The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-13
CROP REPORTS ARE
CAUSE FOR DECLINE
Prospects for a Large Harvest
Result in Wheat Prices
SIumping

The following grain and stock letters
We're wired Saturday to St. Paul brokers
by their New York and Chicago CORE
spOndents:
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-The government report Friday
indicated a crop within 10,000,000 blu
of that harvested a year ago. This can
lot 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
relatively strong. The weather condi-
tlOnS are perfect. A report issued by
the general freight department of the
Northern Pacific railroad says last week S
rains in the Northwest were just what
was needed, and small grains are look
ing particularly well.
Corn-Corn was local market and had
weakness in wheat and bearish factors
of its own to contend with. Receipts con-
t1nue large and the shipping demand is
poor. Perhaps the best evidence of the
relation between the supply and demand
is increase of l, $50, 900 blu in the local
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
strong as ever. The demand is good and
the movement light. The government
report indicates a crop of $4,000, 00O or
SO,O0O, 900 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.
]. G: Geraghty & Co.'S correspondents
say of stocks:
Walker Bros.-The market showed a
qulet but steady advance throughout the
snort session and closed at advances of
"A to y in the active list. The govern
ment crop. report was considered a 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
marked feature as yet
Harriman-The market continued IFS
upward direction, the same as Yesterday
gaining strength very slowly but per-
cepubly The bank statement was IA
1orable, which seems to prevent any fears
OF tight money for some time to come.
We look for a higher opening on Monday
With gradual Improvement in prices
for some days at all events.
Logan & Bryan-The market holds the
Improvement of the week and closed frac-
uonaliy better than Friday. Its charac-
Ler!stlcS are the same as given out late.
IL Is stl1l far from an active market but
Inc volume of business is increasing
mere are a great many people and a
great deal OF money alive to the fact
!hat STOCKS are cheap and that some time
ahead.
O'Connor & 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 is no change in the professional
character of the market its strength ha s
gained renewed impetus each day since
a change for the better first put in an
appearance last Wednesday. until now If
recalls to degree the old bull times
and has created a 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 restore
public confidence, and there is apparently
no feature in the situation that win come
nearer doing this than bountifuI erons,
IL IS fairly safe, therefore, to conclude
the final harvest of all crops will be con-
slderably larger than last year. AS there
has been nothing in the news of fhe
week either from abroad or at home To
cause the slightest change in specu1ative
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 Is
due largely TO realization that much
may be expected from the American
farmer before another wear