The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-09
WHEAT 50 HIGH
THAT IT MOBILES
A Three-Cent Slump Was the
Feature Of Today's
Market.
City and Country Now Arrayed
on Opposite Sides of the
Game.

Wheat fell with a crash at l2:40
pm. today, September going to Slope
from $1.05%.
The bulls had touch of panic
The market went from $1.03k to
$1.02B in almost straight drop. |
Confusion reigned in the pit. Wheat |
sold at $1.04B and $1.O5h stimuli
taneously, and on the break was sold
at $1.03$ in the center Of the pit,
while on the edge frenzied traders,
s1.O3A and $1.03B for it. No orders
could be executed with any certainty
within a half-cent of the market.
Another high point was scored early
-$1.O5%.
It was another day of enormous
business in futures, probably surpass-
ing the record day In July, 1900, when
close to 21,ooo,ooo bushels changed
hands.
Strong on Bad News.
Scared by the rain, increasing rust
reports and fear Of frost in North
Dakota, the country bought heavily.
Every little country town had it's buy
/ professionals in Minneapolis and Chi,
cago unloaded their lines. Some held
/ on, believing the buying force had not
spent itself and that they could LIQUID
ate as easily higher up. Meanwhile
! the countryis CARRYING the heavy end
4 1UsAaSsIHS tUlES sSlllCtSO
| professionals have turned around. as
has also about half the Minneapolis
contingent. It is now a fight between
country and city, and the outcome is
uncertain. Time has been when the
country has whipped the big markets
into line and it may do so again.
Usually when the country gets the
wheat, the boom Is off.
Last night 2.35 inches Of rain fell
around Aberdeen, and South Dakota
also had 1.54 inches at Huron and 1.45
at Milbank. Minnesota had LOS at
Alexandria and 1852 at New Ulm.
Minneapolis showed "a inches to 8
am, and st. Paul rs. This was bad
for the harvesting, which will soon be-
gin.
Cash Wheat Away Up.
Cash wheat sold at SLIP for No. 1
| northern and. at S1.07h for No. q
Duluth ran away from Minneapolis
$1.14 for No. northern, and quoting
$1.16 for choice later on. New wheat
to arrive is offered at $1.05 and
s1.o5h.
The first car Of new crop spring
wheat was received in Minneapolis
consigned to Woodwork. 1t showed
the effect Of rust, the berry wal
small and shrunken and deficient b!
nine pounds. averaging only ffty-on'
pounds to the bushel. Butcher & Co
bought it as rejected, at 92c.
Some Good Reports.
Winnipeg has good weather and tn
Manitoba scare that started yesterda.
lappears to be off.
A few favorable reports were heard
S. K. Nestor, who has 5000 acres nea
Valley City, N. D., says there has bee
some rust damage. but nothing t
cause any alarm.
Everything depends upon tn
weather from now on. Much Of tn
wheat needs only five or six days Q
warm weather to bring it to maturity
Then it will be possible to tell ho'
serious the rust damage has been.
The largest and strongest brokerag
houses on change are conservative
in their attitude towards new custom
ers and are taking pains to point OF
in all fairness the possibilities, whic
are about equal either way. The oil
case hardened spectators ask notf
ing better than a slam around mark,
and the danger of a sudden DC or IL
sweep either way does not deter the
from trading. But since Septembt
wheat passed the dollar mark, mar
who never touched the market befol
have sent down orders to the Chamb,
to buy wheat and this is the busine
the more conservative houses are tai
ing only after full explanation Of Il
situation with the possibilities on bo1
sides pointed out.
No man living can predict the GU
come The market may still be f
from top, and prices cannot possib
decline much so long as country blu
ing orders pile in as they did til
!. morning, but the test will come VIII
! the many country holders begin to s,
| ont.