The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-12
The Supporting Power Evidently
Playing for a Crop Scare
to Unload On.
Brokers Complain that the Con-
gestion Is Soaring Away
Small Traders.
Price Up to 99c, Down to 1880,
Then Rushed Back to
$3.50 to Close.

M,npeano,is Chamber Of Commerce, May 12.-
Liverpool wheat cables were nd higher 10 staFe
with and this helped the markets on our slde'
along with a number of other things Of nature
to sustain prices. July wheat sold TO ssc De
fore the session was half over May sofa AZ
$1.O5 Ind with cash wheat around $loo tne
cash market began to look almost 1t did when
the recent May corner was on. Little stun IS
coming in. and there is no difficulty IN gettme
top for the No. northern. Flour shlp1hents
yesterday at 1880 brls, were better IMAM 1os
some time Minneapolis wheat stocks STAND 10
show about $4,000 bu decrease in tomorrow
report while Duluth will decrease about $4,000
bu. Receipts today were 70 cars here, compared
with g. Duluth getting against IL and Chicago
against 10. Winnipeg had 81 cars against
so. Kansas City received 1900 bu against
%, 900. mad St. Louis 5000 against $4,000.
{ General rains were shown In Canada and below
the line as we'll. Moorhead and Huron had
heavy rain and more or less came down every
where thru central Minnesota. Missouri, Iowa.
illinois, Indiana, Ohio and Michigan got some
In Texas there were low tempera lures, with
heavy rain accompanying and 40 inches at Fort
Worth At 10 O'Clock it was still raining at
Winnipeg, where it had ralned all night. Tho
forecast indicate the end Of the long wet spell,
and for tonight and Saturday fair weather Is to
come.
( An unusually large number of bad reports came
in from the southwest. At least twelve different
localities and different reporters were repre-
scented and all this had effect Rust Is the pr1n.
tcipal claim and Sherman. Texas, and Cushing,
Okla, were points sending the worst news. The
latter says wheat has been damaged 25 per
cent. With these reports advces from
NEARLY every commission house In Chicago to
buy July wheat, and If these private wire tips
are at all representative everybody in Chicago
is bullish. At the same time that Texas and
Oklahoma were sending the bad news, Kansas
City wired that thru Oklahoma and Kansas the
weather has turned very favorable The trade
$hesitates to take these damage reports seri-
sously they read. Rust Is undoubtedly present
over considerable area of winter wheat, but
there is nothing to indicate that it is other than
srhe ordinary so-called red rust, that does com
Sparatively little harm. A conservative view of
the situa ton here is that July is a manipula ted
proposition. Probably Minneapolis will need all
the wheat in the country. She stands fair
!show to get 1t day.
+ Brokers are complaining that manipulation In
Minneapolis July wheat, which is evident tc
any onlooker, is hurting business. Small traders
are afraid to do anything. AS for May that is
congested thru conditions largely evident, but ir
July 1t Is not a question Of conditions or inf1u
ences, but rather question of what the big
trader, whom everyone on the floor suspects, but
no one mentione openly, Is going to do next
The manipulattve are wonderfully well
covered up but they leave little trace behind
all OF which run back in one direction Theory
is that July wheat is already to the point where
the unloading should begin but the chances
favor crop in the southwest hence the
effort to work July above the dollar level before
unloading. Any decent sort Of a crop scare
would make this possible. Failing this, the out
come Is uncertain.
Argentine shipped $3.50, 900 bu for the week
This compares with 3,512,OOO in the previous
week and 1864, 900 a year ago.
Primary receipts 101 900 bu against 1859 0O0
$Clearances wheat and -four 1870 oOO
The Modern Miller report was bearish.
600 bu.. ~ o'o'
Near the close the market was rushed ND from
e'esc 10 9S9sc. and closed strong few trades
put 1t up to 9Sc when the shorts ran IN 49, r. oJ1
happened In few minutes.