine recent Hood period viii be in the July
options. especially the old Sttle as the
movement Of the new crop has Ilnoues-
Tionably been DELAYED.
Cern-There was an easier tendency tie
the market and pit sentiment was uni
versa1ly bearish. The sudden -incressa in,
country acceptances is taken as rejecting
me present crop conditions. The demand
Is rather limited. The cash market uv- :
weak and from 1c to 11se per busf1ei low
er- ne present weather conditions are IA
NotaD+e 70 crop. A continuation of conn
Try selling next week will mean lower
0ats-t seems perfectly evident that the
recent bulge was purely Sympathet with
wheat Liquidation through commission
houses was general and the fea ture Re
ceIptS were moderate as were also the
estimates for Monday. Weather conditions
IaVor the crop and prospects continue
good for large yield.
O'Connor & Van Bergen's stock letter
says:
As We have several times remarked. the
tendency OF security and grain prices is to
move simultaneously in opposite 6iirec-
tons. This has been particularly notice
able since Thursday noon. when reports
OF ram damage to wheat sent quotations
on grain rapidly upward. while stocks
moved almost as quickly down. Friday
the reverse occurred. Wheat declined on
assurances that the damage was not as
great as at first reported and stocks re-
covered losses. We again call attention
10 this, as emphasizing the position we
nave taken for some time past and what
acIlon or the markets above noted must
make apparent TO all, namely, that fu-
ture OF values depends more on the out
come OF the harveSts this year than ON
any other consideration, and therefore
ptlceS or securities are particularly sen
SitlVe Just at this critical period when
so much depends on climatic conditions
and news from our farming districts. We
can now all breathe q sigh of relief know
ing our Democratic friends at St I.ouis
nave finished their work. 1t viii also be
well 10 have the Northern Securities de-
cislon. which Is momentarily expected
rendered and out OF the way. though there
seems little doubt Of its purpose as indi-
Gated by strength of the shares Their
Monday comes the all important officia
crop nSureS from the agricultural de-
partment. and later in the month the biz
steel trust tells OF its business for tbs
present quarter and declares a dividend
All OF which the street has figured on;
favorably. We look forward with a feel.
ing of optimism. seeing no reason wh4
the better class OF securities cannot be
brought with an assurance by the exer-
else of some patience, of good profits ir
the near future.