The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-16


The calamity reports of crop damage
were more or less toned down and the
trade adopted a waiting attitude with
regard to its operations.
What the Brokers Say
NJ. Doran & Co.'S grain letter says:
Whea Everything considered, wheat
showed better stability than might rea-
sonably have been expected in view of
the sharp advance of the past ten days,
the favorable weather this morning and
the decrease in volume of trade. Damage
news Of eXtravagant character was less
freely circulated and such as came to
hand produced but fractional and mo-
'mentary effect. The trade generally SEEM
ed quite willing to await definite and
trustworthy statements, and is inclined to
take a more cheerful view of the situa-
ton. The news on the whole was much
less radical and outside buying was lin
tied.
The forecast is for generally favorable
weather, with scattered thunder storms
over both belts. Snow reduces the total
crop by 50,OU0,000 as result of the recent
rains. He figures the loss in quantity and
understandable quality at 100000 in Kan
sas. The Modern Miller leans to the
conservative side, making no stated .esti-
mate OF damage and offering the opinion
that loss is more to Quality than to- guam
tity. Oklahoma and numerous points in
the Southwest sent rather optimistic re-
ports. While the Liverpool market was
lower the general feeling there is in ia
Nor OF higher prices, baSing the opinion on
, July options were cratic and abnermally
affected by orders either way Deferred
futures closed practically unchanged Liy-
erpooi was &c to 5sc lower. Estimated
Corn-Values were bid up early by
local professional. giving the market an
initial strength which was very well main
tanned The trade was light and chiefly 10
cal. private adviceS proved the crop to be
making very rapid progress. Snow says:
The crop is very late but growing rapid
Ito,,
where it Is small. weedy and unpromising
il maintains favorable prospects. The cash
market was steady at 7sc lower. The par
ties who are long on July are also long on
g conSiderab BILE line of September and it
would be we'll TO exercise cOnsidera BILE
caution about selling in any volume. Liv-
erpool closed fractionally lower. Estima ted
ears, 272.
Oats-The market was quiet but firm
and with no particular feature. Consid-
cradle attention is being attracted by
shipments of standard from store in view
OF the total being but 357 900 last Monday
The cash market was strong on light Of
Northwestern crop news was exceptionally
good In South Dakota and Iowa the
prospect Is Tor the finest crop ever raised
and no complaints are heard from any
sections of the Northwest. Estimated
cars. Sc.
Provisions ruled quiet and a little cas-
Ter. Trade was limited. Hog receipts
We're light, but absence of demand from
packers cut values from &c to Zoe. The
duration of the strike is an uncertain
problem and chances of an immediate set
Element do not lock quite so good. Esti-
mated receipts, 5000
j, c. Geraghty & Co.'S correspondents
Logan & Bryan-The event of the day
was the handing down of the decision in
the Northern Securities case in favor of
the Hartman contention. 1t put up
Union Pacific stock about 81 per share
Knocked Northern Securities off about the
same amount; Its effect upon the list
q 11aar lyat hoe
maintained its steady tone with a gradu-
ally advancing tendency. 1t does not show
any more reactive tendency. or any more
facility IN that direction than it did at
lower prices. The tendency of the wealth
er continues favorable for the crop and
of bears and plenty of people waiting to
buy ON the breaks.
Paine, Weber & Co-Market activity
gained new momentum today and there
were substantial advances in several spe-
claItIeS. The decision in the Northern
Securities case seemed to help the mar
llet. Almost everybody regards it as a
Standard Oil victory. During the morn
ing there was heavy profit taking and the
market showed its strength by taking all
offerings without material recession. Prof
ft-taking, from scattered holders caused
q slight halt in the upward movement in
coppers, but the buying continued ex-
cellent. We think the best stocks both
copper and rails should be bought on re-
actions. -.
OConnor & Van Bergen's correspond
The Northern Securities decision rather
surprised the street today. both in being
favorable to MIR. Hartman and also it
was rather for some reason. not expected
before next week. The market has mani
tested a great deal of nervousness and
iTegularity since the opinion was made
known. Judged by the tape. one would
naturally believe that it is taken as a
favorable point. for Union Pacific and its
allied lines Although as the decision
does not alter the situation of affairs,
only prolonging them; we do not yet
really see why this should be So The
rest of the list sympatheticalIy follows
these stocks, although it is evident ad-
vantage has been taken of strength to
take profits in some stocks: We Believe
there viii be much disappointment ex-
pressed by financial writer's, traders. etc
that Mr.. Hill did not win out and thus
eliminate from the situation this very
unpleasant uncertainty, which has hung
over US SO long. 1t is generally believed
however. the suit is friendly to determine
q legal cause of distribution and there is
no real cause of apprehension. We think
the market has acted very well. the i'm
portances of this case considered.