The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-23
Rains Start 1T Going Rumor Of
Reduction Of the French
Import Duty.
Receipts Still Run Heavy but the
Wheat Disappears From
View.
Government Estimate of 517, 000,-
600 Blu. for Domestic Con-
sumption Last Year.

Minneapolis Chamber of Commerce, Sept. %
Wheat held Its strength very we'll this morning,
and, while the range was narrow and the mar
Sket up and down by quick changes, there was
no evidence of weakness, but instead the under
tone was strong. The trade has gone in on the
assumption that the rainy weather Will delay
the movement OF wheat, and that a falling on
In receipts Will be noted little later. This
may come out, and 1t may not. AT present
there is certainly great scarcity, for north
western receipts have been larger than year
Z ago every day this week, and again today Mill
neapolis showed I'D with 525 cars against oiS,
and Duluth with 1856 against 194 The
wheat is certainly coming in. but 1t Is being
taken up readily and Is going out OF sight. Tor.
there has been no accumulation here, but, on the
contrary, Minneapolis elevator stocks will show
a decrease this week probably of $4,000 bu. The
southwest is about holding Its own st. LOUIS
getting 90 900 bu against $4,000, and Kansas
City 2O1 900 bu against 22S,00O. Chicago had
s8 cars in against 60.
~ The question now comes up to whether this
matter of heavier receipts, argument for
price recession this time. is not really
factor working for great strength later on +.
w. Dennis of Chicago wired the following inter-
.'Primary receipts from June 81 to Sept. 10 were
81 900, 900 blu; last year they were 4S,O0O,OO0
bu, and the year before. 100000 bu That Is
to say, they only 5000, 900 more than last
year, altho the price is sec higher now. They
ARE within %, 600 bu OF as much as two
years ago, when had 100000 900 blu to 2OO,-
OOO, 600 blu more wheat than have this year.
zone can easily see by this comparison that 1t Is
the high price that is bringing out the wheat,
and that, temporarily, the Size "a Tie cIoP GUS
no figure in the movement But the thing that
is driven home to me Is ,.d mat, win tn
primary points this year crop
of less than 500 100000 bu as was received two
years ago on crop Of 610, 900, 900 Blu, where In
this vale Of tears do we get Off when this ex-
tremely high price eXhausts the run and 1t COM
mences to let upf For. when it does let up, it's
goodby, John. 1t will let up for good. Sup
pose these receipts should run thru October,
which they won't you will still have nine
mon tbs three quarters Of year. before you
get any new wheat next July, and as yet no
stocks accumulated. There is poser for you.
DO you wonder somebody is buying up all the
December wheat to control the cash proposition?
don't. My only wonder is that speculation
don't put wheat close to an importing basis and
keep 1T there. Are not getting to that basis
now, with the central states paying &c freight
or 4Oc per bushe to get millions of Oregon and
Washington wheat here for their mills. After
the Oregon and Washington wheat Is exhausted
then what?" ..,...
The government is reported to have figured
out the domestic wheat consumption to June 80
last at 81, 100000 bu. This is a surprisingly
large total. $500 E.
Officials Of the department of agriculture, &C.
cording to Washington advices, do not expect
that this years crop will reach the $780,
600, 900 blu marx. To reach this figure would re-
fortnight 1t Is believed the greater part of
the crop has been cut, and that 1t Is Of good
quality. The prospects for the late corn, how
ever, are problematical. No say what
the weather is going to be for the next few
days. ST. 49, =. .s.-... g.. a.
If ordinary weather conditions prevail for
the rest Of the month, with some frosts tn
will be for crop between 2,1O0, 100000 blu and
1900, 000 600 bu.