The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-16
Chicago Persistently Talking Of
Decline and Small Traders
Scared Out.
Wheat Sold for Export Meanwhile
at Baltimore and Also at
New York.
Trade Quiet and Many Waiting
for a. Change in the
Weather.

Minneapolis Chamber of Commerce, Aug TO-
Eighty-four cents was the sticking point for
wheat thru the early part of dull session.
Trade ran light. The failure yesterday of a
Chicago grain firm with Minneapolis connec-
lions brought out the usual number Of rumors
affecting other houses, that always follow in
such a case, and Armour & Co.. We're reported
to have taken over big lot Of wheat to help
cut firm Of size caught long with loss star,
Ing 1T In the face Much Of this sort Of gossip
rubbish, without notification in any de-
gree The general effect to cause temporary
timidfty the part Of small traders and cut
down business in the pit. Speculatively the
Chicago bear cry for week past has been
the danger Of buying wheat because of the al
legged holding of line Of long stuff that showed
loss and would probably be dumped eventually.
This has been big influence in the hands of
the bears, for there is little doubt that many
small traders, enough to make fair activity by
their entry into the speculative market, have
been frightened of, thinking wheat low enough
. to buy, but being scared by fear Of the big
long lot referred to likely to come on the
market. Some of the best Chicago Minneapolis
houses were connected by this gossip Late yes
terday the news came Of the troubles of the
Ca Wmet company. and the superstition that
this was the dark secret so persistently limited
at and that this morning the atmosphere would
be clear. But the Chicago bears were promptly
on hand with more dark hints Of troubles to
come. Again the effect noticed. Many
traders felt that after the long decline and
the uncertain weather in the northwest wheat
ought 10 be good for rally but again they
held of, fearing the effect of the threatened
selling out Against this there were a number
of things legiimately strengthening, principal
Of which the sale of a cargo Of wheat at
Baltimore. New York also sold wheat to Ire
land and reported inquiry for another lot and
Verhoer had a wire from Milm1ne placing yes
terday's total export business at 1876, 600 bu,
and today's at 100000, $4,000 in all, the
best two-day showing for long time.
Minneapolis received % cars compared with 55
year ago, Duluth 81 against 20 and Chicago
12s against co. Kansas City had 148, 600 bu
against 295.OoO, and st. Louis 1O8. 900 against
151, 0c0. Total primary receipts were 745 900
bu against 100000. Gearances 127, 900 bu
along the Minneapolis & st. Louis, showing Is
bu to the acre for the average
The weather map shows quite cool tempera-
lures in the far northwest, "a at Calgary, with
a minimum Of 80 there this morning; 48 at
Williston; cloudy elswhere. with lower tenn
peratures and scattered rains. Rains In Kansas
and the Ohio valley. The forecast Illinois,
1ndtana-showers south. Missouri, Minnesota
and Kansas-Local rains. Wisconsin and Iowa
Showers and cooler. Michigan and North Da-
kota-Fair and cooler. South Dakota and Ne
braska-Fatr west, local rains east; light frost
in South Dakota and northeastern Nebraska, pos
sible. Hlf'. *
A Liverpool cable to Darlington reads: Wheat
firm, with upward tendency. The deficiency
In the Russian and French crops is confrmel.
Unsettled weather will probably deter1orate the
crop in Germany.
Broomhalls cable says there was a private
report in Liverpool from Argentine which re-
fererd to damage by locusts in the northern Sec
lions and also bread riots in southern parts Of
Spain.
The non weather report showed: Fargo-Rair-
ing: southeast wind; cool. Minot-Clear and
calm, 65 above. Grand Fprks-Cloudy, raining;
northwest wind Devils LaEe-Cear, west wind;
IS above Bismarck-Clear, northeast wind; no