The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-29
Falling Off About a Cent as the
Market Closes, on Profit
Taking.
The Russian Trouble and Bad
Odessa News Puts Up Liver
pool.
Better Weather Northwest Fails
to Break Prices as Ex-
pected.

Minneapolis Chamber of Commerce. June %
Clear skies and prediction for fair weather
tonight and Friday put wheat of cent from
yesterdays high point at the opening this
morning. The bears saw chance for drive
in the better outlook, and, judging from the
fee fseling on on ,n the curb they We're to
it lower. Fortune appeared to favor the bulls,
however, for no sooner was the sharp edge of
the northwest situation and the nervous ten
sion a little bit relaxed than Liverpool cables
came In strong and higher, being y gid up in
the report for 1870 pm. Liverpool time. Broom
hall said this was due partly to unfavorable
reports coming across about Minnesota and the
northwest, but principally to the trouble in the
Black Sea. The mutiny the Russian war
ship and state of confusion following bears
directly upon Liverpool, for most of the wheat
exported from Russia goes out thru Black Sea
ports. and Russia has been shipping heavily
Of late. Odessa, where the trouble is centered,
Is free shipper, sending out about 100000
bushels a week recently. Liverpool evidently
that while the chances are that CONNER
cial channels will not be blocked by anything
that has occurred far, this may follow If
sent In much better news, and better YEA ther
said to have revived the hopes of the
farmers, Winnipeg. Comstock, Hillsboro, Fargo,
Hunter, Casselton and Fergus Falls came in
with reports of clear skies and rising tempera-
lures, and opinions followed that the crop will
revive and pull ahead if the weather holds.
A. D. Thompson of Duluth wired that he had
in hand 100 northwest reports with nothing bad
in them. Isaac Lincoln Of Aberdeen wired J.
F. Whallon that small grains look good, and
if rain ceases the territory tributary to Aber-
deem ought to produce big crop. One of Mar
fields men, in the fields Fergus Fails,
reports much rust and what looks very much
like black rust on some plants. Samples sent
in are fully ten days behind normal in de-
velopment. Inglis wired Watson from Tiffin,
Ohio, that the wheat is poor and not promis-
ling good returns The Price Current says all
leading crops have maintained their previous
indication for week past and that the winter
wheat harvest is going ahead without serious
interruption. ]. D. Frazer lad telegraphic ad-
vices from Eisboro N. D., Of an improved
outlook following the turn In the weather.
Lake Preston sent better report. 2. l.. Howe
) of the Imperial Elevator company wired from
North Dakota that, outside of the Red River
valley. the crops are fine. Webster, s. D.,
sent more favorable summary to McCaull.
f. p. Frazer of Chicago wired Lewis that the
foreign situation relative to the Black Sea
est Importance.
Minneapolis received al cars against 1o1
Duluth p against Is and Chicago against 12
st. Louis had "a, 900 bu against 10000 Kansas
City $4,000 against $4,000. Winnipeg got only
IS against 1877. Minneapolis elevator stocks
: have decreased 900 bu SO far in the week
8 j. A. Rankin of Chicago was change, the
8 guest of Al Chambers. Mr.. Rankin wired his
Chicago office that rust reports that looked to
him like the real thing coming into Min
neapolis, and this started covering of Chicago
shorts, turning the market very strong.
st. Louis wired Lewis "All new No red
wheat received here eagerly snapped up by one
miller at 95c.'
Primary receipts. 23e, 900 blu against 294 900;
clearances, 40, 600 bu.
Kansas City wired: ut is admitted con-
siderable amount of new wheat has been bought
: here for Mexico account. one house selling 1SO-
900 bu last night 1t expected Mexico win
reduce her duty and buy of us about 5000, 900
bushels"
The market touched 941sc for September, but
heavy profit-taking sales threw it off at the
close. The close, while down almost cent
from high point showed underlying STRENGTH
and apparently high point has not vet been
reached to judge from the action of the pit.
September closed at 93Ac and December at
S94 MS94c. - = .