The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-10
Too Many Longs Who Want
Profits and Not Enough
New Buying.
Bears Get the Benefits Of Good
Weather, and More to
Come.
Market Looks Weak, but the
Shorts Are Afraid to
Try It.

Minnea polls Chamber Of Commerce,
Aug 10-Conditions were against the bulls
today, yet thru the early part OF the SEES
Bion wheat was firm and stubborn. and.
while selling on range Under yesterday
close. showed no indication Of material
weakness. One reason was that no one
dared sell any. Holders appeared conf
dent that another big boom would come
before the close. hence there was no neavy
pressure The bears dared not do much,
and of short selling there was little. When
short seller has been whipped into line
dozen times, he finally gets tim1d, and
when bull sells out as many times on
q long continued advance, hoping Tor
break on which to replace his wheat ana
every time buys it back at higher ng-
ure, he also gets timid about letting go.
for fear ne cannot get In again. So the
market stood this morning-plenty or
longs who would not sell because 1t was
not yet high enough. and plenty OF bears
who were ready enough to pronounce 1t
too high yet dared not sell any. The
market fell into a quiet spell that. by
comparison with recent high jinks IN the
pit amounted to dullness. Good weather
was shown on the map, and IN the lore
cast. With temperatures in the Canadian
northwest 81 to g., in North Dakota Sc to
80, in Minnesota So to so, and in South
Dakota 4S to so, there was no chance Tor
a frost, and with fair and warmer weather
for tonight and Thursday no frost scare
L
things loosened up little, and Septem-
Der broke to s102, principally on selling
out of long stuff.
The government report, to come out this
afternoon, will probably show condi-
ton somewhere around 80, this, at least, Is
general expectation OF course, the fact
that the government figures are based
upon data collected Aug ! or prior to that
date will be considered by the trade, and
the report will really mean little, since
the rust damage in the northwest Is a
later development.
Minneapolis elevator stocks decreased
5000 bu for four days.
Receipts here were 80 cars, against 80;
at Duluth 16. against H. and at Chicago
IS, against 1T. Kansas City had 22e,ooo
bu, against 147,000; St. Louis 164, 900 blu,
against $4,000. Primary receipts, s07, 900
Blu, against $1,000; shipments, 5os,ooo blu,
against 241,000.
Clearances wheat and flour. 100000 bu.
Many have just found out that there
is a bull market on, and others are just
finding out that it is based on rust dam
age Snow wired from Jamestown, n. D.
"Black rust made rapid progress past
three days. Fields that looked 20 bu
won't go ~ Mr.. Adams. who returned
to his big Dakota farm yesterday. and
wired back this morning that his wheat
crop Is failure and will not pay for cut.
ting Two men In the Chicago stock
yards office from about 40 miles west o.
Fargo say wheat that they expected woult
yield rs to 80 bushels per acre, now say
will be less than IL owing to rust Chicago
says: local crowd bulling wheat. They
watch Minneapolis and every time it goe!
up an eighth they buy 80 to 100 apiece.
A message from Pennington, N. D.
gays: Am fairly satisfied crops are no
worth cutting, but am obliged to cut som,
for straw for stock. Think. will yielt
pretty close to 5 or 6 bushels out Of which
or 8 bushels of low grade salable whea
may be had. The Downing farm Is Of TIN
same opinion we are; am blowing tn
poorest which TN days ago L thought pos
sibly good for or 10 bushels. Am goinl
to Duluth tonight to buy next years seed
The whole thing Is practically a total loss
lots Of wheat does not show quite SO bad
ly but am certain will be the same a.
early wheat when it reaches that stage"
Following is the forecast in full:, Da
kotaas, Nebraska Iowa, generally fair
warmer. Minnesota. partly cloudy warm
er. Missouri, fair. Kansas. generall
~ fatr, showers southeast portion. Illinois
generally fair, cooler tonight. Indiana
Wisconsin, cloudy, cooler. Michigan
cloudy with showers.
September wheat closed at s1.02; De
cember at 9sAc and May at $780,