The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-27
Wheat Helped Materially by These
Reports and Stubborn Against
Decline.
But the Situation in St. Louis
Served to Unsettle the Gen.
eral Market.
One Hundred Loads Reported Sold
p for Export-The Close
Lower.

Minneapolis Chamber Of Commerce. Oct
27-St Louis led off with the Wneat
news of greatest interest this morning,
reports coming to the erect that the
directors of the Merchants Exchange
have fixed SIC as the marginal price Tor
st. Louis December. This is understood
here to mean that if man were shore
December in st. Louis, after having mar
gined it 1Oc up from SIC, he would De
comparatively safe. He would be safe at
could not call on him for more margins
until his limit was about reached. rms
move is said to have resulted from uls-
coyery of plan to manipulate the mar
ket against the shorts by compelling them
to keep their short sales margined lOc
at all times, and calling Tor more MAJ
gins every time the market advanced,
until they were finally driven in. 10
prevent this and the Generalization likely
to follow, the directors took the action
above mentioned. So little Is known mere
of exact conditions in st. Louis, and the
reports are so involved and SO far from
being clear, that an opinion hazarded at
this distance and on meager knowledge
OF inside motives might be presumptuous.
It looks. however, to the Minneapolis
trade, like the old bear game OF laying
down and moaning and calling upon the
exchange to help out when the market
goes wrong. Some day when some prom1-
nent trader Ia long a. great line OF wheat
and Is losing money on decline he may
appeal to the exchange to help him out
in some way, and he Will probably pc
considered as mentally unbalanced to ask
such a thing. If manipulators always act
ed on the bull side it would be another
proposition, but manipulation Is by no
means a bull machine only, and Is often
effectively used either way. If man
who. Is long has no help against 1t, but
has to take his punishment when he is
who
what he did not have runs to the exchange
for protection when he is beginning to
See an error on his part, and is looked
upon as much abused party and helped
out by the exchange, the bulls can hard
ly be blamed for feeling sore.
ardor little. December opened here at
so1a@SORc and sold off to SOC, May go
ing from 1880 to 1870. Local stocks have
decreased $4,000 bu so far. Liverpool
was SD up. There was demand again for
export, and all export markets had some
inquiry. Offers abroad last night were &C
copied and in all about 100000 blu of
wheat were sold abroad or were very
close to contamination in trades pending.
Bradstreet's estimate Of the world S WISH
BILE change showed an increase Of 4,428,-
900 blu east Of the Rockies and of 1,000,-
900 bu In Europe and af1oat. total in
crease Of 4,428,000 bu. Minneapolis re-
ceived 1874 cars, against 252 last year;
Duluth, 4S5, against 1913, and Chicago, 1853,
against 1893. Kansas City had $50, against
s65, and St. Louis, 141,oo0 bu. against
1000 blu.
One hundred loads were reported as the
export business of the day in the final
figures.> ~
Following is a condensation OF the
weekly foreign crop summary:
United Observation-Disclosures excessive
rains during the past week.
Misunderstanding Is progressing slowly,
owing to the rains, which have occurred
in some parts, while drought continued
In others.
Russia-Been fair amount of rain with
the exception Of extreme southwest, where
drought is Checking movement.
Rumania- Hungary-Favorable weathe,
for seeding.
Germany-Weatfler favorable. =
India-Splendid weather at seed time
Estimated still 100000 bushels wheat
available for shipment
Acknowledgements continue good
Primary receipts were 1925, 900 bushels
against ], $3.50 900, and shipments were 67S,.
COO bushels against 568,000. C1earances
$4,000 bushels.
December closed at 7eMc and May al
1878 @7s%o.
The cash market was again active ant
there was good demand for wheat No
1 northern brought s21s @s3c, and No.
northern s0A@81hc.