The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-10
Says the Three States Have Raised
This Year Total of 49,
100000 Bushels.
The Trade Rather Mixed as to Just
What Effect to Expect
From It. .
september Wheat Turns Erratlc and
Bobs Around Between
1890 and $50.

Minneapolis Chamber Of Commerce,
Aug. 10.-Jones handed out a hot one to-
day to the bears in wheat. The three
states he says have raised 147,OO0,O00
bushels Of wheat. The report which was
awaited with the greatest interest and
nervousness was bullish beyond all ex-
pectation. Every one in the pit was look
Ing for break In wheat 1t was expected
the report would run heavier than the
guesses Of the past week had made 1t.
Many who were long wheat from far down
the lone sold out yesterday and other long
wheat went overheard to-day. The mark
ct. 1t was figured was high enough and In
view of the long continued advance 1t Was
expected the Jones report would mark the
elimination of the bull market, and there
were those who looked for the market to
fall off five cents or more But when the
crowd heard the figures they began to
ask themselves whether wheat was high
after all. September bobbed around and
was SIC on moment and down TO Slasc
in a twinkling, and then up to S2Ac. 1t
was a very cratic market but no one was
Inclined to sell very much short. Chi
cago took the report with some hesitation
at first but upon confirmation of the fig
ures, analysed it as great factor for
price maintenance. Chicago wired that
from the way the market acted after the
Jones report it would appear that the re-
port had been pretty well discounted and
that the general public Is willing to walt
until the threshing returns tell the story
fbefore adding much to their long lines.
IF Jones report Is confirmed by the gov
iernment this afternoon 1t probably will
induce further buying in Chicago.
. Primary receipts were 72S,O00 bu..
against 100000 bu.. shipments 100000
against $4,000. Wheat and flour clear
ances $4,000 bu Minneapolis received
I69 cars against 167 and Duluth had s
against holiday.
=
Homes estimate had been pretty we'll dis
Icounted If confirmed by the government
tthis afternoon it will undoubtedly cause
Egood deal Of investment buying. Some
tpeople in the trade think Jones figures
Etoo low and have sold wheat on the adj
fVance."
New York wired: IF the Jones' estimate
\on the three states proves correct there
twill be almost 40, 00O,0O0 bushels less
wheat in the three spring wheat states
than last year, as the total last year was
about 1874, 100000 bushels. This cannot
fail to affect prices eventually.'
( Chicago wired later: Jones report
was sensational enough to have caused
q 2 or 3-cent advance, but the crowd had
taken the wheat Bartlett Frazier sold this
morning and sold it out again on the up
turn
,as- There are unseasonably low tempera-
lures in the northwest, altho no announce
menr OF IfOSC. AL [ a. m. IL was ~ at
Wiliston and AZ at Bismarck. It is gen.
orally cloudy, which Is protection In
the extreme north it is milder with rains,
which indicate milder generally. There
are general light showers in Minnesota,
Iowa and there were showers Sunday.
Light showers in the Dakotas and Mime
sofa and light scattered showers west
The map this morning shows very little
moisture in the southwest only a light
shower or two in Kansas, Nebraska, Mis-
souri,, Illinois and the Ohio valley. The
,unfavorable feature is the low tempera-
,ture in the north. At a. m. the mer-
curry was 4S to So in the extreme north,
40 to Sd in the Dakotas and Minnesota,
64 to "a In Nebraska and Iowa and 81 to
"a IN Kansas, Missouri, Illinois, Indiana
and Ohio
The visible decreased by 315, 900 bushels,
leaving a present total Of 49, O99, 900 BUSH
els
Cash wheat was stronger than ever and
sales Of No. L northern were reported
from SIC to 94c. No. northern sold from
9lc to 93c and No. 3 wheat sold from
SSc TO 90Ac. .,..