The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-22
Going Nine Gents Under High
Point Of Saturday on Decline
to $1.14.
Wire Service Crippled and the
Trade at Sea as to Storm
Damage.
London statist Very Bullish on
the American Wheat Supply
Outlook.

Minneapolis Chamber Of Commerce,
Aug. Handicapped by crippled wire
service and in touch with the outside
in spots only, the grain trade scarcely
knew how to move this morning. All
reports tended to strengthen the belief
that the great storm of Saturday night
struck the crops hard, but while there
We're reports to that effect from Mcleod
county, Minnesota, and Brown county
South Dakota, nothing definite could be
obtained. Chicago was also cut off at
first, but later on the quotations began
to come. For one thing the storm had
weakening effect upon corn. for 1t soaked
the fields in many corn growing districts
where there had been some complaints
of lack Of moisture. On the whole the
wheat situation was uncertain SO much
so that a good many small lot holders
felt inclined to let go and wait awhile.
The consequence Of this selling out
against no new buying at all from the
outside, was to weaken the market all
around, and send prices down by &c to
21ac. The regular Monday morning sta
tistical reports were missing. Worlds
shipments were 8,376,000 bus against 81
$4,000 last week and wheat on passage
increased 256,OOO blu, but details were
missing. In Minneapolis there were 178
cars against 2os, in Chicago 1853 against SO.
and in Duluth 81 against s. ST. Louis
and Kansas City were cut off.
mount. Should killing frost come it
would catch a vast area Of wheat in deli
cate condition. AS to the chance for
frost that depends more upon atmos-
pheric conditions than upon the tempera-
lures. Last night there were frosts in
the Rocky mountain region and tract
as far east as Rapid City. This did no
harm, and while rain is on or the skies
are cloudy, no frost scare need be feared.
The forecast for tonight is for fair
weather in Minnesota and North Dakota
with showers Tuesday, and for South
Dakota fair tonight and Tuesday. A
full moon is due shortly and that will be
danger time. NJ: few have held on to
wheat to date believing the prospect to
warrant 1t. The chances are that killing
frost will not come, but the price posi-
bilities, should it come, are SO immense,
that many believe it worth holding on
to wheat for the present
! The London Statist has taken hold of
| the American situation and figures out
that there is not going to be much Amer
lean wheat to spare. The total crop the
Statist makes $50, 900, 900 bu, with visible
and invisible supplies of old stuff of TO-
100000 bu. This $4,000, 900 bu compares
with CTS 600, 900 last season and 775, 900 600
! two years ago Allowing 500, O0O 900 bu
for American consumption and TO- 900, OOO
bu for seed and like reserves, there
should be left exportable American
surplus of $4,000, 900 blu, against 1870, OOO-
/ 600 from the last crop and 5000, OOO
two years ago. The Statist says this
$4,000, 900 bus exportable surplus is not
much more than will be needed for China
Japan and South America. The tota
worlds wheat crop is figured by the Stat
list at 361,7O0,o00 quarters, which com
4 pares with 1856, 975, 900 quarters last year
4 and 34S,7O0,OOO two years ago.