The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-26
Big Houses Sci Out and the Mar
ket Slides Down Very
Quickly.
Rains Predicted for Tonight, but
the Market Fails to Bull
On It.
Much New Wheat Now Moving
and the Crop Reports Are
Better.

minneapolis Chamber of Commerce, July 2e-
Down to 81 1ac and weak at that was the show
ing in wheat for the first half of today's
sion. Against Saturdays high point of 9oAc,
and the close that day at 991ac, this looked
like break enough to many of the office specu-
lators, who took on little and moved it back
up above 92c. 1t was impossible to find any
support in large way. The big houses
free sellers. Some firms that bid for Septem-
buyers again on the break of yesterday were
heavy sellers this morning. There were the
usual number Of stop-loss orders to be executed
and the decline from 94c to 81 1ac was rapid:
December wheat, against yesterdays close at
posse, opened at 90Ac and fell to SSAc, at
which point 1t looked cheap to some who bought
a little This buying from the many smaller
traders and buying against puts made the sup
port that took several million bushels sold out
by four big local houses. The market altho
extremely weak, lost none Of its nervous un-
the turn on it. What made it look weak was
the failure Of several things to affect it that
few days ago would have been strong intlu-
ences for an advance The weather prediction
for instance, was for probable showers tonight
and Thursday, and the map bore special nota-
ton for North Dakota for local rains tonight
said to be good one, for rains followed by hot
weather would spread the rust OF a
little rain will not hurt anything, and it is
not certain that hot weather will follow, but
this was the feature today, for the reason that
1t Is just what wheat would have been bulled
on few days ago, but today 1t could not be
Z uulleQ ON IL, SO QeaVy was Inc selling Dy Dig
houses. At time four firms of local promi-
nence were handing out the wheat simultaneous
ly, and the wonder was that the market held
well 1t did. .-.-
Today Minneapolis began up
heavy side of the movement, for there were 2O8
cars In against only rs year ago. Chicago
showed up 2Ss against 70, while Kansas City
received 36s,OO0 bu against 24,OOO and st.
Louis 100000 against 10000 Winnipeg got
only 81 against 60 and Duluth only against "a.
The local decrease in elevator stocks 800. 900
bu for fouT days.
Primary receipts, 1884, 900 bu against 7ee, ooo
Clearances 81, 900 bu.
Broomhall cabled from Liverpool: Influenced
by weakness In America yesterday, the wheat
market opened quiet and Ad lower Later there
was steadier undertone and values advanced
A@Sd on less favorable climatic conditions In
Germany and the weather in the United King
dom becoming less favorable. There were also
reports OF rust spreading in America and likely
to become serious"
The Record-Herald says the export situation
as wired from the Atlantic seaboard last night
was: There Is no chance Of working any wheat
for export at present prices; both milling and
elevator interests are paying several cents more
than European buyers will bid Sellers on new
no. hard via gulf ports are still talking about
September price for September loading. Quote
s ssyers o n9%,nay a. August s4c September
September closed at e21hc and December at
Se% @s9Ac. ~