The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-29
What the Brokers Say

NJ. Doran & Cos grain letter says:
Wheat-Wheat took the back track
THIS morning on the character of for
elSn market adviceS and the more set
tied political news accompanied by an
advance in consoiS. Realizing was
quite general and took the edge off all
attempts to advance prices. There was
partial reaction in deferred futures
near the close on buying by local bulls.
The cash wheat situation here was a
weak factor, the market ruling &c to 4c
lower, With only demand for contract
wheat in position for delivery this
month. Both July options slumped
badly. With the turn in the market
there was considerable less bullfsh
news. There were quite frequent COM
plants of rust in the spring wheat
belt coming mostly from South Da-
kota. These We're Offset, in a measure.
by the claim that North Dakota, bar
ring FROST damage, would raise the
largest crop in its history The Ger
man official report shows deteriorat ton
IN the past month Of / point in winter
V Wheatssand 2. points in spring. ( The
-NoIthWestefn Miller, commenting on
crop prospects in the three largest
spring wheat states, places the present
crop at 24O,O0O,O00 blu, but says any
change from now on will be for the
worse The Price Current was rather
pearISn. 1here was, all things con-
Sluered, more firmneSs on the decline
than might reasonably have been ex-
pected after the Zoe advance this
month on mostly professional buying,
with no break at any time common
Surate with the advance. We would
prefer operating on the long side. I,iv-
erpool closed Is to q lower. Lon
don Ad to IL off. Paris made n
sensational decline of 2Ae to Sc. Ant
Werp sc higher. Estimated REGENTS
tomorrow lis cars.
Corh-The market dragged, being af-
Iected aside from the sympathetic in.
1luence of wheat by. realizing sales
The Price Current reported a favorabin
week Tor crop. Cash houses were at
times moderate buyers of July. The
sample market was steady. Iivernool
added at one time ~ to sharp advance
OF yesterday, but closed unchanged. Ror-
lin was lie higher for spot and 4 high
CT LOT futures. The seabeard reported
q Lalher peter inquiry from Liverpool.
Estimated cars, 152.
Oats-There was general tendency
10 reallze noticeable. The cash option
suffered most severely and the samnIe
market followed the decline. News
was rather scarce. There were some
disappointing advices from Illinois and
INDIANA. September looks worth the
Provisions-The market was strone
on light trade. The impression seems
10 prevail that the strike will be set
tieu shortly, as most of the packing.
houses are finding men to fill the nosi.
lions of strikers. Etimatea hogs TO-
morrow, 5000.
j. {. Geraghty & Co.. CORRESPONDENTS
Wire of stocks: - - 80
Paine, Weber & Co. say: The war
bun
tefday lifted this morning and the on
eratlons for an advance in prices. We're
resumed Another favorable factor wa s
q fall in foreign exchange. which dis
poses of the possibility of gold exports
Tor the present. There was a renewal
OF good buying in the coppers. We
do not think the possibilities of con-
Iihued activity and advancing prices
nave been lost. and we would rather
buy good stocks on reactions than sell
them on rallies. We would. however.
recommend profit-taking whenever the
market has sharp advance
Logan & Bryan say: The market is
! 10 points higher. The only change
In the conditions is that sentiment in
LONDON over the Eastern situation Is
less warlike. The bears who sold stocks
yesterday and the day before ara md
ing it difficult to cover TODAY. If "a.
Qulres trained dog to chase rabbits.
ana we prefer to stand in our tracks
and let the rabbits circle. War be-
tween European powers is most nm
likely Apart from a contingency of
mat sort both the immediate condi-
lions and the prospective seems to us
healthy and to favor higher prices for
stocks. So far as our own domestic
conditions are concerned, as we have
heretofore repeatedly said, we see
nothing TO watch but the crop pros
poets In another month the corn crop
and the cotton crops, as well as the
wheat and oats crop, will have been
made. So far the tendency concerning
them all is favorable. Increased bust
ness activity and increased confidence
VIII result We think stocks should be
bought. Northern Securities closed at
lo2G l03. Opened, 1917 high, 1913:
low, 1011@; last, 102. Sales, 1000
shares.
.o'Connor & Van Bergen's stock adj
vices follow:
NEW YORK, July %. - A leading
banking interest is quoted as saving:
In our judgment speculation at
present is substantially a bet on crops
prospects favor good cotton crop and
1alr corn crop and much depends upon
realization Of these prospects, and st is
now admitted that wheat win show
material falling off from last year"
4he more peaceful aspect of foreign