The Minneapolis journal., 1906-08-04


ej Wheat broke into new ground and scored new
sss low prices today, September selling down from
to 7oSsc Il was about boz as SICK s,nnart market
land everybody sold, and the price naturally had
t to go down. a bull item came from the big
afImiliipg company, the ogilvie people, who have
west crop Is oyerestimated. This message said
that. while everyone is putting the Canadian
yslook for more than $4,000, 900 to go O0O 600 bu.
Fit had no effect. Both Mr.. Thompson and Mr.:
.ssBlack have been quoted for some time past
lat intervals in various papers as believing that
sis tie crops Of Canada were being put too high.
~ Little effect has followed II the Ogilve people
are right and Canada is being overestimated, 1t
will be important, but in the present temper
sd of the market pays much attention to any
thing except bear news There Is supposed to
Ss g AMI Tong of whom are sim in
a,positton commercially to take over the wheat
"a and use it, but it probably cost them more
!tthan the present market by considerable. 1T Is
"a question whether delivery Of it would be In
4ts s}sisted upon. The time will come when this
-sss1ong stuff VIII go overheard and when the mar
- thought that it was the last OF it-that lQui-
~ @dation had spent its greatest force and the
market from now on would be free from this
s6 urgent selling. But others could be found who
saw it in another light, and believed that big
liquidation is still to come. This is something
F,Fy mere market commentator cannot tell about,
but common talk on the floor is that there Is
Est September wheat held that has first got to
come out and be nquidated before the bulls will
4~ get chance. 1t would that after all
=. the decline and with wheat now down close to
Zoe it ought to be low enough. Indeed 1t is
70tan open question whether legitimately wheat
!, ]. is not low enough right now, no matter how
8 much the country raises. The probability is
that it will be found later that zoe wheat
cheap wheat for the stuff Is worth some
". thing. no matter how big the people may think
5 the crops are, and moreover. with the lower
prices, there may not be any such rush of
Sk4 Spring wheat to market the bears think. No
al much about this sort Of argument
at present however, tho it is probably sound
talk. What everyone Is thinking about is the
&fvague whispered stories that there is September
d wheat in big quantity to be sold out by people
who have losses in it and will have to let go
i sometime. How much Of this cleared up
Oh today's break is uncertain, probably more
F9s than generally supposed. On Monday the mar
"a 4ket will have to stand test. There will be a
time somewhere along here where wheat win be
= ga good buy, but most Of the traders In It will
o. probably miss the point, waiting for It to go
Flower and always lower The shorts too, may
!3get a roundup some day that will show them
ff Z; another side to It.
Il St. Louis said that some Minneapolis millers
"a were in the southwest buying hard winter wheat
: i Omaha reported 100000 bu sold to them yes.
sf fterday., Woodworth Of Minneapolis sold over
u II 100000 bu September wheat yesterday in Kan.
n q ! much In Chicago.
IL Kansas had heavy rains, which are unusual
sf at this season. Machsvtle had over five inches
- and there were general rains at other points
j. The rains, while benefting corn will delay
~ the shipping of wheat from week to ter
ess days. Farmers at Usbana say that hot weather
-, IS having telling effect on corn. It is firing
- and rolling badly. The weather map showed Il
= ! clear in the Canadian northwest with light
: rains In Manitoba, Temperatures A to Sc. NORTH
ssigDaIots part cloudy, with light rain al
Il s4fs Bismarck There light rain in Soutl
Dakota, Nebraska and general rains in Kansas
- and Missouri. It was cloudy In Minnesota and
3. Iowa, clear and warm In Illinois. There were
4 ~ scattered showers and rains in Illinois las
might, Martinton- 1.35 inches; Streator, "a
TfylI La Sale, .O6 Decatur, .O4. Nebraska weather
nsS as reported early showed heavy rain at Ere
4 si@mont, Columbus. Kearney, Norfolk, Crane
/ Of island, and Hastings. Light rain at siou,
ala City, Fairbury, Lincoln, Holdridge. Crete ant
4 enk York.
s4s The forecast Is for generally fair weather
SO northern Illinois, where showers indicated
=Ss upper Mississippi valley.
sEs, For the week the elevator stocks decreased
ps3, ,2O2 bu, bringing the total down to 9,O4a 1ss
A@tA Receipts here were 100 today agains
s9g 1a4, at Duluth Al against "a, Chicago 40
aa( against 242. Winnipeg received 50 against II
4 Slss The Kansas City comparison was s8O 600 b.
" and 202,0 900, and that Of st. Louis 157 900 an
StFf1B1OO0. .'
ssf Broomhan estimates that the worlds ship
\ 5fa ments Of wheat for Monday next will be abou
81 100000 bu, Of which Europe will take abou
III fsst @ 100000. The actual shipments last wee
III srs were 7,s72,O00 bu and those of a year az
T.. were 1900, ,000 Arrivals of breadstnfs into th
80 United Kingdom last week will aggregate abou
6,200,0Oo bu. He predicts that there will b
lk good decreases in the quantity Of breadstuff
W 4 passage.