The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-23
The Market Record Sees a 240,-
100000 Blu. Possibility and
Prices Stagger.
H. ". Jones Says He Cannot Be-
lieve It Is Intended
Seriously.
Good Weather and Easier For
eign Markets Help the
Bears.

Minneapolis Chamber Of Commerce,
July ga quick drop of a cent was the
feature in wheat this morning On bet
ter weather and fair prospect of it's con-
tinuance over Sunday the market was
weak to start and was soon off to a shade
under SIC o selling out Of little lots for
profit and execution Of stop loss orders
The turn for the better in the weather
appears to have come at last. Meanwhile
the bears have had the benefits Of less
responsive foreign markets and number
Of American crop reports Of nature
more favorable than formerly. In the
main the situation Is unchanged. The
movement Of new wheat to market Is not
likely to run heavy and the northwest
crop is still very backward, notwithstand-
ing the better reports now coming. The
report of the Market Record of yesterday
covering the three states and pointing
out a prospect of 240, 900, 900 bu wheat as
a northwest possibility was mainly the
cause of the decline. To thu outside trade
1t was surprise in view of the bad re-
ports previously emanating from the
northwest. Locally 1t was widely dis
cussed. Chicago wired asking local opin-
ions, To Chicago inquiry reading,
What Is your opinion of Colonel Rogers
figures?'' H. V. Jones, who has just been
thru the country, replied: Cannot believe
that Colonel Rogers is serious" One
thing Is certain, If the northwest raises
any such quantity Of wheat it will be a
wonderful thing. Of the backwardness of
the crop the Rogers report takes due no.
tice and the figures are based upon the
provision Of continued good weather and
absence Of early frost.
Minneapolis received SO cars against
1o7, Duluth 115 against II and Chicago 81
against co. Kansas City received 1880
bu against $4,000; shipments $4,000 Blu
against SO 600. st. Louis received lea, 900
bu wheat against 10000; shipments 49,
600 against $1,000. Primary receipts $780,
900 against 5s4, 900. Shipments 275, 600
against 2o4, 00o Clearances wheat and
flour, 126,000 blu. &c.
The Commercial West says: I'm wheat
the central proposition continues un-
changed, and the weeks developments
so far as the price question Is concerned
seems to make for increased strength in
the bull arguments. With the seasons
progress. the opinion becomes more gen.
eral that the years crop Of the United
States cannot but be smaller than its pre-
decessor while the reports of probable
European shortage go to confirm the ear
ler estimates to the effect that that con-
tinent must find in the vicinity of 20O,-
100000 bushels elsewhere. With smaller
crop. limited quantity Of old supplies
and the prospect of a materially aug
mented demand from foreign sources the
present level of prices does not seen
too high to be justified by existing condi.
TONS e'
Minneapolis elevator stocks decreased
559,947 bu for the week, leaving 4,9e9s2
bu in store here.
The weather map shows trace Of rair
In Kansas City and scattered showers II
Texas. Clear in other portions of tn,
southwest; also clear west and northwest
with temperatures stationary all over.
The forecast Is as follows: Kansas
fair, rising temperatures except loca
showers south portion Sunday North Da
kota, partly cloudy, warmer Sunday Mis-
souri,, Nebraska, Iowa. South Dakota
Wisconsin, Michigan, Illinois. Indian;
generally fair. ~,
July closed at SIC, September s7Ac, De
cember S4% @84Bc.