The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-12
TRADERS STAND BY
Dealers on Change Pin Their Faith
to the H. v. Jones
Report.
One Recalls How Jones Critics Were
COMPOUNDED Three
Years Ago.

Discussion of H. " Jones' crop estimate
received a fresh impetus on change TINS
forenoon from an article In morning paper
attacking the reliability Of the report. Com
ment was also caused by the fact that any
bearish article at this time would tend to
help the bucket shops to whom continued
advance in the price of wheat means much
grief. One bucket shop in particular Is be-
leyed to be short on wheat and steadily
rising market means that spectators, instead
of being wiped out by sharp declines to the
traders advantage will call upon him Tor
their cash profits.
Traders on change are inclined to consider
this as one OF the unforeseen features OF the
attack, but at the same time they generally
regard the Jones estimates as too firmly es-
tablished to be shaken by criticism MADE pc
fore the checking up time comes Lander 3
Weekly Review, printed in London, HULL
Berlin, Hamburg, Braila and Odessa. accepts
the report, on the theory that the compiler
having been right in the past Is proDaply
right this time R. G. Chandler, president OF
the Chicago Board of Trade, endorses the re-
port
Said a prominent Minneapolis grain man
this morning: "You will remember the
drought year, 1900, and the estimates OF yield.
The same paper that printed the attack on
Jones this morning printed at that time a
great talk showing the estimates OF mum
Der Of local men, They ranged from lo'ooo'-
COO bushels to 100000 bushels for the three
states. Jones said there would 135,ooo,oeo
bushels raised and he was abused and VIII
fed on all sides. We raised more than ne
said we would. He was all right then, and
is probably all right now.
Henry Little, manager Pillsbury- w ashburn
company, said: II am utterly surprised az
story Of a prophet not without honor save
in his own country. The prominent news ana
trade papers of the world print Mr. Jones
Trade Trad News, the Echo d'Agricale of Paris,
and even that oldest and most conservative
of all, the London statist accept MS reports Us
as reliable simply because they have watched
them for years and have always found them
to come out very close. consider his crop
reports most reliable and trustworthy simply
| and purely because nave 1ouno them 50 III
| the past"
F. B. Wells, of the F. H. Peavey company,
says: "Mr. Jones estimate of the wheat
| had expected. with our many houses and
| extensive means OF ascertaining conditions
we are enabled to get very thoro and reliable
information. yet I am willing to admit that Ia
Mr. Jones has the experience and the facili-
| ties for covering the ground even more ex
haustively. His figures are low, but we have
| seen his estimates ID Tie past way 81 90 ny
from current opinion, yet have seen them
closely borne out by the final results" 49,;
W. G. Ainsworth, Of the St: Anthony ans
Correct and that flnal crop distribution vii
prove it. Many in the trade have no douN
failed to take into consideration the decreas
ing wheat acreage, which is an important
''s Thomas NJ Taylor, of Nichols & Taylor
81 am just in from five weeks. in North Da
lsota AS to the Jones report IN its entirety
| T do not Dretend to Judge, but he is al
right on North Dakota. If he Is wrong a
all his figures are too high rather than to-
Howard Commons, of Commons & Co.
''Mr Jones is to-day the first authority, II
: the United States on grain crops. He ha
staked his reputation on his report. No mat
ter what may be said about him the fact re
mains that the trade has accepted his repor
as the result of painstaking labor backe
by experience. He has been right befor
when all thought him wrong ."
"New Fall Hats Ready, So, So, ST."
: Youman's. Hoffmans Toggery Shop.