The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-08

Bearish for weeks past and playing
the. short side persistently, a coterie Of
Minneapolis Chicago wheat traders has
taken millions out of the market.
A number of larger operators met
some time ago at Hot Springs, Ark,
and, being all bearish, they, worked to-
9latively as the sH I SPRINGS noc crow SG.S
Their operations have covered month
Of heavy declines. Individual winnings
are moderate in most cases, but amounts
ranging from $4,000 to $25O,OOO have
been pulled down all around, the total
making big figures.
Charles r. Lewis of Minneapolis,
James A.: Patten of Chicago and Cap
tain Phillips. a bonanza farmer of Kan
sas, have been the daring leaders and
who spent several weeks at Hot Springs,
was with the crowd, and John Cudahy
August Brosseau, John Friedman and
Frank Partridge of Chicago are heard
of IN the gossip as having been in on
the big killing.
Wheat in the Minneapolis market
plunged down today on selling orders
scoring the lowest point in nearly three
years. A year ago it was $1.10k and
had been up to $1.26M. 1t is Size a
bushel cheaper today than at high time
a year ago. Tux : .s... r.. - - =.
z Courage Is Required.
1t is the big professionals who win
on the short side. Few men have the
courage to sell what they have not got
on the chance of buying it in cheaper.
Still fewer are the men who can stand
short if the market turns up little.
Men will carry long lines of wheat into
immense losses on dealings, who could
not stand it to see the market go
against them for a cent if they were
short. 1t is human nature. When
prices are rising many outsiders come
IN and farmers and country people
often make money. When a bear mar
ket starts they stay out .4
All over the northwest the men who
live by the production of wheat are
watching the market reports closely
and the sinking Of Minneapolis May
wheat to just above Is cents today
will cause q sinking heart in many a
farmer It is a: case Of plenty of wheat
and good crop promise. The bears
of the market. ."..~ s''~.
Stores Piling Up.
There is stock of 1906, 900 bushels
now IN store here, and every day 100,
900 to 100000 bushels more goes into
be the largest stock ever carried il
Minneapolis, or over 20,000,OO0 bushels
Meanwhile the states Of Kansas, Ne
braska, Missouri and other winter-wheat
producers are sending in reports Of gooc
I, crop indications. 1t is early yet, how
ever, to, tell much about it.
Many old-time traders shake thei
heads when wheat Says lower and say
that the bears are too flushed with theil
successes and are OVERRIDING it.
1.-The bulls may have to wait
WHILE said one today; !" but they will
get their innings some time. Wheat il
worth something and the farmer is no
so poor that he, has to let it go. HI
can hold it. Some day these frisk,
short sellers will find that they canno
get it back SO easily .:r>-
| - 1t is indeed likely that the bear
will .overdo it. Ten years ago, in 1896
wheat sold in Minneapolis at 51B cent
and in Chicago at 49A cents, but tw'
seasons later, when Letter appeared, i
advanced to $1.62. just now an on
locker might suppose. that wheat ha
no friends at ell in the Minneapolis pit
but tn ere are always two sides to tn
! market.