The Saint Paul globe., 1904-06-12
CROP REPORTS ARE
CAUSE FOR DECLINE
Prospects for a Large Harvest
Result I'm Wheat Prices
SIumpinQ

The following grain and stock letters
We're wired Saturday to st. Paul brokers
by their New York and Chicago corre-
spondents:
NJ. Doran & Co.'S Chicago grain letter
says:
Wheat-The government report Friday
indicated a crop within 10,000.000 bu
of that harvested q wear ago. This can
rot be construed other than bearish when
the present high level Of values and large
stock and larger prospective supplies
abroad are considered. 1t was evident it
was not generally taken as bullish as the
market was bare of buying orders early
and the pit professionals took opportunity
to pound values. The September ruled
tioNS are perfect. A report issued by
the general freight department of the
Northern Pacific railroad says last weeks
rains in the Northwest were Just what
was needed, and small grains are look
ing particularly we'll
Corn-Corn was local market and had
of its own to contend with. Receipts con-
tlnue large and the shipping demand is
poor Perhaps the best evidence of the
relation between the supply and demand
stocks. Warmer weather is indicated,
which the country advices show the crop
needs.
Oats-July oats were barely steady
while September was strong. Trade was
light and offerings Of the latter were
limited. The cash oat position is as
the movement light. The government
report indicates a crop of 813, 900, 900, or
3O,O0O, 600 more than harvested a year
ago.. This cannot be considered a short
crop and there are those who believe the
estimates smaller than the conditions
actually warrant
DC. Geraghty & Co.'S correspondents
Walker Bros.-The market showed a
quiet but steady advance throughout the
short session and closed at advances of
II 81 in hn lict
ment crop report was considered favor
able influence and the late strength in
the market was caused by European buy
ing. There is some slight increase in
commission house buying, but this is not
a marked feature as yet.
Rarrlman-The market continued It's
gaining strength very slowly but per-
ceptibly, The bank statement was ia
forable. which seems to prevent any fears
of tight money for some time to come
We look for higher opening on Monday
with a gradual improvement in prices
for some days at all events.
Logan q Bryanl-The market holds the
Improvement of the week and closed frac-
ttonally better than Friday. It's charac-
teristics are the same as given out late
1t Is still far from an active market but
lhe volume Of business is increasing
Ihere are great many people and
great deal of money alive to the fact
ehat stocks are cheap and that some time
IN the future there is a better market
ahead.
o'Connor 6 Van Bergen's stock letter
says:
Any one wishing to dispose OF stocks
has had little difficulty the last part of
the week in finding customers Although
there there is no change in the professional
character of the market, its strength has
gained renewed impetus each day since
a change for the better first put in an
appearance last Wednesday. until now it
recalls to a degree the old bull times
and has created hope the advance will
continue and bring about a renewal of
business which has been absent so long.
All that seems necessary to accomplish
this is for something to occur to- restere
public confidence, and there is apparently
no feature in the situation that win come
nearer doing this than bountiful crops.
IL IS fairly safe, therefore, to conclude
the final harvest of all crops will be con-
siderabiy larger. than last year. AS there
mas been nothing in the news of the
week either from abroad or at home to
cause cause the slightest change in speculative
situation further than the data fur
nished by the government report. we are
inclined to believe the pleasant change
noticeable. during the past few days II
due largely to realization that much
may be expected from the American
farmer before another wear