The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-31
September Rises Quickly but Falls
Again, Finally Closing the
Day Higher.
Northwestern Miller Special Re
port Strengthening, Also the
Modern Miller.
Broomhall Gables Over a Very
Bullish Russian Summary,
butsLiverpool Lower.

Minneapolis Chamber Commerce. July 81
Wheat rose steadily this morning. and BY about
io'ao o'clock September had sold at 91Nc,
against S98c, the low point on Saturday. The
feature OF the day was a special crop bulletin
issued by the Northwestern Miller, reporting the
presence OF black rust in some Of the wheat
The M1ller's reputatio is notion the side of SEN
sationalism but the contrary, its columns
nave long been devoted to comboting the sensa-
tlonal1sts who see calamity where none exists
renee the mere fact that the Miller reported
black rust present had more effect upon the mar
set than would dozen highly colored messages
from r sources less reliable. There nothing in
the summary to be taken Intentionally bull
Ism or OF tenor to cause alarm On the contrary,
the Miller sees good yields possible; the outcome
depending very largely upon the weather, but
IT recognizes the uncertainty of tn situation due
10 the presence of the infection and points it
out very clearly and conservatively.
The weather. over Sunday, while not the best
possible to bring the wheat along to maturity,
! was favorable on the whole, but the forecast
I this morning was rather mixed and suggestive
OF bad crop reports to come later If every thing in
with faE eoher n
pective, Is likely to experience light frosts in
/ the southern portion while Wisconsin also is due
4 for light frosts on low lands.
The extreme bearishness general towards the
close Of lost week appears to have spent itself
While there are still a numbr Of beartsh things
! the trade looks upon the coming fortnight a
& period likely to do much for the wheat one way
{ or the other, and thru this critical period the
i bears, hoving had things pretty much their own
way for ten days, on steady decline from 80 "a c
z to $3.50, less disposed to press the market
now, that the news is a little less favorable to
) them.
i The Minneapolis receipts at 2S6 cars did not
Z look so big by comparison with PAS a year ago,
i for many had expected a much larger excess
& movement Duluth ran over, with SO against as.
{ The southwest showed up big total but here
again the figures did not look bearish, for the
s excess oyer last year was less marked than Of
late. Kansas City got 557 600 bu against $751;
4 O0O and st. Louis 1884, 900 against 0OOO prac.
+ tically standof for the total. Chicago got 374
cars against $50. In minneapolis elevator stocks
The fact that nearly 200 cars went over uns0ld
kin Kansos City on Saturday was against the
market. .
& Worlds shipments were 1885, 900 bu against
3O4 900 last week and the quantity afoat at &c.,
8176,ooo bu showed decrease of {, s76, 900 blu for
the week.
Winnipeg received 81 cars against rs.
T. Broomha1l sent over 6 very bullish summary OF
81 the Russian crop. The fact that Liverpool closed
lower robbed it Of its strength
The Modern Miller. in article on black rust,
hat record the weather
shows conditions during August were generally
favorable. There was little heat AMI no excess
i've rains. 1t draws the conclusion that the lOO4
crop became dangerously infected W1t9 rust thru
unfavorable weather in July and favorable
weather in August could not prevent the spread
and damage 1t further states that pres
ent conditions must be considered serious, espe
cially as the 1905 crop was seeded from crol
of low quality and vitality.
The market was very choppy and uncertain
September closed at 9oN @907sc, and December