The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-05
September Sells to 1890 EARLY, and
Sells at 793sc at the
Close.
Secretary Rogers Surprises the Trade
With an Estimate of 2OO,-
0OO,--- Bushels.
The Jones Estimate Will Be the
Next Important Price In
fuence.

Minneapolis Chamber Of Commerce, |
Aug. 5-Wheat took on renewed strength !
this morning and a very active ana err
ratio market was the result. september
sold on the opening trade at S1ssc. before
the market opened the traders on the curb |
were filed with the bull spirit and some |
of the new buying orders that came In
were executed on the curb. Inc snorts
also covered fully minute or two before |
the gong struck with the result that the
strength was about exhausted before the |
opening proper. This gave splendid OPP
portunity for a drive and In short order |
September was down from Sl3sc TO sue.
At the latter figures support came out anu
the market held Numerous small lots
were traded in around S0c but big trades !
were less in evidence. The break was
partly on reports that Farnum was big
seller In Chicago on the early strength
presumably for Patten, and that Armour
was also a liberal seller OF both wheat ana
corn This set the pit guessing as to
whether this was especially significant
or not. Bartlett Frazier sold some wheat
also. The suspicion. arose that possibly
the big fellows who have been the most
pronounced bulls since wheat was l0c low
err were marketing their lines. But the
heavy selling ceased around Soc II the
big men were out to take some prohts
they certainly were not out to break the
market back much from it's present level,
and the selling was closely handled both
in Chicago and In the local pit. Inc gov
eminent report to come on Monday after
noon Is another thing to be figured upon
and many think there will be no serious
break in wheat until this is out or the
way.
With the government report will come
the Jones figures for the yield In the three
states. Not man has any positive opln-
ion one way or the other as to this report
It Is conceded that Jones will give the
figures as he finds them, and that his re-.
port will be the paramount influence no
one denies. Even the government report
of the 10th inst will be Of secondary I'M
portance. Yesterday there was much talk
that Jones will be extremely bull1sh ana
a. Chicago house even sent up some figures
this morning said to be an approximation
of what it will show. Here in Mime
apolis every grain trader rather expects
it to be bullish The reason for this is
because the Jones paper of Saturday last
took note of the bad effect of the weather
q few days earlier and announced the
discovery of blight in Minnesota and
South Dakota. So the trade jumped at
the conclusion that this foreshadowed
bulish report for the final. altho Jones
has said absolutely nothing that would
commit himself and while his report may
be bullish, and if late reports from the
Northwest are to be relied upon should be
bullish, yet the gossip that it is to be the
next great bull factor is an assumption
the official crop year ended. The receipts
of wheat on this crop in Minneapolis and
Duluth were 1913 736,476 bushels. The
year previous they were 129, 935, 11S, repre-
senting a difference of sos, 642 bushels in
the quantity coming into the two markets.
Last year Jones said there was in all 49,
900, 900, and the year previous he said
there was total Of 5000, 900 bushels, a
difference Of 5000 900 bushels, and the re-
ceipts for the two years just about show
this. Of course every grain man knows
that this does not prove everything, but
for an offhand comparison it is not bad,
and certainly shows that Jones gets pretty
close to it, The trade has watched this
and that is one reason why the Jones re-
port of the 10th is the greatest influence
yet to come and will go far towards de-
termning values, altho the immediate
action of the market may be contrary to
the tenor Of the report should it be bull
ish, as is often the case where a report
comes along that has been discounted by
the speculative element. ......
The market worked back up from SOC
to 80M @S0Ac. A rumor came on the
floor that Secretary Rogers Of the Min
neapolis Chamber of Commerce estimates
the northwestern crop at 200 0O0, 900 bush
els. The market broke again to Soc
Minneapolis received 127 cars agains
70 and Duluth 10 against SO. Primary re
ceipts 6S7, 900 bushels against 1,173,0 las
year Wheat and flour clearances, 147,00
bushels.
The market continued steady on declin,
and September sold to 1850, closing a
791ac. Sentiment was visibly affected b,
the estimate Of Secretary Rogers and tn
market closed weak and apparently tend
Ing lower. .....-..
There was a satisfactory cash deman,
for wheat