The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-30
Trade Considering Present Price
Level With Reference to Elk
port Business.
Meanwhile the Short Sellers Have
The Frost Uncertainty to
Think About.
Late Reports Today Unfavorable,
Yet the Close Showed a
Small Loss.

Minneapolis Chamber of Commerce,
Aug. 30.--All the grain markets watched
Liverpool closely this morning to see how
the advance of yesterday would be taken
abroad With opening cables showing an
advance, Of good penny, new buying
began, and Minneapolis was up another
cent all around, while May sold to $1.15A
early Second Liverpool cables We're cas-
Ter and this checked the advance here.
Broomhall cabled that on the advance
wheat increased and bore heavy upon the
market.
This started the trade thinking along
q new line Wheat prices are probably
not too high in view of the American
total production of only little over $780,
600, 900 blu. This Is not much more whea
than Is needed at home. Since, there
fore, we will have no wheat to sell abroad,
there is legitimate ground for the high
price level. The question, however, is
whether or not we can hold this level
In the face of new crop movement and
nothing doing for export There are those
In the trade who maintain that we can
and they are good people. There are
others who are just as bullish on the
general sizeup Of the situation for
long look ahead, who, nevertheless, are
inclined to get off the bull side and lie
low for the present or until 1t Is seen
whether we can sell any wheat or -four
abroad. To this element mere statistical
demonstration of the fact that some time
In the future there will probably be q
great scarcity of wheat is not sufficient
to induce bullish enthusiasm at this time.
Granted that the yield is fully as small
as indicated, there Is they argue, no i'm
mediate prospect of q wheat scarcity;
in fact, there will be plenty of wheat
coming in soon. Meanwhile we have Just
been thru a long and very successful
bull campaign. and it may reasonably be
doubted II we can start in anew on the
bull side until the flour mills begin to
grind more wheat or the foreigners be-
gin to take a little Of it instead of turn
ing to Russia or elsewhere when we ad-
vance.
All the foregoing would not be worth
thinking about should heavy frost come.
and many are bullish on this prospect
alone. snow furry at Virginia, Mimi
atho miles from any wheat scared the
trade not little. Cloudy nights have
prevented frosts so far. and as the moon
will soon be on the wane the danger is
lessening, and wheat Is pulling along
Nevertheless frost might come any night
now and there are places, in the Cana
dian northwest especially, where it could
do much damage
Kansas City showed 521 cars, against
40. and st. Louis also ran ahead of last
year with 10000 bu. against $1,000 Min
neapolis received 205cars, against 1870.
Duluth 20. against 165, and Chicago 1856
against 1876. Primary receipts totaled
$4,000 bu against O1.00O. and shipments
$4,000, against 100000. Wheat and flour
clearances, 900 blu.
Bradstreet's report shows 11490 900 bu
increase in the worlds visible
Late reports were saof n unfavorable
weather and much rain over the north
west: but they failed to effect the market
Which closed easy at a small decline fol-
$the day. September at S1.11A, Decem.
Der, $1.1OA and May at $119