The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-05
The Price Breaks Early, Then
Bounds Up to $1.oo for
September.
Crop Views Not So Bad-Jones
Says a Good Yield Is Still
Possible.
The Bulls Still Look for Prices
Above a Dollar Later
On.

Minneapolis Chamber of Commerce,
Aug 5.-Heavy liquidation marked the
opening Of the session today. Big lots
carried up from far down the scale were
on sale. Buying orders were also In on
large scale. There was, in fact, enough
wheat bought to have put the market up
with rush, but while the new orders
came in holders satisfied with profits let
60 and the selling more than counterbal-
anced the buying. From CSC to 9S1ac 1t
was q standoff. From 9S1ac to use the
selling was little the heavier, and when
csc was reached the new buying power
had about spent itself and there was still
some wheat to sell. Before II o'clock Sep
teinber was off to 971sc on stop-loss SELL
ing. Jones was in from the country and
was far less pessimisttc than great many
traders had expected him to be. So many
bad reports had been received that, with
out any idea as to what Jones would have
to say, the trade had rather assumed that
he would be very bad. But from the
summary given out it is evident that there
Is nothing approaching calamity in the
northwest and. while the damage Is Sc
we're, the rust Is not general and there Is
still chance for good crop.
The bulls had strength abroad to help
them, but it did not operate further at
first than to hold the local market firm
around yesterdays level. Liverpool was
1B@1Ad higher; London. I'D higher; Ant
sc higher.
Tho dollar wheat bulls had by no means
given up, and to noon were inclined TO
look for a closing rise to their mark, be-
ing confident meanwhile that wha tever the
market might do for a time, dollar wheat
will come some time.
On the local spindles was a bit Of Cos
sip, given as an extract from special
dispatch to Chicago paper from George
D. Rogers, editor Of the Market Record
and secretary Of the Minneapolis Cham
Der. Colonel Rogers says there is rust in
the wheat crop of the northwest, and that
damage in South Dakota IS 20 per cent; in
Minnesota, 10 per sent, and in North Da-
kota, s per cent. Some time ago, when
wheat was 10c to 12c lower, the report
from the same source indicating north
west crop Of about 200,0O0,000 Pu and
showing 240, 100000 blu as a possibility was
a feature.
Minneapolis received Is cars, against
121; Duluth &c. against 8, and Chicago 90,
against 1870. Kansas City had 100000 blu,
against 10000, and st. Louis 100000 blu,
against 10000.
Tho weather map shows very little mois-
ture, light showers in eastern Iowa and
illinois, and so of an inch at Dodge City,
Kan Temperatures in Canada, AZ to 5s
degrees; AZ at Edmonton and A at Cal
gary; North Dakota 48 to 81; 49 at Will
liston South Dakota, 81 to 70; Minnesota,
81 to So; elsewhere seasonable.
The forecast is as follows: North Dakota
Generally fair; warmer. South Dakota
Fair; cooler in west portion. Minnesota,
Wisconsin, Iowa, Missouri-Generally fair
Illinois, Enthusiastically fair, except
showers in south portions. Nebraska
Fair; warmer. Kansas Partly cloudy
scattered local showers.
September closed at 9Sb@98Ac; De-
cember, 95Ac; May, 96Ac.