The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-23
The bull auto is out Of order,

Mtnnsapolis Chamber Of Commerce, July D.
Seventy -ave-oent wheat, long predicted and long
contested was so close to point OF realisation
! in today's early market that only the narrow
est margin remained and the sale OF another
40 0oo-bu lot at tho time OF pressure might
easily have sent 1t to the nat hgure: AS II
was, The bulls checked 1t at 761Ac. December
was checked at 7ess @7eho. There were some
believers In the merit Of wheat at 7ec whose
orders to buy came In and stinensd the price,
turning the market back up fraettonally and
leaving it stil question whether the close
would It under f6c or whether low had
been reached and an upturn was to follow.
July wheat went under, and 7&Sc was marked
up a low figure for wheat when tho mind runs
back TO recent years and the prices then ruling.
One effect noticed speoulahvely-the be-
ginning Of what might be" called sentimental
the mszket except at long intervals. When
wheat sets down to a point that they consider
low enough, when they believe that the best
has been heard about the crops they buy. not
with the idea Of getting profit right away,
but willing If necessary to carry 1t along for
time. This sort Of buying was noticed. Whether
these men, who make 1t an Investment PROPOSE
tion Investment as a deal Ne
cessarily less speculative under any
circumstances be made will win out Is
consideration that the shrewdest observer might
hesitate to commit himself to on one side or
the other. Certainly 1t would that wheat
ought to be worth 75c, and at least six good
reasons could be advanced as to why 1t should
be safe now to buy it, Nevertheless the price
1s EeNtiESuy d TeldtIFS pTOpOSCIou WNeaL LII IL
self is neither high nor low at 81. nor high ror
lew at 15c. 1t IS question OF the quantity
present prospective relative to number Of
things that go to make up or influence demand.
There is OH saying among spectators tina t
''more money is lost in bulling wheat at Soc
than at ST." However this may be, the trade
has got to figure that from the price
will look attractive to the so-called sill
vestment'' buyer. and there will be more or
less support coming the breaks.
Chicago got S12 cars today against PIT year
ago. Minneapolis received 30 against t317, Du-
luth II against T. Winnipeg 81 against "a.
Liverpool HGlasd off to start with, or
less than expected. Broomhall said that while
the American crop a6vices weakening. there
from Russia and less favorable ad.
vices from Argentine operating to offset 1t In
part The close was Il aid lower.
The southwest showed up $50 700 bu at Kan.
City against S27. 900, and 161, 900 bu at St
Louis against 266. 900.
Piper-Johnson had the following by wire from
their crop expert, dated WATERFOWL, s. D..
"There is great deal Of wheat that looks
bad. red rust has killed most Of the leaves ant
of course the fields look yellow, bat early whea1
is looking good and is going to make goot
crop if nothing happens to it. I did not find {
single field where black rust had appeared sucf
as We had two years ago. I did not find
single instance where the rust had attacked til.
stem Of the wheat which is the case whe1
black rust strikes field. There is somethin,
sembles black rust but it is not on the stem
as yet. and until the stem is affected there i
no cause for alarm about the wheat that 1
well along. T realize that the situation is crit
1cal. and few bad days might easily destro
considerable Of the crop in the northwest, but
do not look for much damage by black rust thi
season: If we do lose this year by black rust
1t win be entirely different form Of In
fiction than We had last year. There is tn
largest crop Of macaroni durum wheat tina
has ever Peen Crown in the northwest. 1t i
perfectly ;ss. healthy and is almost sure to be
CUMMINGS had the following telegraphic GRO
reports: Crystal, N. D., all crops In good COZ
dition; Langdon, N. D., some black rust re
ported but will DO no damage, otherwise a
right; Milton, N. D., crops continue favorable
Hoople, n. B., wheat mostly all headed, "
find black rust in at least is different field,
coarse grains doing well; Parker, 8. D., tc
much rain and heat for crop last week, weathe
hne Yesterday and today; W1llmar, Mimi, Gro
rust and thin stand; Valley City, n D., wtsee
slowly heading, held back by damage by re
rust some scattered reports Of black rus
Grafton, N. D., crops look fine, wheat lool
much better, no black rust, but some SPOTS
red; fax fine; Morris, Mimi, prospects cont1n,
favorable for average wheat crop; VIM
page MINI, a local elevator man drove all d.
and says that he finds the wheat looking fair.
is q little Hight on the ground; he found quite
lot OF smut; estimates yield at "a per &c,
under last year; harvest will begin In a WEE
or ten daysi oats coming fine harvesting cor
mences today; large yield for barley; best pror
Use for corn ever known. RedAeld s. D., pa
week highly favorable, all grains continue e
cellent condition; Aberdeen, S. D., ideal weatb
for wheat and It is doing fine; little black ru
reported; corn growing fast; first barley thresh,
Saturday.
Cash wheat sold at IL @2c over September f
No northern and A@%c over for No. g
The visible increased 1867, 900 bu making Il
total d5, 914, 900 bu.
Primary receipts, ,64S 600 bu aeains+ I ao1
600 bu. C1earances, e. 600 b11.