The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-08
AS to Wheat and Business.

AS TO w u6dI d1Au oUSAAS$@s'
This week Minneapolis has been wit
ness,ne some new high figures in her
wheat market Wheat for the September
delivery having passed the 81 cent marx
sold here on level higher than for sew
eral years, while in the cash wheat market
offerings of the grade Of No. northern
were taken to-day by local millers a'
90 cents, the highest price on the olo
crop and q figure not before reacneo here
in former years except in times or great
scarcity. The northwest has led IN recent
advances and other grain markets re-
ceived incentive to f1rmness IN no small
degree from the strength in Minneapolis.
There is that about the advance IN Wheat
that makes it worth the attention OF pus1-
ness men outside the grain trade. Ihere
has been a. long continued rise. less man
,nuIatlve in nature and based more upon
legitimate conditions. The protesslonal
traders in wheat have, to be sure, exerted
themselves to help along the advance
but conditions of supply and demand
actual as we'll as prospective, rather imam
the buying force of any clique or complne'
carried prices up. ...
TO every man whose business depends
for success and further growth upon the
maintenance Of prosperity In the north
west, this is a matter OF more than pass
ing interest A month ago the prediction
was made In this column that Whatever
loss in yield might occur from the drought
then general would be offset by an IN
crease In the selling price OF wheat.
Later DEVELOPMENTS are bearing out this
view and it Is now clear that the farmers
will on the whole receive better prices
for their wheat than for several years.
, Given a. price that will pay the farmer
for his time and labor and net him falr
return and we are not likely to hear much
complaint from him, while every addl-
tional cent will mean more money dls-
tributed, good buying and easy collections
in the country. .-s.a
r. Briefly summarized the wheat outlook Is
as follows: There is a winter wheat har-
west already secured of good quality pu
below former expectations in quantity
The spring wheat yield is believed to bt
ASpNA -
covering this will appear on Monday.
is already certain that no such quantit!
of wheat is to come as the early promis
led the trade to expect, and that Europ'
will have to buy our wheat finally, ever
tho she holds off now. The visible suppl!
of wheat in America at 13,000,0 900 bushel
is lower than at any time since 1898. /
.l ycir
I of, %, 900, 900 bushels, two years ago ~,
1000 900 bushels, three years ago 46,0O0,0O
bushels, four years ago $4,000, 900 bushels
80 the available stock Is now far belo1
the average. ........
The Canadian crop is 10, OOO, 900 bushel
under last year.
Here in Minneapolis stocks of Whea
from choice to poor show the ridiculousl
! small total of 2,225,O0O bushels, this
!, a center where the mills require 100000
bushels year. To be sure the sprln
4 wheat Is being cut even now and will 500
be moving to market, but if there is an
ecleaned out Of old wheat the grain trad
Z, contrary to all expectation. Country flou
mills need wheat, country elevators ar
: bare and the northwest having bee
cleaned out of all wheat the grain trad
: and milling interests are reaching &c
3 the new crop. Flour demand is certain I
s. increase greatly later on. N1nety-tW
cents for Minneapolis cash wheat look
!. high. Just as 81 cents for September look
high, and it takes time to become use
= to new figures. But prices are after a
y purely relative and no commodity prie
z Is high or low save by comparison.
1t would be too much to start the CT
4 Of dollar wheat, but it is not, too muc
to see conditions as they are. The spec
ulative market will have its ups ar
downs, but thru all the great controllir
factor of supply and demand will be
work and there will be no very low whe
Il prices for another year at least.
In Wall street the great bear mark
continues unchecked. Occasional ralli
are made but advances are only game
to be lost in drives to still lower point
More failures are recorded and mai
rumors have been afloat affecting Il
q standing Of larger and more importa
stock exchange houses. 1t has been CIV
dent for long time that present cond
tions do not permit Of the application
ordinary rules, and that nothing hol
good in demoralized market where t
bears control and all news is bear new
L It remained for Minneapolis to furnish t
most striking example of this yet see
for In the decline Of yesterday 500 sto