The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-17
WALL STREET EYES
WATCH THE CROPS
Stock Traders Hang Over the Re-
se* ports from the Wheat
Fields. .-,' -.


New York, June 16.-Infiuenced by
eurity prices were irregular last week.
At times the market was strong and
increased public activity was apparent,
but there was always a drop to a
lower level later. A majority of OBJ
servers do not look for any pronounced
reasons why the larger spectators
should do ali in their power to push the
market up for time. The San Fran
cisco fire spoiled promising bull cam
paign, and left some of the heaviest of
professional spectators and the pools
which, they had formed to bull the mar
ket high and dry with big accumula-
tions of stocks they had hoped to sell
to tho public at fancy prices 1:,, But the
to buy to any great extent, and as
prices have not recovered much moro
than half from the slump that came
after the San Francisco disaster, the
speculative pools are. obliged to carry
stocks at a great loss. The whole
course Of the market, in recent weeks
has been professional, with constant
efforts to advance a variety Of stocks,
and thus persuade the public to buy.
The main factor in stemming an ad-
vance was the unfavorable reports from
the wheat growing sections. In the
Northwest the farmers have ceased cry
ing too much rain, but In Nebraska
drought is causing some deterioration.
Naturally, after promising reports. in
Of. course, should not be taken too
literally, make for considerable con-
bervatism, since a continuance of pres
ent business activity is largel y based
on another year Of average harvests.
Everyone experienced in Wall street
affairs appreciates the fact that the sea-
son has approached when the amateur
agriculturists who happen to be com.
mitted to the short side Of the stock
heavy precipitation in the crop regions
or to cause drought in accordance with
their own market position. The usual
crop scares are, therefore, expected
during. the rest Of the month, but the
more soDer- minded element is rot G.5-
posed to pay much attention to such
factors, as the government report and
private advioes received by the arious
railroads quite uniformly foreshadow
an excellent out-turn Of the products
Of the soil for this season ~
1T is believed that the granger roads,
as we'll as the more prominent coalers,
will continue to lead the active specu-
lation The copper shares also are
looked upon with a good deal of favor
owing to the fact that the metal malu-
tains it's high-leyel price Of about IL
cents, and IS likely to do so Tor long
time to come. -
The return flow Of funds from San
Francisco may cause money rates to
decline to point where exports Of the
yellow metal will result: Much de-
ponds upon whether New York bankers
are successful in placing further loans
abroad, no definite announcement hay
ing yet been made to this writing Of the
Pennsylvania fotation in Paris: j Lon
don authorities disagree as to: tht
amount of New York finance bills helt
abroad, the more optimistic claiming
that $2O0,0O00O0 is the maximum. Will
g trade balance Of some $50O,O0O,0 900 ii
favor Of the United States, however
the liquidation of this indebtedness
in wheat, with the packing house. scan
da1, is suggestive Of a decrease in OK
ports, which, in turn, means less @ex
I change. It is doubtful if the gold ex
port movement, should it come, will az
sumo large Proporttiions, since the i'm
mediate result would be to raise none
rates here, which, in turn, would brin
European funds into the market, thu
causing a speedy readjustment: Euro
pean advices suggest the readiness o
Foreign countries, particularly France
to finance the needs Of America.
Apparently the uptown Speculation
still maintain their bullish conviction
It is to be noted that the trend is. c
such nature as to encourage the trader
to put out frequent lines Of short stock
and this method Of procedure great
strengthens the technical position. TT
bearish element is fighting any adyane
on the theory that accidents are lab
to happen, and this seems to be abol
the only ground on which the beariis
position Is based. With the splendi
business outlook and the further favo
able developments in the money ma
ket. some Of the most conservative an
experienced operators contend that
will require an accident Of a severe n
ture, to bring on a bear marekt.
The financial plans Of St.. Paul wi
probably be announced in full deta