The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-20
Wheat Weak and stagnant at
First, but in Better Tone Later
in the Session.
Cash Demand Still Good and
Flour Shipments Holding
Up Well
Armour's Attitude a Help to the
Trade-News of the
Market.

Minneapolis Chamber of Commerce., Sept. "
EARLY dullness in wheat futures held the mar
ket in narrow range to IL O'Clock today, De-
cember selling between s1Hc and s1$c and
May from S4Ac to S4$c. Trade ran principally
to small-lot business, with nothing slgnihcant
of better things to come. The cash market Mas
very satisfactory, and about even with yester-
day for the best grades. The morning adV1ces
from the outside brought nothing of Importance
and most Of the gossip had a tinge of bear1sf~
ness. Winnipeg again ran up. with ia cars
wheat against only is last year. Most of the
stuff today was high-grade, and the Winnipeg
wires made the cash demand quiet and no ex,
port business in prospect. The fact that local
millers were buying the cash stuff and -four
shipments were holding up well, posted hgures
showing 1856 barrels, offset any bearish items
that came, and towards noon the news began
to run a little more favorable to IT, price. One
message, from Milmine to Verhoeh, spoke of a
show of improvement in the foreign outlook, and
said that On the Chicago board 1t was stated
as actual fact that France has bought No. z
red wheat In our market today. The Chicago
crowd were also talking Of exports Of -four and
further Improvement. Not much attention has
been paid to corn as a possible influence on
wheat, for the corn crop Is SO big and so we'll
secured from calamity that it is wholly un-
likely anything very serious can develop on the
bad side. 1t Is possible, however, that the edge
may come Off the fine prospect. Optimistic stat
isticians have not hesitated to go on record as
seeing 2,ToO, 900, 600 bu corn in sight, which
would be the greatest crop ever known. If this
were pulled down in any appreciate degree
there would still be a good crop, but sentiment
would no doubt turn away from extreme bear
ishness in corn and wheat might benefit q little
in sympathy. A. J. Cummings, who Is In Sioux
City, wired his Minneapolis office that from in
quirtes and personal observations in that sec
ton of the country, he will advance the opin-
ion that corn has deteriorated fully % per cent
from estimates Of a month ago. Too much rain
is causing rank growth and lodging.
Minneapolis receipts were 1876 cars against 444,
Duluth 31S against 1872, Chicago A against r.,
Kansas City got 81. 900 bu against 131 900 and
st. Louis $4,000 against 10000. Minneapolis
elevator stocks increased $4,000 bu for four
days.
George Daggett says Of wheat: "a timely con-
sideration is that of the probable effect of the
Armour attitude towards the market. A while
- ago, when wheat was so weak that every day
or two witnessed a new low mark and Mime
apolis futures were in the seventies, the trade
began to notice evidences of strong support
from some source. A little later the fact that
Armour was favorably inclined towards the
;'rice became apparent. The effect was prob
l NAUTICAL. With an exportable surplus in sight
1t was a certainty that some foreign business
In wheat or flour would have to turn up before
price stability could be looked for. Hence, witt
each new decline those who hoped for exporr
business saw an export basis closer at hand, ant
No when Armour came In on the supporting side thu
popular view was that his attitude would rails.
the price and kill the newborn foreign inquiry
1t has not worked out that way, for it seem!
to be a rule that no matter how low the. price
may go, foreigners are prone to hold Off while
the sinking tendency is on. 1t may fairly bt
said that the effect has been contrary. Sta
"NNS - piAcS ou d ldlr comparative basis Il
a necessary thing, and this has resulted YER,
largely from the Armour support. Meanwhile,
much wheat moving to market is bringing high
good thing for everyone"
D.. 3. Woodworth, president Of the Chamber
IS pack from New York. a believer in continue,
easy money Tor the present at least. Nothin,
III the SITUATION Indicates any necessity for ey
ity. N1s 'onAno
Urinary receipts, 1,1s4, 900 Blu against 1,o55,
QUO. Clearances, 142, 900 bu.
AFTER noon the market turned very strong
win Lewis, Watson and Woodwork best buy
ers, scalpers failing on. Very little selling de
Ing by sellers of calls to protect themselves
"A New York message to Lake said: .rKno1
LOT a Tact that France bought, wheat in tn
Chicago market today" '
"A large exporter at New York wired Prjne,e
Fitcn d. Rankin that none of the recent heav
russian shipments got past Gibraltar, owing +
tterranean. - the Aleo