The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-13
Liquidation Begins and the Market
Falls Off by Big Frac.
lions.
September Declines From 1870
Down to 757sc to 76c Clos
ing at Low Point.
The Bulls Confident of Reaction
Better Crop News Com
ing In.

Minneapolis Chamber Of Commerce, July
13-Wheat made sharp decline this morn
ing from high point, losing lAc TO IL
O'Clock and selling from 7S1sc down to
TIC A mixed feeling was notlced at
the opening and in the early trades the
market was cratic with the tendency not
very clear. The bulls felt confident Tor |
the reason that the cables came up we'll
On heavy advances OF late the 1ore!sh
markets failed to respond at all, put this
morning Liverpool, following our strength
of Saturday, was up Is @ ssc, ana the oulls
pointed to this an argument 1or price
maintenance. Against this there We're
number of things not at all strengtnenlns'
the principal Of which was the increase IN
the winter wheat movement, Chicago get
ting 81 cars Of new wheat In to-days re-
ceipts Additional to this there was
weather almost ideal for the growing crops
and for the winter wheat harvest and the
crop reports on the whole were more IA
vorable. The same reports OF dlsappomt--
ing Yields came from the same winter
wheat districts, and the same reports of
poor stand from the spring wheat terri
tory that shows the effect OF drought, Dut
while these were bullish they were not
new. The new crop news was principally
from South Dakota and from the particular
sections where the wheat Is In excellent
stand and after reading these, many
traders took the view that while the Red
River valley will likely fall down this year
there are many localities where very salts
factory yields are almost assured. Chi
cago wired that the trade there Is fully
aware of the poor promise over large
portion of the spring wheat area, which
In itself would mean short crop, but IN
view Of later good reports from other Sec
tons the belief is gaining ground there
that there is still the promise OF a good
spring wheat total. The local trade has
not changed much and sentiment here re-
mains more bullish than otherwise.
Bear news continued coming as the ses-
sion progressed and September remained
weak Liverpool, at the close, was not 80
firm, closing only M@Ad higher. A cable
given out by Geddes was OF an extremely
depressing nature as bearing upon the
matter of prospective foreign demand.
Wheat from India Is being offered In
Liverpool at a price so low that it figures
out about equal to TIC in Chicago. In
the face Of this the outlook for good ex-
port business for the imm ed1ate future Is
not very favorable. Either we must get
CLOSER to an export basis, or we must make
Europe see that our crop prospects are
not so phenomenally good as many Eu-
ropean buyers suppose and that in view
of disappointing yields and the known
increase in European requirements present
prices are warranted. Failing this we will
have to maintain our markets 1ndepen-
IDENTIFY. We are now out of line with Eu-
rope. A majority In the trade believes
that Europe will come up to our level ul-
timately, but as the week opens the
bears, who insist that we have got to get
down to q selling basis to make prices
legitimate, more in evidence than for
some time. Yet in this aspect the situa-
ton is no different from what 1t has
been for some time and the bulls have
made great Roadway Notwithstanding.
The weather map shows generally IA
vorable conditions everywhere. Fair rains
in the Ohio valley about the only prectpi-
tation. Temperatures are slightly lower
all over the west, southwest and north
west. There were good rains in Kansas
Missouri, southern Illinois and the Ohio
valley Saturday night, just where needed
for corn.
Chicago wired that on the early bulge
there had been heavy realizing in al
street is also disquet1ng In wheat Ware
& Leland, Bartlett Frazier, and Armour
have sold freely. This turned the mar
ket weak. Pringle was the best buye
of corn. ..T =
The market continued weak and nea:
the close was without support and yer.
depressed. Prices fell off until Septem
Der was 21sc down from the high point o
early in the day and the close was veal
and at low points. September closed a
75B@76c; July, SEC; December, 74ssc
The cash market followed the optiol
and In the No. grade the range Of price
was especially wide, some lots going
full cent apart, while later wheat to ar
rive was off over &c from early quota
lions. 49,.
Minneapolis had 213 cars, against 476, AN
Duluth 8, against 50. Primary points re
ceived $4,000 blu, against $4,000 an
shipped 100000, against 1000. Whea
and flour clearances equaled 900 bu