The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-20
But Closed with Firlnness and
Evidence of Continued Good
Support.
Altho Cables, Receipts and the
General Gossip Were Against
the Price.
II. V. Jones Sends Out a Tele.
graphic Summary from New
|. York.

Minneapolis Chamber Of Commerce. Oct. 90
Against unresponsive cables and much bearish
gossip. the wheat market held strong and advan-
cling this morning. An early drive put prices
off &c from the high points of yesterday. but re-
action quick and December came up from
S1.17& to S1.19A with jump. By concerted
action. what looked very much like 1t. the
cash wheat buyers forced prices off little, rela-
tive to the option. and No. northern was u
@2c under December, and No. northern &c
under. The fact that the edge was off the Min
neapois cash market was sent broadcast. With
this there 6O6 cars posted here against 1913
last year. and this looked like big prices draw
Ing In wheat and was likewise used for bear
effect. Later the figures changed to 5O6
the report having erred by 100 cars. Then the
sellers of wheat who had acted on the big re-
ceipts changed about Duluth had 237 cars
against 142, and Chicago 35 against 81. On
the whole. there was nothing in the receipts to
scare holders. The local elevator stocks in
creased 100000 bu for five days. The Price
Current was bearish. reporting change in the
general situation, and former indications of
yields fully maintained. The southwest showed
up 49, 900 bu wheat at st. Louis against SO. 900,
and at Kansas City $4,000 bu against JOG, 900.
Kansas City message said that 10000 bu
Oregon wheat had been bought to 60 from Oregon
to Texas mill on basis to cost the miller 81 %
a bushel. The rain of last night was Il help
to the bulls the map showing precipitation In
Iowa, Nebraska, northern Kansas eastern Ne
braska and along the Mississippi from Minneapo-
lis down to Keokuk.
Before the close the Van Dusen- Harrington
company received wire from Winnipeg giving
the government report OF the Canadian crop.
Wheat is given as 3.420.411 acres; average yield
l7.5 bu; total, 59.S57 100 bu.
Primary receipts LOGO, 900 bu, against 905,-
900 bu.
H. V. Jones wired the following from New
York: 1.-The student OF grain prices must look
beyond precedent to find for the present
wheat and schedule. According to prece-
dent. wheat Is too high but from the standpoint
of supply, the true barometer, the price will
rule higher in all probability. It is quite the
habit to refer to average of prices for ten
years for the purpose Of determining what a
fair value may be. This method may be help
full with stock, but with food product one
might we'll use for an Indicator an amulet as
average price. The United States has sold
wheat on the basis of the present production at
much lower prices. But in ten years have
increased consumption heavily and crop of
525 900 bu wheat is barely sufficient for
home needs. The country has raised less than
that total this year. but close to it. The ex
port sales must come from old stock brought
over. The year will close next July without
burdensome holdover supplies: hence the country
must become recorciled to high wheat prices
until production be Increased to 600, 900. OOC
hu. A crop of 600, 600, COO bu will not put the
average price under 90c. We require about
100000 bu 1000 900 bu additional, wheat
supply every year at home. This counts rapidly
The same argument of consumption increase will
apply to corn. We big country
The growth Of ten years tells tn
story of expansion. Corn is worth all it il
bringing in present relation Of supply and de
mand. The present price is the basis of
popular estimate Of crop close to $500. 600. OO(
bu There already indications of n modif
cation of this view to that will more nearly
accord with idea Of 1000, 900, 900 b.
crop"
December closed at s1.177s oils and May a