The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1904-08-25
A WILD WHEAT MARKET
Reports of Rust in the Northwest
Causes Wild Times in Min
neapolis Market.

minneapolis, aug. CIV neat Was
swept along this morning like roaring
torrent, bearing down all opposition
and carrying everything before it I'M
til September sold in the Minneapolis
pit at $1.23 Then with terrifying
suddenness it broke to SLICK, spread
panic among the bulls.
Erratic, uncertain, turning about
by sweeping changes of one and two
cents, the market passed over a five
cent range, withstood the heavy pres
sure of millions of bushels, the sledge-
hammer blows of the ever pounding
bears.
Minneapolis, Aug. 19.-Panic, dire
panic, swept into the Minneapolis
wheat pit today.
Nervousness, intensified a 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 Silly,
it sold to $1.1s%.
Nothing could stem the tide, moth
ing could stand before it.
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 2Hc 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 a cannon. Asleep for weeks,
while rust was eating it's 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 her
chief source of breadstuffs supply.
This was not half the bullish news.
Wide in it's range and terrible in
it's effect, the storm of last night
swept the northwest from end to
end.
1t tore thru Manitoba, beating
down the weakened crops with hail.
In South Dakota it soaked the har-
vest fields.
In North Dakota and Minnesota it
bore heavily upon many a field al
ready water-logged for months. The
breath of it entered the local wheat
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
calls have been good and were called
hard. At today's close, September
calls were we'll around $1.26.
G. R. Grove, the prominent Winni-
peg grain man, says it may as well be
admitted that the province has been
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
'shunch" to sell wheat short, for did
not the railroads say the rust didn't
hurt anything, and there will be
more 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
says two-thirds of the Manitoba crop
is in danger.
A curiosity was shown around in
the form of bullish letter from an
Amsterdam miller. In the memory
of the oldest grain man, time has
never been when Dutch miller was
bullish. Yet Matthew Luchsinger, one
of the most prominent millers in Hol-
land, is bull The crops, he says,
are disappointing in Germany, France
and Russia, and bad in Roumania,
Austria Hungary and Italy.
Heavy rains fell all thru the wheat
districts of the northwest last night.
1t was almost cloudburst in some
sections and fell within the space of
one or two hours. Special telegraphic
reports of the storm were received at
the weather station this morning.
North and central Minnesota suffer
the least. The rain cages recorded
the precipitation as follows:
Minnesota, Minneapolis, 95; South
Dakota, Huron, 2.1O; Kansas, Dodge
City, 1.S4; Nebraska, Omaha, 1856;
Concordia, LOO; North Dakota, Lang
don, n; Laramer, ~.
The cash market was as follows:
No. hard, s1.263s; No. 1 northern,
$1.243S; No. northern, $1.21M.