The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-02
IA Big, Broad, Sweeping Bull
Market Carrying Everything
Before It.
Jones Starts It Going With a
General Summary for the
Three States.
Then the Foreign Markets Come
Higher and the Local Pit
i Boils.

Minneapolis Chamber of Commerce,
Aug. First influence Of the day came
early this morning from Jones, who had
out summary covering the northwest
and placing the total wheat yield of the
county at about 5S0,00O,000 bushels. Be-
fore the market opened the report was
the subject of animated discussion on the
floor, September wheat meanwhile trading
at 94hc, against yesterdays close of 93c.
The conservatives were disturbed by the
report and very nervous. Jones has not
yet committed himself to any figures for
the northwest, but his summary indi-
Gated very clearly that he has not found
the general promise at all favorable, even
allowing for the possibility Of bigger
yields in portions of the west central
i North Dakota area, Of which due notice
Is taken. In itself the Jones report was
q factor Of Importance enough to raise
the market. But the leading foreign mar
kets have been closed for long holiday
and there were many who still hesitated
for fear Europe would not follow our adj
vance and that reaction would be in or
der. When the cables began coming,
however. the strength abroad was even
greater than might have been expected
and new buying developed here very
quickly. Liverpool was up 1A@1Ad,
London up I'd, Antwerp up equal to &c
Paris equal to 1c, Berlin csc up and
Budapest &c higher since Saturday. The
foreign advices were of a tenor to indi-
cate that the foreign strength is not only
In line with the Minneapolis leadership
but that conditions sufficiently bullish, to
make for strength in themselves, exist
abroad. One bit Of rumor has it that
the drought has hit Germany so hard that
the tariff OF 10c on corn may be suspended
on account Of the scarcity of feedstuffs
Minneapolis September sold at 95Ac be-
fore noon.
The question as to when the advance
will eliminate is now very pertinent.
Some are for dollar wheat, some put the
top mark far above dollar, and widely
variant figures are heard. In this connec-
ton mere figures are nothing. The ad-
vance will eliminate when everyone is
bullish, and not necessarily when the
market has reached any fixed point So
long as there are bears wheat will con-
tlnue advancing, and there are many
bears remaining. Take, for example, the
interview with the secretary of the de-
partment Of agriculture, published in
The newspa pers yesterday. Mr.. Wilson Is
quoted as follows Wheat compares
well with past years; Is better, in fact,
than at this time last year, or the year
before
S~1AAS ASSSSh
ering general conditions in which he
says: Drought is now the single serious
possibility. AS for frost, the danger from
that source is less than usual, since most
OF the crops are early. Complaints Of
chinch bugs and other injuries are un-
usually rare. In short, it is many years
since the crop outlook was so favorable
Every northwestern grain man knows
that so far as these reports may be in
tended to apply 20 spring wheat they are
not only wrong, but positively foolish. Yet
1t IS likely there are many thousands Of
spectators and traders In wheat the
country over who follow such guides and
II man were following them the con-
s1stent thing for him to do would be to
sell wheat since if conditions are as in
dleated prices are too high. AS long as
there are many traders to sell short
and buy back at higher prices wheat VIII
continue to advance.
CHARLES E. Lewis says of his trip thru
the Red River valley: II came up here
expecting to find large wheat crop pros
pect and must say I am badly disap-
pointed. All the old big wheat counties
up and down the valley have the poorest
outlook l ever saw at this time of year:
the best and largest farmers say one
third of the crop will never mature, and
~ looks 1t. Machine men tell me that
aIter doubling the number of statesmen in
the state of North Dakota their sales to
the present time are only SO per cent of
what they were this time last year, and
also say the sales in the four states Of
wisconsin, Minnesota, North and South
dakota, are far short of last year, thus
Indicating plainly to them that the spring
wheat is not what they expected thirty
days ago.
Receipts did not look so big TODAY.
kansas City getting 176,OOO bu against
$4,000 and st. Louis 212,OOO against 13e.
900 Minneapolis had 70 cars against a21
Duluth 1875 against % and Chicago PA
against 1873. This made primary receipts
less than year ago at 729, 900 bu against
$4,000; shipments 100000 against $50. 900.
Bradstreet's report of the worlds visit
pie shows wheat east of the Rockies in
creased l,1S6,00O bu; Europe and af1oat
decreased 1,500,O 900 bu; total, decrease 314 :
900 bu oe'e oi4'
N a Broomhall cable says: Anticipate large
demand Tor corn, owing to shortage in
Danubian countries and Italy. and also
owing to generally poor autumn fodder
crops. ooei
II September closed at CSC; December at
ss2Ac. and May at e45sc.
THE FT,0TTR MApHTm