The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-19
The Local Trade Greatly Dis
turbed and September Wheat
Selling at 891a.
Chicago Declines to Take the Min.
neapolis Scare so Seriously,
Yet Buys Some Wheat.
The Northwest Crop Is Admit
teddy in Very Critical
Position.

Minneapolis Chamber Of Commerce, July 19.-
Wheat went up again today from the start, and.
having scored a substantial advance, showed
every Indication Of maintaining it. Reports COM
ing III from the spring wheat fields were less IA
yorable. 1t could not be said that there was
any change of Importance in the general situa-
ton, only the big crop stories ceased and few
localities that had been sending glowing accounts
Of the wheat promise turned little less hope
full. The trade also began to take note of the
fact that the critical time is fast approaching.
If black rust is going to get the crop it will get
it within the next few weeks or not at all. Last
year the great damage that sent
s Msss about sp July 4ns there
have been so many early and unwarranted reports
Of rust caused by the. nervousness Of farmers
generally after their disa strous experience OF last
year, that afterward failed of verifcation that
the grain trade at large now looks at rust
report another false cry of 'wolf, wolf. In
deed, some astute traders on the local moor nave
ventured the opinion that should black rust really
be found later on the immediate effect might
not be bullish, many times has the trade been
scared by it, and regularly has 1t failed TO pan
out. Diminishing all thisc, however, as specula-
tive or sentimental, the practical consideration
remains that the next few weeks will do the
business one way the other. Probably there
is no man in the northwest trade who does not
know that conditions favor the appearance and
spread Of black rust in the three states, and IN
deed have favored 1t from the opening OF the
season. This refers, of course to conditions IN
the fields At the same time everyone KNOWS
that it is the weather that will bring on the
black rust, or will prevent its development. MOI
withstanding the unfavorable appearance OF the
plant in many important localities Its backward
ness and the presence of red rust IN various
stages, it is entirely possible for the northwest
to escape a black rust visitation with the right
kind of weather. Extremely nervous markets
may be expected from now It does not seem
that the good judgment of the bears would lead
them into any campaign for price recession Ior
the present and speculative view OF II Wou. "a
be that even il there is to be further materia!
decline in wheat it will not come JUST now.
Once there is any sort Of fair assurance OF an e4
portable surplus prices will start towards an ex
mort basis but any concerted move In that
direction would seem unlikely while the s1tua-
ton northwest is critical. Meanwhile with
any evidence of deterioration important enough
to change northwest results materially II can
scarcely be doubted that prices would rise.
Minneapolis elevator stocks decreased py
600 900 bu for four days. At this rate the to.al
100000 blu. The southwest showed up anotne eI
pretty good total Of wheat, $4,000 blu against
10000 at Kansas City and Joe, 600 compared WIN
1000 at St. Louis. Winnipeg sos .,ns+ c1 4e
Chicago 90 against and Minneapolis % cars
compared with 126. non ooo
Primary receipts, $4,000 bu against Seo'ooo.
Clearances wheat and flour, $1,000 bu. ~,
Byl noon September wheat had sold 10 oo12c
and December to s5Ac. The local trade was 10
hnenced in some degree by the Chicago buying
Wrenn Kneeland and Ware s. Leland being
among the buyers. This may have been the GOV.
ering of short wheat, but whatever 1t was II
was taken here to mean that there would be nc
further heavy pressure on tne prize a. olA'oeo
for the present at least
Baltimore reported the sale of i've loaas o.
new winter wheat to Rotterdam Verhoens az
vices from Milmine said: Things point TO some
Improvement Receipts will not be heavy as ex
nacted for the balance of the month. Any rel
able reports of damage to spring wheat would Df
quickly reflected ,,,n
r.ono1is scare Many Chicago traders sent In
n,,irv about the rust reports. A. G. Chambers
wired to Rankin: zone OF our elevator man man
ayers inst told me he received report Iron
GeonorStoyn n H. this morning saying there II
black rust there. He says the party that writes
him is reliable but may be mistaken ana nj
is going to investigate at once
- M 60 4,orket sold to 'S91hc for September ant
70 s6Ac for December and closed just under tn
high pOint,