The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-17
An Excess Today Over Last Year
in Minneapolis, Duluth and
Chicago.
But Export Business Develops at
Duluth and at the Sea-
board.
Differences of Opinion as to
Whether Farmers Will
Hold Back. ..-'

Minneapolis Chamber Of Commerce, Oct. IT,
Despite the fact that northwest receipts ran
over today by, 155 cars and that with Chicago
counted in the increase over a year ago was l76
cars, wheat was firm and stubborn and Inclined
to move upward during the first half of the
session. This quite natural thing on the
y theory that general expectation often goes
wrong, for nearly everyone has had the idea In
mind Of break In the market as soon as
the first good increase appeared and everyone
being of this mind the market moved contrari.
wise. 1t is probable, however that continued
larger receipts will have the effect that would
r naturally be expected. not that prices Will
necessarily decline much, but that bull mar
ket will probably not be attempted until the
first of the heavier movement passes The local
Z elevator increase is SMALL but Is now con-
Z tinuous and the gain far for the week is
275000 Blu. The Minneapolis run showed 20
cars against 377, Duluth 45o against 1913, CHI
eago TO against 10 and Winnipeg 257 against
10000, and Kansas City $4,000 against III, 900.
40 St. Louis received 900 blu against
Liverpool close 7@Ad higher.
Broomhall cabled: Wheat was steady at
the opening, altho values showed Nd decline,
being Influenced by the weaker American cables
yesterday. Later there was sharp advance
with shorts nervous owing to the unfavorable
the strength in Argentine new crop offers. The
market at midday, was A@Hd higher Corn
was steady at the opening with value un-
changed: followed later by an advance Of A9
ga. Support resulted from a good inquiry
for La Plata cargoes and the armer American
There is rs much difference of opinion as
ever with regard to the holding back of wheat
by the farmers and the probable effect upon
wheat prices. Some good people here believe
this tendency to hold back for higher prices
an important influence, the effect of which will
be felt later, Others declare 1t of no import
I ance and that for any one to assume that the
light movement Of wheat to market indicates
holding back by farmers is to fall into serious
> error for country deliveries have been fully
up to last year and the reason the stuff has
not turned up here is because the roads cannot
Instance MiNnpaDOliS
ket Record says: N'That receipts have failed
to show up literally far this season is not
an argument that the crop Is SO small that
large arrivals from the country cannot be ex-
pected, under normal conditions, at any time
this season. There IS large amount of wheat
already gathered and waiting but the rail
roads not making any great effort to bring
! it forward. This is not, of course. due to
any Indifference on the part of tie carriers to
the cry for relief but is the result Of gen;
eral call for freight and motive power beyond
the ability Of the roads to respond to. An
other view OF 1t Is that of Fl. p. Gallaher of
the Consolidated Milling company, who says
that It was generally expected thruout the
{ northwest that much larger wheat crop would
be harvested than the actual record has shown.
This optimistic prediction resulted In setting
the price OF wheat at lower figure than the
crop shortage would warrant, and the farmers
have not shown any inclination, to let, so of
their wheat. Last fall Mr. Gallaher says all
the elevator companies, In Minneapolis were
working overtime to handle the great bulk of
wheat that was pouring into the mills and ele-
vators. Men were worked on Sundays so great
was the rush. and yet 1t was with difficulty
that the grain handled. The low price on
wheat has completely changed the conditions
this fall. however and until the price rises
elevator men do not look for change in the
slack condition Of the wheat movement.
The weather forecast: Minnesota, showers to-
night Thursday; North Dakota. showers to-
:. night cloudy Thursday South Dakota. Nebras-
ka and Kansas showers tonight and Thursday;
Missouri, partly cloudy, showers west tonight
or Thursday: Iowa, cloudy tonight and Thurs
day with showers west, warmer tonight in
northwest; Illinois, Indiana. Michigan, Wiscon-
, sin. generally fair, moderate temperatures.
Primary receipts 1.0100OO Blu against
1,os6.00o. Clearances wheat and -four, ISL 900
New York reported good export inquiry for
wheat, and Duluth wired Piper that there was
business there in No. l hard, and that some
Manitoba wheat also worked. Later ad-
vices said that New York buyers are taking
the wheat now. but shipping houses there claim
that their Liverpool bids out of line. The
situation is good deal mixed For days New
York bids win eout of line, and then the
s foreigners Will suddenly come in and buy large
lots. -ss-' -
Daggett had report of % loads Of wheat taken
at Duluth for export. Of this II was No. /
northern and 10 Manitoba wheat. D."
Watsons Duluth wire said about 200, 900 bu
Duluth No. 1 hard and Manitoba No. 1 north
ern were worked today. Bids are right on the
rkef