The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-18
Tho Not Remotely Connected with
the Bank Failures the Mar
ket Suffers. Il
Holders Scared Out Of The&r Long
Wheat by the Stock Market
Declines. i
Meanwhile the Regular CONNER.
cial News Runs Favorable
to Wheat Prices.

/. M,nneanolis Chamber of Commerce, Dec. 1s.-
AItho the financial troubles in Chicago hao no
direct bearing upon wheat. they had enect upon
futures. A report of the failure OF three banks
In enough to unsettle confidence at any time.
The stock market felt the brunt OF 1t ana prices
of leading speculative issues Tell quickly allei
the onening, In wheat there were no doupt d
good many holders of long lines In Chicago VINO
let 90, fearing more financial trouble to come
and difficulty about borrowing money. Men
trading in both stocks ana gram zen Ao Ean
Others held them against the break ana let go
wheat to tighten up. Hence, altho there We're
number of things in sight that would ordinarily
have hrmed up the market, prices on, the con-
trarv turned downward, and May wheat a1ter
bobbing around in uncertainty for wnlie ana
selling up to SEC, fell off ito Soc December
sold down to S11sc. At II O'Clock the market
was very weak and much selling was gong
on Traders on the short side found 1t good
time to put the pressure on, ana houses Win
waiting orders in hand to buy wheat on a
break to s5c or lower helped along the weak
feeling that they might execute them. EVeh
while the decline was on, little appeared IN
the commercial news proper to make 1or weak
ness More wheat turned up here than year
ago. Se7 cars compared with 6l4 but buyers
wanted It, and instead Of widening out, the
discount under May changed by only shade
and No. / northern moved at about lta QZc
under The elevator stocks increased by 4oo,ooo
bu for two days, but. while the elevators are
taking wheat freely the mtllers are after 1t
every day and shipments Of flour still holding
IN to a daily movement Of "a, oil barrels, thru
the present period when trade ordinarily IS very
dull, show very conclusively that there is a
-four business doing. Duluth got 50 cars against
127 and Chicago 81 against 40. while the Win.
nipeg comparison was 257 and 149, that OF
St. Louis 81 900 and SO, 900 and Kansas City
81 600 Blu and $4,000 Stocks at At, Port oor arthur
and Fort William now total 19Ol .269 Du, an
increase of 6O2O1 bu for the past week. A
year ago at this time the total was 29So,13S
feature of Importance that, had it not been
for the Chicago disturbance. would probably
have moved prices up, was the drop to e,l6S
600 bu in worlds shipments. America came
down from 4 56s, 900 bu to S,20S, 900, but Russia
made a sharp recession from $500, 900 bu in the
previous week and 100000 two weeks previous
to only 2,56S, 900 last week. The Danube ports
fell Off also India and Argentine On the whole
the relative showing for America was more favor
able than for time. The quantity OF bread
stuffs a1oat for Europe, at 81 OOO bu, de
creased for the week by 1852 900.
Primary receipts were 1.341 900 bu agains
1o98,OO0 Clearances. $4,000 bu.
Broomhall cabled: Wheat quiet unchanged a.
opening: weakness in American markets Satur
day was offset by the light worlds shipments
and the frmness of Argentine offerings trading
continued quiet with values slightly higher. Corr
quiet unchanged market neglected."