The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-22
DOLLAR MARK IS
ALMOST REACHED.
RUST SCARE SENDS WHEAT UP
THREE CENTS.
Big Line Of Speculative Buying In
duced by Reports and Many Long
Holders Take Profits Lateness of
the Crop Adds to Dangers Some
Large Dealers Caution Conservatism.

Forging upward against the selling
pressure Of millions ofbushels of Septem-
Der wheat reached 99Ac today in the
Minneapolis pit. The range was up
ward from 9ea4c to which point Sep
TENDER sold early.
That the dollar mark should be reached
before the close seemed certain and
ers, holding orders to sell out at that
figure. The fve-minute bell found it
still below, and wheat in big lots still
coming out. At least 100000 bushels
was Huuidated in the second half of
the session. AS nearly as could be de-
termined most of this was for outside
speculative account, representing the
purchases Of Chicago, New York and
eastern and also northwest country buy
ers, who threw orders into Minneapolis
when the rust reports, that since Tues
day have carried wheat up l4A cents,
first began to be heard. Big profits
were drawn down by many. ...
The situation at the close looked un-
certain as ever. A greater number
could be found who take a more con-
servative view Of the northwest crop
advices, and are hopeful for the best,
but the speculative markets apparently
are working into increasing activity
and excitement.
Interest Centers Here.
Minneapolis is again the center of
worldwide interest, and all other mar
kets, domestic and European are watch
ing it. The New York stock market
hangs on the crop report, and stocks are
affected by the Minneapolis news.
A. I. Valentine, head of the Armour
grain interests Of Chicago and power
In the grain trade of the world, Wake
in on 'change here this morning.: MI.
Valentine, who was the guest OF Frank
Commons, states that his visit had no
special significance, altho his presence
at a time of general market excitement
gave rise to much inference OF con-
trary nature.
Rust Has Come Earlier.
The rust development this year came
so much earlier that, the crop being
later, the situation is considered more
serious. This is the crux Of the matter,
the difference in time. Last year the
first rust was found in South Dakota, on
July 20, and the scare really began
about Aug. l. Today reports are com
ing in from many sources. Some al
loWance must be made in all cases for
the nervousness of the farmers, their
experience last year and natural prone
ness to see calamity in any appearance
of the dreaded rust. The worst samples
yet seen came in. this morning from
fields around Willmar, and also from
Howard Lake, Mimi, but how repre-
sentative they were or what portion OF
the crop is infested it was impossible
to learn.
| Best grain trade authorities are eau
tioning conservatism, and while fully
recognizing that the rainy weather of
last night was additionally bad, are
| yet hopeful that good weather will con
tinue from now on, and will carry much
lwheat along out Of danger.
| Eureka and Vienna, South Dakota
were new points sending in rust re
ports, also Grandin, N. D.; but Pier
pont and Glendale reported no rust il
sight after careful examination Of tn
fields.
Big Ones Optimistic.
Some prominent houses take view
of the situation more hopeful than tina
generally entertained. The Van Dusen
Harrington issued a special bulletin
today as follows: "During the pas
week there have been received from
number Of points in Minnesota and tn
Dakotas samples of wheat which, un
der microscopic test, show the, infec
samples were drawn from low, we
! places, where it is understood tina
black rust is always liable to exist. I
is the opinion Of expert authority that
with continued dry and favorabl
weather in the northwest, it is sti
possible there will be no very seriou
developments from the present cond
tons" From portions of South De
kota there are received numb Der 0
reports showing a great deal of smu
| IN the otrourinn wheat -