Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1904-08-24
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A WILD WHEAT MARKET
Reports of. Rust in the Northwest
Causes Wild Times in Min
neapolis Market.

Minneapolis, Aug. 19.-Panic, dire
panic, swept into the Minneapolis
wheat pit today.
Nervousness, intensified hundred
fold over night, seized upon the trade.
The bulls, drunk with success, bought
wheat like mad.
Confusion filled the pit. The bears,
whipped into line, covered short sales
with frightful losses. Sellers of
privileges saw the market touch the
points where calls were endangered
and rushed to buy for protection.
September rose by great leaps.
Against yesterdays close at $1.11M,
it sold to $1.1s5S.
Nothing could stem the tide, moth
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 Aide
vouring pit. Pressed upon by sales
from every quarter, the market licked
them up like fire, and roared on up
ward, higher and higher.
Over night the cables bore the
Jones report on Manitoba across the
deep, and Liverpool opened this
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 shell
from cannon. Asleep for weeks,
while rust was eating its way into
her grain fields in the Canadian
northwest, Liverpool has scoffed at
the reports of damage on the Ameri-
can side. Today she sees a situation
indefinite and not well understood
not possible of close analysis at this
time, but situation that, if half as
bad as represented, threatens he1
chief source of breadstuffs supply.
This was not half the bullish news
Wide in it's range and terrible il
it's effect, the storm of last night
swept the northwest from end tt
end.
It tore thru Manitoba, beating
down the weakened crops with hail
In South Dakota it soaked the har
vest fields.
In North Dakota and Minnesota i
bore heavily upon many a field al
ready water-logged for months. The
breath of it entered the local whea1
pit and brought panic into the heart:
of the bears. An inch of rain fel
where threshers are at work in Min
nesota and around Huron, S. D., tn,
} downpour equaled 80 inches.
Sellers of puts and calls have hat
a hard time of it of late. Twic,
calls have been good and were callet
hard. At today's close, septembe
calls were we'll around $1.26.
G. r. Grove, the prominent Winni
peg grain man, says it may as well b.
admitted that the province has beer
hit.
Scores Of traders in St. Paul hav
had grief shot into them in hi,
, chunks, for above the dollar mari
, St. Paul sentiment was bearish. To
! many railroad crop reports color tn
gossip down the river, and railroa'
reports are proverbially optimistic
Right up to yesterday it was tn
''hunch'' to sell wheat short, for di
not the railroads say the rust didn'
, hurt anything, and there will b
more wheat to haul than last year
To this morning St. Paul sent order
over to sell wheat, for did not tn
, papers say the railroads claimed tn
damage was not serious and the slut
is too high? Right up to 10 o'cloc]
Montreal wired Minneapolis that tn
Canadian northwest was all right
while wheat was climbing on advice
from Jones, who is in the wheat an,
says two-thirds of the Manitoba cro1
is in danger.
A curiosity was shown around il
, the form of bullish letter from al
Amsterdam miller. In the memor,
of the oldest grain man, time ha
never been when Dutch miller wa
bullish. Yet Matthew Luchsinger, on
of the most prominent millers in Hol
land, is a bull. The crops, he says
are disappointing in Germany, Franc
and Russia, and bad in Roumania
, Austria-Hungary and Italy.
Heavy rains fell all thru the whea
districts of the northwest last night
It was almost cloudburst in som
sections and fell within the space o
one Or two hours. Special telegraph
reports of the storm were received a
the weather station this morning
North and central Minnesota suffe
B the least. The rain cages recorde
the precipitation as follows:
Minnesota, Minneapolis, IS; Sout
Dakota, Huron, 2.1o; Kansas, Dodg
City, 1884; Nebraska, Omaha, 1856
Concordia, 100; North Dakota, Lang
don, "; Laramer, 70.
; The cash market was as follows
No. hard,> $1.26N; No. 1 northern
r $1.243S; No. 2 northern, $1.216.
Palace and sleeping cars go bac
. only to the close of the Civil War, th
z air-brake to 1868. and vestibule
trains to 1886.
J WORLDS FAIR FAcrs