The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-19
December Sells OFF to 811sc, Closing
Weak and May Wheat De-
olines to 1880.
Big Houses Turning Bearish and
Sending Out Very Bearish
Reports.
The Local Situation Strong, and
Receipts Still Running
Very Light.

Minneapolis Chamber Of Commerce, Oct
19.-Wheat fell off this morning and to
II O'Clock was weak and declining on free
selling. 1t was the same old story Of
strength at home and weakness abroad
Liverpool failed to show any strength and
opening unchanged was SD lower at the
close. Before noon the local market
strengthened and recovered hc from early
declines but the tendency was very uncer-
tain even then. Statistics from abroad
were bearish as ever, which accounted for
the Liverpool weakness. Russia shipped
out 3,S72.000 bu last week and the Danube
2,40s,0o0. India shipped 1,2SO,0 a total
Of 7,560,00o bu. against 2,S66,00o bu, ship
per from America. The quantity on pas
sage at 31,732,OO0 blu showed decrease Of
2SS, 900 bu.
Locally the figures were strengthening,
only 459 cars coming In against 1853. Du-
luth received 1853 cars against 314, Chicago
Ill against 10S. Kansas City had 126,OOO
bu against 127, 600 last year. St. Louis
made heavy falling off with only $4,000
fbu against $4,000. Primary receipts to-
tailed 1,O51,OOO bu against 1,759,0o0, and
shipped 100000 against 100000.
Many big houses here and in Chicago
have turned bearish on wheat and are
putting out bearish reports. The Harris
Gates weekly circular says:
Barring the rather remote contingency
OF war between Russia and Japan, and the
still more remote possibility of wide
spread allO SeueIdI puOllC Uuyli6 VI Au-
lures, there Is no legitimate reason ap-
parent for the current high prices Of
wheat There Is little squirt Of delayed
demand from millers for infinit-
esmil portion OF the cash grain avail
able, and there is large whoop
fessional spectators who are also
influential in manipulating various minor
markets to suit their ends. In the
abstract this years wheat crop Is very
nearly as large the last previous one,
while its average quality is far better.
Meanwhile values are easily 10 per cent
higher than those of a year ago, while the
foreign demand is vastly less. We have
not yet arrived at the time when we can
consume our entire wheat crop-even If
other edibles were not in competition on
an increasingly important scale. 1t re-
mains to be seen If the producer will
overstay his market long and perverse-
ly as In corn, or whether he will unload
his wheat on the too-optimistic speculator.
The price of top grade spring wheat at
Minneapolis was the arbiter Of prices last
week. That market, now rapidly recov-
ering from the strike of the flour leaders,
is attempting to attract the stream of
wheat that it was working so energetical-
ly week ago to check or to turn in
other direction. The price Of a limited
number of specially inspected high-grade
cars of wheat Is a poor standard on which
to base the leading speculative market of
the world. We believe that such support
will be fleeting, and that it would greatly
impair public confidence in our market If
the public We're brought to it's support by
the loud clamor that Is now being raised.
The milling demand will soon cool down.
and We will then be brought face to face
with the proposition of getting down to an
export basis to find an outlet for sur
plus. Meanwhile the Black Sea ports and
India are shipping heavily to our custom
ers in Europe, and these buyers assert
that the grain they are getting is good
and cheap. We are already short 28,O0O,-
600 bu( government fgures) In our ex-
ports, as compared to the showing Of the
first three months Of the last crop year,
while within another three months we
must face competition from another large
crop in Argentina. The best available tes-
timony from trade and official sources is
that Argentina's acreage seeded to wheat
was far greater than that Of last year, and
it is now within eight weeks Of harvest
with no noteworthy mishap.
Ciearances, 452, 900 blu.
Five loads wheat and 10 Of corn for ex-
port.
The market fell off sharply near the
close and December wheat went to 801sc
closing at low point. May sold down tc
1885, and closed at 1871 79c.