The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-19
WHEAT AT Sl.l8ss;;
WILD DAY in PIT
Reports Of Damage and Spread Of
Rust Send Prices
Higher.
LIVERPOOL WAKES UP
AND SEES SITUATION
Heavy Sales in Local Pit Fail
to Stop the Adj
vance.
Today's Wheat Record.

Panic, dire panic, swept into the
Minneapolis wheat pit today.
Nervousness, Intensified a hundreds
fold fol over night. seized upon the trade.
wheat like mad.
Confusion filled the pit The
bears, whipped into line, covered
short sales with frightful losses. Sell
ers of privileges saw the market
touch the points where calls were en-
dangered and rushed to buy for pro.
lection.
September rose by great leaps.
Against yesterdays close at SILK,
1t sold to $1.18B.
Nothing could stem the tide, moths
ing could stand before it.
Orders to sell 100000 and 100000
bushel lots could not even check it.
Millions Of bushels liquidated for profit
were absorbed by the all-devouring
pit. Pressed upon by sales from every
like fire, and roared on upward,
higher and higher.
Jones Alarms Liverpool.
Over night the cables bore the
Jones report on Manitoba across the
morning with alarm. Against a
straight drop Of 21zc in Minneapolis
yesterday, Liverpool was I'd higher.
Broomhall, the Liverpool authority,
cabled that the Jones message came
upon the English trade as a shell
from a cannon. Asleep for weeks.
| while rust was eating it's way into
her grain fields In the Canadian north
her land Of plenty and ravaging
WEST, Liverpool has scoffed at the re-
ports of damage on the American
4 side. Today she sees a situation in
i definite and not we'll understood, not
! possible Of close analysis at this time,
/ I17f al f71a hat e I,o IncaS
as represented, threatens her chief
source of breadstuffs supply.
This was not half the buIlish news.
Storm Damage Heavy.
! Wide in Its range and terrible in it's
! effect, the storm Of last night swept
the northwest from end to end.
| It tore thru Manitoba, beating down
the weakened crops with hail.
In South Dakota 1t soaked the har-
vest fields.
In North Dakota and Minnesota It
bore heavily upon many field al
ready water-logged for months The
pit and brought panic into the hearts
Of the bears. An inch of rain fell
where threshers are at work in Min-
|nesota and around Huron, S. D., the
/ downpour equaled 2.10 inches.
Sellers of puts and calls have had a
hard time Of it Of late. Twice calls
have been good and were called hard.
I At today's close, September calls were
we'll around $1.26.
1 G. r. Grove, the prominent Winni-
peg grain man, says 1t may as well be
admitted that the province has been
hit.
St. Paul Traders Hit.
Scores Of traders in st. Paul have
had grief shot into them in big
chunks. for above the dollar mark
St. Paul sentiment was bearish. Too
many railroad crop reports color the
! gossip down the river, and railroad
. reports are proverbially optimistic.
Right UP to yesterday it was the
"hunch" to sell wheat short, for did
not the railroads say the rust didn't
wheat to haul than last year? To
this morning st. Paul sent orders
over to sell wheat, for did not the
papers say the railroads claimed the
damage was not serious and the stuff
is too high? Right up to 10 o'clock
Montreal wired Minneapolis that the
Canadian northwest was all right,
while wheat was climbing on advices
from Jones, who is in the wheat and
is In danger.
A curiosity was shown around in
the form Of a bullish letter from an
Amsterdam miller. In the memory
Of the oldest grain man, time has
never been when a Dutch miller was
bullish. Yet Matthew Luchsinger, one
of the most prominent millers in Hol-
land, Is a bull. The crops, he says,
are disappointing in Germany, France
and Russia. and bad in Rumania,
Austria-Hungary and Italy.