The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-10
LOWER PRICES COME
WITH FAIR WEATHER
Return of Long Lost Sunshine
Causes Decline in Wheat
Market

The following grain and stock letters
We're wired yesterday to st. Paul brokers
by their Chicago and New York corre
SpondentS:
M. Doran & Co.'S Chicago grain letter
says:
Misunderstanding weather in flood sec
lions of the winter wheat belt and an i'm
proved forecast for the immediate future
created a good deal of bearish sentiment
and brought some realizing. Expressions
OF confidence in fair final yields if the
change proves permanent were quite fire.
quent. On this basis harvesting is ex-
ppected to be general in three or four days
me foreign advices are more worthy.
Liverpool cables the demand strong and
the strength legitimate. The estimates
for the worlds shipments Monday are
light at 100000 bushels. There was con-
siderable evening up toward the close
TO guard against possible contingency
over Sunday. The most lasting effect of
the recent flood period will be in the July
options. especially the old style. as the
movement of the new crop has unuues-
tionably been delayed
=, Corh-5hhere5 was an easier tendency to
VerSally bearish The sudden increase in
country acceptanceS is taken as rejecting
the present crop conditions. The demand
Is rather limited. The cash market was
weak and from 1c to 115c per bushel low
err The present weather conditions are IA
Vorable to crop. A continuation of eoun-
prices
Oats-It seems perfectly evident that the
recent bulge was purely sympathetic with
wheat. Liquidation through Commission
houses was general and the feature Re-
ceipts Were moderate as were also the
estimates for Monday. Weather conditions
favor the crop and prospects continue
good for large yield.
O'Connor & Van Bergens stock letter
says,
As we have several times remarked. the
tendency OF security and grain prices is to
move simultaneously in opposite direc-
lions. This has been particularly notice.
able since Thursday noon when reports
of rain 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
to this, as emphasizing the position we
have taken for some time past and what
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
prices fof9 securities are particularly SEN
Sitiye just at this critical period when
SO much depends on climatic conditions
and news from our farming. districts We
can now all breathe sigh of relief. know
ing our Democratic friends at st. Louis
have finished their work. 1t will also be
we'll to have the Northern Securities de-
ciSion 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 official
partment, and later in the month the big
steel trust tells of its business for the
present quarter and declares a dividend
all of which the street has figured out
favorably. We look forward with a feel.
ing of optimism, seeing no reason why
the better class of securities cannot b(
brought with an assurance by the exer-
else Of some patience, of good profits il
the near future.