Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-08-17
RUST RUNS THE WHEAT
Crop Damage Reports Cause
Unheard of Advance In the
Minneapolis Market
PRICE REACHES HIGH POINT
Another Wild Day Witnessed in the
Minneapolis Market Today, the Price
Reaching 112 - Rains in the North
west May Cause Rust to Spread

Minneapolis, Aug. 17-This morning
September wheat touched 112 TIL.
market was wild and nervous as the
change was very rapid. The advance
is based on higher ca bles and fears tina
rains in the northwest will spread thu
rust damage.
Minneapolis. Aug. 17.-Wheat touch
ed s1.0sA Tuesday-the highest point
ever known in legitimate 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 highest levels, but
this was manipulation. Never before
has wheat sold SO high on crop condi-
tons and in the face IF new crop
movement.
The boom yesterday struck terror
into the hearts of the privilege traders,
many of whom had sold calls Monday
at Sl.0S, and lower. Near the close,
they brought in to cover, making the
excitement great and the nervousness
intense.
Black rust crossed the Canadian
line at new point yesterday, and
wheat crossed the price line for new
high point, September selling in the
Minneapolis pit at s1.0SA.
Monday rust was reported at Port
age la Prairie, Man. Yesterday Win
nipeg said it was along the Canadian
Pacific in fields south and east OF
Arnaud and Otterburne on the op-
posite side of the Red River Twice on
this bull market wheat halted just
under S1.06 and the line appeared
drawn. September went thru $1.o6
with one jump.
What Canadian Rust Means.
If this Canadian rust damage is ex-
tensive. it will be the most important
bull factor yet brought out. Since the
bull market that has carried Septem-
Der wheat up from 7Sc 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 Canad-
ian northwest. Hence, despite the
boom in American markets, Liverpool
has refused to follow, and Chicago
wheat, which should normally be 13c
to 14c under Liverpool. has been &c to
&c over, while Minneapolis -four, based
upon cash wheat at SLIP to $1.15 a
bushel, is out of lire, millers can sell
no flour abroad. and many local mills
are closed. IT, however it should prove
that Englands Canadian wheat supply
has been seriously impaired, Liverpool
may wake up.
Exports Are On Deck.
Every crop expert in the country is
either in the northwest fields or headed
north. Fl. V. Jones left Minneapolis
again Monday night. Snow is in the
Red river valley. John Inglis is in
Manitoba; Pringle, the big Chicago
grain man, and many from Minneap-
oils and Chicago trade are en- route for
the Manitoba fields.
The first car of new Minnesota No.
l northern wheat was brought by the
Milwaukee from the Hastings & Da
g. Co. 1t sold at &C over September
price.
Other Crop Disasters.
Fifty years ago rust ruined splen-
did wheat crop" said James Marshall.
president of the Minneapolis Chamber
of Commerce In 1854 / was in the
field in southern Wisconsin and saw
the ravages over a wide area in what
was then the center of wheat produc-
ton Again, in 1878. was in the
field The wheat growing center had
in the meantime shifted to the north
and west. Men in the field in those
days always kept in closest touch with
Milwaukee, then far more Important
than Minneapolis or even Chicago as
primary market, and the home Of the
Chicago Milwaukee & st. Paul rail-
road. l sent the first report OF 1878,
and having my experience of 1854 still
in mind knew that the crop had been
hit hard. My view of 1t after finding
rust in the field was so utterly at var
lance with my earlier reports and with
reports that other observers were still
sending that they failed to meet ac-
ceptance. Later, however, they found
that there had been crop calamity.
with reference to the scientific talk
of poor seed, am inclined to question
the theory. The finest quality OF
wheat the northwest ever raised was
the crop of 1877. From this crop COM
prising almost entirely No. hard, or
No. / northern wheat, the fields of
1873 were sown, yet that crop was
ruined by rust. Rust is, in my opinion,
very largely climatic proposition.