The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-13
Damage Reports Come In and Wheat yll1,lb,
July Goes Above $1,000, and
September Takes a Quick
Squirt Up to $3.50.
Minneapolis July Bulls Stand to
Win Out if the Damage Is
Confirmed.
) Buying So Far Not Heavy
Next Week Should Tell
the Story.

Luo 0to1y'
Minneapolis Chamber Of Commerce,
today and prices ran up i'll a manner to
remind traders of the doings last year
when the great bull market started.
Minneapolis July passed the dollar level,
and touched $100%@$1.00B closing
firm, while May wheat sold up to
$1.O9A and closed there: Damage
news from the southwest did it. The
nifty news came, but all the southwest
toned down former optimistic views to
the more conservative, while an occa,,
sional locality went it stronger, and
said that the wheat has been seriously
hurt by the rust. The temper Of the
local trade is such that it it could be
convinced that there had really been
southwest, much higher prices would
prevail. So far the buying represents
very largely the covering Of shorts from
day to day. and the manipulation Of the
Minneapolis interest that is under
July. This clique has been playing for
some sort of crop damage to help put
the final touch on the bull market, and
deed it is possible that if there has
been any very serious damage done, a
bull market greater than the last big
one may come, but few believe this is
in store: 1t may safely be said that Of
the buying seen so far, very little comes
from men who have decided to enter the
market on the long side, because they
think wheat good safe purchase. On
the contrary the preponderent sentiment
so far has been that manipulation would
result in a swift reaction some day.
But today the southwest news ran bad
enough to suggest that maybe there has
been a turn for the worse. Monday
ought to show whether this is the case,
or whether the farmers, with the north
west rust damage Of last season still
fresh in mind, have been frightened
over a condition not really very serious.
If it should develop next week that the
crop has really been impaired, the bulls
will have things pretty much their own
way. If the damage scare peters out,
the market will react.
Texas mad rain generally, and bad re-
ports came thick and fast. Sedgwick,
Kan. sent one very unfavorable. Kan
~sas City wired GA large elevator con-
Germ, operating forty stations in Kan
sas, says the yield of wheat will be very
disappointing; not within rs per cent Of
what was expected thirty days ago.
ket to the end.
RECEIPTS here were SO cars against
18, Chicago l against "a. st. Louis
had only 1000 bu against $1,000, and
Kansas City $4,000 against $4,000.
Wi9nipeg got g. cars against o g. 6oo
against $4,000. Wheat and flour clear
ances $4,000 bu.
In the Commercial West of today
Rollin E. Smith says: cit is useless
to discuss the probable amount of win
ter wheat that may be harvested, from
q a., basis of crop conditions on. May |.
or they may improve or -depreciate,
In 1891 the conditions on May / were
97.9, and on July !, 96.2-a remark
able maintenance Of high conditions
In 1892. conditions gained from May
l to, July /, as they also did slightly
1896 there was a sharp deterioration
and again in 1899 and 1900; considera.
BILE decrease in 1901, and IL per cent in
1902. Last year, starting from low
percentage, there was a slight gain
With the condition on May l estimated
of some crop deterioration are doubt
less greater than the probability OF
improvement or of conditions being
maintained.
Without discussing the merit of the
report or the value of percentages il
estimating crop conditions, the report
is of interest as means of compari
son with the same method of estimat
ing OF year ago. On May l Of last
year the government report gave con
dition of 76.5 per cent and an acreage
Of 27,031, 900. The winter wheat cro1
raised, according to the figures of the
government, was 325,0oo.0oO bushels
600 Sns and ndbe @ en as IS Il 49,
cent better. The logical conclusion
must be that conditions point toward
a considerably larger crop that wa
raised in 1904. .
cit will be \recalled that the las
crop, in the central states, came out O.
and that some 25,oOO,O0O bushels O
$ wheat was destroyed in the southwes
in July by floods. A repetition of tn
latter calamity is improbable, and tn
central states have promise of fai
crop. The. trade has no reason to ex
pect anything but normal weather iron
now until harvest time. And with MOI
maj weather.. an average Of, say, l
bushels of winter wheat to the acre
or crop of 400,000O0O bushels, seem
within the probabilities. Indeed, cor
sidering, that 325,o00.0OO bushels wa
grown last year under such advers
conditions in the central states, thes
figures do not seem unreasonable. -
Elevator; stocks decreased 100000 b
for the week, leaving s,O32,751 bu i
stock.
Broomhall cabled: GA bullish cor
Hstruction placed upon the Modern Mil
err report, covering by shorts, light spec
ulative offerings and talk of small shir
ments from India caused a steady operf
ing with prices Is to I'D higher. whic
were followed by further advances O
q to 1ad. Corn, after opening il
lower for May and unchanged for JULY
both months declined Nd on the fore
cast of heavy American shipments t
4 Liverpool, an easier undertone deve
Z oping.
= Montreal sold 25 loads Manitob
wheat for export
The weather map showed geners
rams In Canada. Raining in Kansa
and Oklahoma. Heavy rain in Tenne.
see, Arkansas, Texas, fair rains in Ais
souri,, Indiana, Ohio and eastern low
temperatures about stationary in tn
northwest, slightly higher southwes
y and central states, but lower in til
mountains
The forecast: Iowa. Nebraska, Sout
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