The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-01
!, W HEAT SUFFERED
WEEKEND FALL
Almost 100000 Blu. Marketed in
Y Minneapolis, Duluth and
(It. Winnipeg.
PUBLIC HOLDS ALOOF
! r, FROM WALL STREET
Review of the Week in Live
\ Stock, Produce and Other
e. s.a Lines.

Almost nine million bushels new crop wheat
same into sight in the three principal spring
ment, and with the wheat pressing for an
outlet 1t was not remarkable that prices should
have gone down with force on the last day of
September. Thru successive days Of heavy Of
ferings Of cash wheat the Minneapolis mar
ket held firm. weakening only after midweek.
In Chicago Armour supported the futures at
intervals, but along towards Saturday this sup
port was lacking, Some things We're seen TO
indicate that the big house was letting 50 a
little. but Valentine openly as bUlliSh as
ever and declared himself a believer in higher
prices for wheat eventually.
For the week the big end of the movement
looked as follows:
Cars. Year ago. Increase.
Minneapolis ........ 1868 1855 sos
W Raim5h .: ISIS ISIS 1 1ss5 1, a55
Totals .,.....;. e,o5+ e:744 $50
Winnipeg Is not ordinarily figured into a
comparison made from this side of the line,
but that market has got to be recognized, even
tho it is shut out. The crop of the Canadian
northwest is coming to market In quantity eS'
ceeding any movement before known. The
Canadian Pacific is handling it with greater
promptness besides which the movement M srsa 15
Importance, beyond an accumulation In stocts
at Fort William and Port Arthur, but this
Canadian wheat has got to move out. This
is the competition American markets Will nave
to face a little later on.
The Minneapolis mills did good business
in flour this week, yet when cash wheat was
frning up there some fear expressed lest
prices get out Of line and spoil the trade. One
day over 100000 bbls of flour Went out, repre-
senting some accumulation, and this was an
stem for strength. Prices of flour were re-
duced 10c late in the week, after cash wheat had
The situation in Wheat is one we'll calculated
to create bearishness, for there is much wheat
coming in, and everyone knows that country
stocks are enormous and that the only reason
more does not show up at terminal markets is
that the railroads cannot move it. About the
only open bull of Importance in the trade Is
Armour. Many believe that he has taken hold
TOO soon and has at last gone wrong. Others
tion, and that usually he wins out. Armour is
presumably basing his operations for later h1ghel
most everyone in the trade expects that this
will be strong card later in the year, but the
question is whether Armour has not come
In too soon.
The local railroad situation threatens to be
come acute before another month is out. The
milwaukee, 500 and other roads have issued pre-
liminary directions governing the movement OF
cars. These represent only measures taken t.
tie so far The brunt of it has fallen on the
owners OF country elevators, some of whom
in nothing more, and are obliged to turn away
business, because they cannot load out the grain
Later on it is believed the scarcity Of cars vii
Winnipeg.
In wheat 9: 10000 bushels marketed and $500
600 bushels Inspected of which so per cent con
for September. 1905: The Winnipeg market has
h bel between = and rs cents for No. northel,1
qll week, ana trading averaged about go, OOl
bushels daily, mainly in wheat for export.
One feature of the week the capture OF
some oriental business In flour by Canadian
millers for which Minneapolis millers had beer
figuring. Locally there was not the oppor
tunity at the time to figure low enough, ant
altho inquiry came in here for some fair-sizet
lots the prices quoted failed to land the bust
ness. Next day it learned that the Winni
peg milling offices were entering the order
on their books. Later on it is believed, Mime
apolis will do considerable business with tn
orient. but just the advantages are al
with the Pacific coast and Canadian mills.
About every three men out of five at tn
Chamber of Commerce open bears, the othe
is inclined to be bearish. and the fifth feel
bullish on wheat, but not for the present. Wit
all the bear talk heard 1t is surprising the mar
ket has not gone lower.