The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-16
WITH WHEAT Sl.O8ai
EVEN BULLS GASP
September Option Reaches Dizzy
Figure on More Reports
Of Damage.
BLACK RUST HITS
MANITOBA FIELDS
Realization Of What Was Before
q Possibility Was What
Boosted Price.

Wheat touched S1.0S& today-the
highest point ever known in legiti-
mate bull market and the highest
figure ever recorded in Minneapolis
September in the history Of the trade.
The Letter corner of 1898 put May
and July prices to higher levels, but
this was manipulation. Never before
has wheat sold SO high on crop condi-
lions and in tn eface Of a new crop
movement.
The boom this morning struck ter
ror into the hearts Of the privilege
traders, many Of whom had sold calls
yesterday at $1.0S, and lower. Near
the close, they bought in to cover,
making the excitement great and the
nervousness intense.
Black rust crossed the Canadian
line at d new point this morning, and
wheat crossed the price line for a
new high point, September selling in
the Minneapolis pit at $1.08a.
Yesterday rust was reported at Port
age laPrairte, Man. This morning
Winnipeg said it was along the Cam
adam Pacific in fields south and east
of Arnaud and Otterburne on the OPP
posite side of the Red river. Twice on
this bull market wheat halted just
under $1.06 and the line appeared
drawn. Today September ewnt thru
S1.06 with one Jump.
WnaG canadian tEuSt Means.
IF this Canadian rust damage Is ex-
tenslve, It will be the most important
bull factor yet brought out. Since the
bull market that has carried Septem-
Der wheat up from 78o first began,
Liverpool has Jagged behind. Eng
land can draw for wheat not only
upon America, but upon india Ar
gentine and Australia Most Of all
she has Of late depended upon the
Canadian northwest. Hence, despite
the boom in American markets, Liver
pool has refused to follow. and Chi
cago wheat which should normally
be 13c to lac under Liverpool, has
been &c to SC over, while Minneapolis
-four, based upon cash wheat at SLIP
to $1t15 a bushel, Is out OF line, mill
ers can sell nc -four abroad, and many
local mills are closed. If, however,
1t should prove that England's Cana
dian wheat supply has been seriously
impaired, Liverpool may wake up.
Experts Are On Deck.
Every crop expert In the country is
either In the northwest fields OF
headed north. n. v. Jones left Min
neapolis again last night. Snow Is ir
the Red river valley. John Inglis II
In Manitoba; Pringle, the big Chicago
grain man, and many from Mime.
apolis and Chicago trade are en- route
for the Manitoba fields.
The first car Of new Minnesota No
! northern wheat was brought by the
Milwaukee from the Hastings & Da-
Brown & Co. 1t sold at sc over Sep.
TENDER price,
Other Crop Disasters.
FIFTY years ago rust ruined q spten
Gid wheat CROP said James Marshall
Il n 49, .~1t IL, ~,
of Commerce. In 1854 I was in the
field in southern Wisconsin and saw
the ravages over a wide area in wha
was then the center of what~produc
ton. Again, in 1873, I was in thu
field. The wheat growing center hat
In the meantime shifted to the nortl
and west. Men In the field In thos
days always kept in closest touch will
Milwaukee, then far more importan
than Minneapolis or even Chicago as
primary market, and the home Of tn
Chicago, Milwaukee & st. Paul rail
road. I sent the first rust report
Of 1878, and having my experience o
1854 still in mind, knew that the GRO
had been hit hard. My view of
after finding rust in the field was s
utterly at variance with my earlier re
ports and with reports that other oh
servers were still sending that the
failed to meet acceptance. Later, how
ever they found that there had bee
a crop calamity.
with reference to the scientif
talk Of poor seed, I am inclined t
question the theory. The finest quail
ty Of wheat the northwest ever raise
was the crop Of 1877. From thi
crop, comprising almost entirely No.
hard, or No. / northern wheat, tn
fields of 1878 were sown, yet that Gro
was ruined by rust. Rust is, in m
opinion, very largely climatic propc
sition -