The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-06
An Advance From 1880 to 1890 or
1Ac Above the Previous
High Point.
The Market Was Heavy at First, but
Very Buoyant Near the
Close.
Trade Mixed on the Forthcoming
Jones Report-Export Sales
Reported.

= Minneapolis Chamber or commerce, Aug.
6.-Hesitation ruled the wheat market
during the early part of to-day's session.
September wheat having closed yesterday
at 79hc opened a fraction higher TINS
morning at 1880 and on scratch SAFE
touched SOC directly. But there was not
enough bidding to hold the market and
1880 was touched on trades a few min
utes later The severe decline yesterday
from S1ssc to 793sc was evidence to the
light weight traders that despite the gen
bear element in wheat to play the mlschle1
with high prices when opportunity aHordS.
Bull arguments have been so numerous Tor
a long time that there has been practically
nothing else heard, and on many days last
week and the week previous it has been
Impossible to find a single item favorlng
decline. Crop reports have all favored the
bulls, the light movement OF new wheat
has been powerful influence for strength
and other arguments too numerous to
mention have helped the rise. Yesterday
the first two bear arguments came along,
the one a more favorable weather report
theh other an estimate covering the tr1-
state yield. On these the market broke
back two cents. Many who were long
over night congratulated themselves upon
the profits in sight when September sold
at S1%c but with 1850 touched later the
feeling gave way to one Of anxiety and
fear of losses instead.
! The wheat Spectator has never had
] narder time TO get MS bearings IlLdii JUST
at present. The wheat market Is uncer-
tain enough at the best but trebly I'M
certain now. The speculetor knows OF
course the strength of the general s1tua-
ton and that there have been and still are
! many factors making for high prices. I'm
questionably there has been legitimate
ground for at last the better part Of the
advance. But he has to consider that the
same big houses that have been bulling
wheat for a month are still bulling 1t. 1t
Is A reasonable inference that these houses
have carried up some heavy lines of wheat,
some profiting fully 10c by the rise. The
little fellow has got to figure that this
wheat will be sold some time. Chicago
says it will not be sold until that market
reaches S5c for September, an dthis may
be- it is a proposition for every trader to
figure out for himself. But there Is that
uncertainty. further uncertainty as to
whether the end of the week will witness
renewed bull activity or whether the mar
ket will sag to such a point between now
and Saturday as to mean a slaughter for
the little fellows at the close. And with
all this there are the two reports, the gov
eminent and the Jones report, to come out
The market is as big a guess as it has
e., ever been. Whether to stand pat and wait
for the Jones report to open up a new
bull campaign, or whether to get out be-
fore the report comes if it is to be bear.
ish, are questions the holder of wheat Is
HOW luiIllS over III HIS IIllHu le lllob
shows favorable conditions for wheat ant
corn. Clear in the northwest. The corr
belt has had general rains the past TWEEN
ty-four hours, in Kansas, Missouri, Illinois
Iowa and the Ohio valley. Temperature!
seasonable. Clear in extreme southwes
where the movement is under way. Some
rain in southern Kansas.
Reports were all more favorable to-day
The Price Current says crop conditions OF
the whole are maintained or slightly i'm
proved with no material change in whea
indicated. Former Governor John Mile
of North Dakota, and Mr.. Spencer o
Spencer, Moore & Co. have been in tn
Red river valley, and report condition
much more promising on the whole. MI
Spencer being quoted as estimating the to
tai yield of the three states at close t.
200, OO0 900 bu. Local stocks have de
creased 500, 900 bushels for five days. Min
neapolis received IS cars against 10S an
Duluth against TO- Chicago had II
against 367, Kansas City "a, against 13
and st. Louis 123, 900 bushels against 1879,
900.
Southwestern reports to Minneapoli
houses were hardly reassuring. Ny
jerks had a Nebras ska telegram estimatin
the Nebraska winter wheat to average
bushels to the acre and the spring whea
bushels. Corn will make 7 5per cent c
a crop with continued good weather t
Oct. 1. .-.-.. ....
Primary receipts were ASP, 900 bu agains
100000 and shipments 100000 against sol,
900. Wheat and flour clearances, 222,
900 bu.
Export business was reported from tn
seaboard later in the session, Is loads {
wheat being taken On this, new buyin
began, the shorts ran in, and Septembe
spurted quickly to sic, not stopping unit
811s@S15sc was touched. The close wa
at 81Bc. The rumor was current on tn
floor near the close that the Jones repol
could not be found. The trade is all g
sea as to the probable tenor Of the repor