The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-17
Borrowing Trouble.

Borrowing Trouble.
Nervous apprehensiveness about de-
scribes the state Of mind Of the Minne-
apolis grain trade. The week brought
in report from Fargo Of the presence
Of incipient rust on .barberry plants,
and in somes cases in the wheat fields.
This report was entirely professional
and emanated from source not even
remotely connected with market affairs.
It was conservative in tone, free from
even the color of sensationalism, and
made no damage claims whatever.
tention Of the grain trade away from
the promising winter wheat fields of
the southwest to the spring wheat Of
the northwest, and it needed but the
appearance, later on, of sample Of
rust-infected wheat from an isolated
locality to start little scare. The
weather for several days past has been
of the rust.producing variety and with
the damage of last year still fresh in
mind, the development Of extreme nerv-
BUSINESS was not surprising.
1t is too early in the season for
scare, even if there was justification
for it. There never were, nor are there
ever likely to be perfect conditions for
the spring wheat area as a whole. I'M
pcrtant producing districts now lie
we'll out in North Dakota where the
country is naturally so dry, that, given
c,,ff ioin 70 ~ riThf
the valley Of the Red is almost sure
to be too wet in spots, and contrari-
wise with perfect conditions in the val
ley, dry weather complaint usually
comes in from farther out. This year
the crop everywhere has abundant rain,
and the word drought has fallen out Of
the trade vocabulary, but wet weather
has retarded growth in spots, and mean
while rust spores are are found.
This appearance of rust in the incip-
lent stage indicates a predisposition Of
the crop to the affection, but it must
not be forgotten in this connection
that the theory of immunity of individ-
ual plants runs hand in hand with
that Of rust recurrence, and while good
authority predicted the temperance
Of the affection this year, equally good
authority stated that the wheat from
rusted seed would stand an attack of
rust without going under as it did last
year.
With reference to market values of
wheat, relative to the spread of rust,
there is some little misrepresentation
noted in the current trade comment.
Last year the crop suffered materially
and SO, with the temperance of rust
spores this year, the conclusion has
been jumped at that the same thing is
in progress again. The fact is that
the rust will do little injury now, even
in those localities where it has appeared
upon the wheat, and good dry weather
will do much to dispel it. Of course
IT we are to have phenomenally wet
| summer like that Of last year, the rust
will quickly spread, but there is no rea
son to borrow trouble, and since wealth
er OF the kind to be dreaded is with III
now, the chances would appear to favo,
| better conditions later on when the
plant is in a more critical stage Oh
growth.
A year ago today September wheat
in Minneapolis was 1914 cents, and or
June 80, only s13s cents. Not unit
after July 4 did prices begin to rise
and by July IS, it was S77s, but thi:
was due principally to bad weather il
Kansas. The northwest rust of las
year did not injure the wheat unit
late in July. Minneapolis September
reached 80 cents July 81, and crossed
the dollar mark line August 5. Thu
weather at that time did it. It is to,
early yet to look for bad things from
the present crop.