The Minneapolis journal., 1904-08-20

A SAG FOLLOWS
WHEAT AT Sl.23
But Prices Recover and Today's
Close Is Higher Than Yes
terday's.
Canadian Officials Insist That
Their Crop Will Be Good
Latest Storms.

Wheat swept along this mornina
like roaring torrent, bearing down
all opposition and carrying everything
before it until September sold In the
Minneapolis pit at $1.23. Then with
terrifying suddenness 1t broke to
$l.l6A, spreading panic among the
bulls.
Erratic, uncertain, turning about by
sweeping changes Of one and two
cents, the market passed over hve-
cent range, withstood the heavy pres-
sure Of millions Of bushels, the sledge-
hammer blows Of the pounding bears,
loss orders. and in the face Of a beat
ing down half way thru until the
finish. closed higher than yesterday.
all around.
September at high point sold to
s1.23; December to s1.17A and May
Manitoba Reports Denied.
Liverpool failed to follow the Min-
neapolis advance Of yesterday. This
was due to cable sent to Lord
Strathcona, In London, by the minister
Of the interior of Canada, which saids
damage by rust in Canadian northwest
for a splendid crop" This was
cabled back to the Wall street house
Of Bache and came on change here to
traders knew Of it and put their lines
on the market. A little sag followed
and then an avalanche of wheat.
Early the bears were in a panic
again. Over a million bushels OF
wheat were sold short yesterday by
| for end-of-the-week liquidation would
| bring a setback; but the rains over
night put their calculations all wrong,
| and they bought in their short wheat
| at the advanced prices, which meant
| big losses.
In the first thirty minutes after
opening, or at 10 O'Clock, September
sold at s1.a1; December. Silt. and
May, $1.18, as against yesterdays
close of September, s1.18B; December.
s1.14ss, and May, s1.15A.
Fifteen minutes after these figures
were marked, $1.23 for September had
I3been reached, and apparently the
/ price was soaring uncontrollably.
Fields Hit Again. Us
| The northwest was again storm
swept. Up in Canada rains covered
a considerable extent of territory
passing east thru Calgary, Medicine
Hat and Swift Current. crossing the
Saskatchewan line into Manitoba and
soaking the western part of the latter
province. They thinned out. however,
| to almost nothing around Winnipeg.
On the American side heavy rains
fell in several sections. There was a
downpour at Fergus Falls and Com
stock, and north and west Of st. Cloud
q stiff wind was accompanied by hail.
At s o'clock am. 100 inches OF rain
had fallen In Minneapolis and .9S In
st. Paul
The storm was general over wide
/ territory. Milwaukee got liza inches
of rain; st. Louis. Las; Buffalo, N. z,
inches.
For the northwest the outlook Ia
for cooler and unsettled weather to-.
night, with possible showers over Sun-
day. IS
4 ing read a report Of John ingalls,, a.
Chicago crop expert, who wired from
Carberry, West Manitoba, after a tour
i Of inspection thru the fields of the
province, that he found rust there
to about the extent already reprs-
sented.
Hot Times in Bucketshops.
Much excitement is on In the
"buoketshops. Rumor had it that
big shop was on the ragged edge.
:, but this was probably unfounded rus
NOR, as the concern was doing a lands
office business at IL o'clock.
One of the little hole-in-the-wall
bucketshops had a hotbox. Against
a rising market this concern, having
no exchange connections anywhere,
has "bucketed' all trades, and 1t has
been hard game for the proprietors.
This morning all was confusion. In-
quiries over the telephone brought
the reply that one of the firm was III
with nervous prostration, and an-
other, who was attending to business
was very sour and cross.
"How about that hundred-dollaE
credit of mine 2" said an anxious voice
, over the wire.
"Oh, what's few dollars?'' said
, ,, the voice, and the receiver went Up
with a bang.
No. 1 Hard Bought Up.
Some one has grabbed the little lot
of No. 1 hard that stood 80 long un-
changed in the weekly reports. For
twenty-one successive weeks the reg.
& ular Saturday report had led off with
4,533 bushels No. hard, grade once
i common enough in the northwest, but
: for the past few years scarcer than
; hens teeth. Today the Minneapolis
t elevators-big houses that can carry
81, 100000 bushels-have in them only
| 2,891,506 bushels, and the only lot
, of No. hard in store anywhere has
: now dropped out Of sight-probably
taken into private stock by some mill-
! er who sees that he may need it badly
: some day.
!. Secretary Smiley Of the Kansas
J, Grain Dealers association, broke in
today from the southwest with re-
, port that receipts of wheat are falling
: off there.
= New wheat turned up here in great-
: er quantity than at any time so far
; but at that there was not much Of 1t.
: No. northern sold at $1.23 for new.
! Railroad Stocks Stable.
t Stocks of northwestern railroads
! have not suffered and this has been an
. astonishing thing to many followers
Of the stock market, who looked for
> a. break on the lessened prospects for
the wheat haul. Many here have sold.
$500 short on this view of it, and in
New York "Jakey'' Field and others
have raided northwestern rails, as the
y bad wheat reports came into the
|. street. but without Indifferent success.
: One thing to encourage holders Of
v stocks is the fact that other grain