The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-16
New High Points Made Every
Minute and Nobody Dared
Sell Any.
Bust in Manitoba May Jar Up
Liverpool if at All Elk
tensive.
"A Wild Market Entirely Beyond
the Judgment of Any
One.

Minneapolis Chamber of Commerce, Aug.
16-Stimulated by further reports of
rust in the Canadian northwest, wheat
shot up this morning to new high points,
striking SLOTS for September in early
business No doubt remains that the rust
has gone across the line and this puts
q new face on the general situation. The
Canadian northwest is in closer touch with
England than the American northwest
Damage may come upon the American
crop, and prices advance, but the difficulty
always is and always has been to get
Liverpool into line. England has Ameri-
ca, India, Australia, Argentine and Cam
ada to look to for her wheat supplies, and
while the cutting down of the American
prop may mean a material lowering of the
total prospective worlds supply, it is, as
rule, impossible to get Liverpool to re-
Spond to American price advances, so
long as her other sources of supply appear
TO be all right. In the present instance
we find American markets again very
much out of line. To be an export
basis, wheat in Chicago should be 13c or
34c under Liverpool, while at ruling prices
Chicago is about 20 over Liverpool. The
same difference s exist with reference to
-four for export Minneapolis cash wheat
prices being SO far out Of line that flour
prices based on them are almost 81 bar
rel too high for sale abroad. In brief
American prices have gone close to the
point, that, while justified if we are to
have nothing to export, cannot be main
tanned If we find ourselves with an eX-
portable surplus after ALL America takes
the position that we cannot have much
of a surplus in any case, and we ought to
get high prices. England takes the posi-
ton that she can get plenty Of wheat else
where. and so will not follow. This was
the situation to date, but, if the rust
should strike the Canadian crop, to which
England looks for much good wheat, SEN
timent in Liverpool might change quickly.
Opinions differ as to the Canadian
damabe Some think it is not Sc
rious, others are alarmed over it..
The one fact about 1t. is that red
rust is in the Manitoba fields and where
red rust Is much in evidence black rust
is usually not far away.
Kansas City had surprisingly bigrun
Of wheat for Tuesday, $3.50 bu against
$4,000 a, year ago. ST. Louis had $4,000
against 10000. Minneapolis receipts were
113 cars against 1853; Duluth had 105
against and Chicago 257 against 221.
Minneapolis stocks decreased 10000 bu
for three days.
Snow wired from Grand Forks, n. D.:
Condition in Red River valley deplor-
able. Bulk Of crop ten days to two weeks
from harvest and much just in bloom. Did
mot promise IS per cent crop even before
rust struck it. Forty per cent of acreage
of state is in this valley, and it is late,
lllN snort, ana rotten WIN ruSL. May
make ten bushels or may go much less.
Only the threshing will tell. Fields
that look right are simply dead with
heads empty or half filed. Rust severe
enough to cut crop in three-fourths OF
the state. Other quarter has big crop
No use trying to make a state estimate
until we know whether frost comes before
tSipt. L."
Primary receipts, 923, 900 blu, against
656,000 bu; shipments, 3SS,o00 bu against
$4,000.
Bradstreet's wheat report: East of the
Rockies, increase 493,0 900 bu; Europe, in
crease 100000 bu; total increase, 1888, O0(
bu. Corn, Decembe ESECSESCCmb zmt
bu. Corn, decrease 1,17S,O00 blu; oats, in
crease 2,429,000 bu
The forecast: Illinois, Indiana, Mis-
souri,, Michigan, showers tonight, cloudy
Wednesday, Wisconsin,, Minnesota, Iowa
Dakotas fair tonight and Wednesday. Ne
braska, cloudy tonight and Wednesday
Kansas, probably thunderstorms tonigf1
and Wednesday cooler:
September closed at $1.0S1a; Decembg
S1.06L and May $1.06A