The Minneapolis journal., 1905-11-03
Bears Raise December Liquida-
tion' Cry and Scare Out
Weak Holders.
Bradstreet's Report of 6,283,000
Blu. Cleared This Week
Checks Decline.
Nothing in the Supply Situation
to Indicate Much Later
Pressure.

Minneapolis Chamber of Commerce, NV. 81
December liquidation was the talk on change
today. The market slumped early, and when
December wheat sold to S31sc and May 10
SIKc the prospect Of continued pressure pre-
Ganted itself. Cash wheat lost part OF its
premium mllers contending for &c over as the
: fair basis. The market tone and the comment
thru the first hour very bearish. December
I liquidation Is proposition to scare umlo
holder. The idea is that there must be good
many little lots of wheat held. and as De-
cember approaches these holders will not want
to take delivery and will sell out. This is
entirely reasonable, far 1t goes, yet there
Is preponderance Of influence the other way
at present. There is a situation that If 1t does
5 not change materially, cannot fall to send De-
= cember wheat along to delivery day strong and
in demand, and higher in price. No wheat
I could be shipped from here to Chicago, with
No. northern &c over December here and De-
cember s4c compared with SOC in Chicago The
a Chicago elevator men might buy some Mime
apolis wheat to mix and squeeze it thru to
Chicago at profit, but any such demand here
would be anything but bearish. Meanwhile re-
ceipts here are light and considerable wheat
has been sold to arrive which should take of the
pressure around the cash tables. There Is no
accumulation, and local stocks will show an
increase OF only about 100, 900 bu in tomorrow s
statement compared with gain Of 100000
at this time last year. It seems impossible
that wheat should move out Of here to Chi
cago while such conditions remain. Duluth
has been getting considerably more wheat than
"a yeaH ago, but there is wheat sold to arrive
IA that market. With the situation it
ds, the milling industry active and stocks
Light, It 10 little difficult to why there
shou1d be q rush to sell out December wheat.
It would seem that without anything else
taken into account, December ought to hold
somewhere around the present level on the legiti-
mate supply situation. There then remains two
ehings that might make a scramble for the
wheat. One is the attitude of the Armour in
terests In Chicago Should the big holders in
Chicago take delivery Of their long wheat there
nfOhA hA
Iyee- Trade history says that Armour is not
cha man who takes delivery. Yet Valentine Is
known to be a believer in the Russian situation,
and Il things over there are anything like he
says they are, and like the other reports indicate
he might not hesitate to take delivery of a
little wheat which, without doubt, he could find
enough money to pay for. Much will depend
upon the Russian shipments on Monday So
much has been heard about the shortage of
grain, the railroad troubles and the blocking of
the port Of Odessa, that the trade is tired of
prospective shortage and wants to the effect.
Russian ahipments in the Monday statement
ought to run light II they do the bull market
will be on. II not, they will probably make
for recession, but there are bulls who believe
1t VIII come some day, whether next week
next month, and even If they run heavy the
Russian influence Will not have spent itself by
Minneapolis got 45o cars compared with e6s
Duluth 2el against 2s2 and Chicago 115 against
80. st. Louis receipts were 81, 900 bu against
$1,000 and Kansas City had 1872 900 against
11e, 900. Total primary receipts were 1,16s OOC
bu against 1122 0Oo Clearances wheat and aou,
equal 1s1 900 bu.
Winnipeg received 425 cars against 814
The market turned Bradstreet's report OF
clearances for the week of 62s3 900 bu. This
includes wheat and -four and Canadian wheat
It is a big total, nevertheless. -. .e,
The Modern Miller says in western Kansal
drought conditions have been only partially re-
lteved by snow, and in California rain Is needed
Otherwise the general condition of winter whea
is favorable Farmers are selling little wheat
The movement is principally confined to transfe,
or stocks from one market to another. !. =.