The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-13
Strong Suspicion that Chicago
Rugged the Liverpool Market
to Sell Out On.
Gables Come Higher, Prices Rise,
and Then the Selling
Out Begins.
After Which a Flood Of Bearish
News Comes In The
Days Gossip.

minneapolis Chamber OF Commerce, June H.
A surprise was in store for the trade this
morning, for Liverpool. after opening Nd higher
on wheat, ran up to B@&d higher in the
1:30 cables. This may have been a legitimate
advance based on conditions purely commercial,
and BrOomhan said, In his early cable, that
strength in Liverpool was due to strong Amer
lean markets yesterday, less favorable Russian
news and better demand for cargoes But
the trade on the whole refused to believe in
the legitimacy of it. There seemed no good
reason for 1t. Liverpool is slow to advance
Conservatism is characteristic of the English
market. It Is hard enough to get the English
men into line when wheat Is advancing on
known bullish influences on our side, and mere
anxiety and possibility of crop losses does not
ordinarily bring them in. Most traders had ex-
pected a decline abroad or steadiiness at best
Consequently when they saw Liverpool come
90 materially strong, read sensa uonal private
wire damage reports from Chicago and at the
game time saw evidence Of selling the
hard spots, thay took it to mean manipulation
Of the Liverpool market for the purpose Of un-
loading here. They may have been wrong but
the fact that Minneapolis September sold down
from S3A @ssssc to 1Bc and that July fell
OF from $3.50 to s2Tsc made 1t look like pretty
good selling somewhere. <r ~
The northwest presented weather and
ezop lineup near perfection as could be
imagined Conditions were ideal every where,
except for the localities that are off color,
hat the trade knows about, and that have
already been allowed for. The southwest had
good conditions except that rain would be
last night. Whether or not this is important
: enough to warrant anxiety is in doubt. Advices
/ from some Nebraska stations to Chicago grain
houses make the situation very unfavorable.
thu same country and while all tell Of dry
weather and the need of rain, there are NO
reports Of damage beyond repair. Most OF
them say rain within another week will put
matters to rights. For the northwest the fore
cast Is favorable. Lewis summary from the
Red River valley showed conditions about
the same. but with better weather at most
points. Kenkel had st. Louis message an
i nouncing the arrival there Of the first car
= Of new winter wheat. 1t came from Or1n, Mo-,
= and weighed 62h pounds to the bushel j. D.
Fraser had a message from Bartlett In which
: the purchase of 10000 bu No. red wheat
was announced and it said that Kansas
Is asking bids for the new winter wheat.
From Winnipeg Piper had adv1ces OF fine con
didons in Manitoba and Of beneficial rains In
/ Alberta. Whallou received wire from Texas,
rom a locality where wheat is running ID
to Is bu to the acre, suggesting that Texas
win run up close to 10000 900 Blu for her total
In e0yeFn ae the
have generally Improved since the government
obtained the data from which Its averages WERE
figured. This has been especially the case II
Kansas, Missouri Indiana and Illinois, where
good rains have fallen since the latter par
Of May. Our advices from millers in Missouri
and Kansas uniformly state that the crop hat
shown marked improvement during the past
two weeks" Poehler says: "should present
winter wheat prospects hold out until the croI
is harvested, and a good crop OF spring whea'
be raised there is no doubt that this country
would have an exportable surplus, ana therefore,
be more or less dependent foreign markets
in which case present prices next fall might
look high; but in case OF serious damage u
the spring wheat crop. this country. would of
more or less Independent and 1t woad De al
easy matter for speculato tors to force prices
very high and possibly duplicate the marke
9 conditions that prevailed during the 19O4-19ot
seasons. There all kinds OF possa6ntles.
Since Broomhall referred to Russia In hi:
explanation Of the Liverpool strength tnere
was much interest in a report covering Russls
& that from another source to the N ssT
] York news bureau. 1t read as follows: ~
Russia the entire western province, 1ncludlnl
Poland from the Black sea and from the Gul
Of Finland. show excellent promise. but tn
sia will not escape famine IN
harvest in that section threatens failure, alth
owing to good crops elsewhere the Russian
total promises to be above the average
The statement does not specify which part o
the yolga region is meant. samara, which l
referred to- is important province, ra1s1n
last year SO. 600, 600 bu spring wheat. kaza
Is referred to, also slmbirsk, both OF les
Importance. :.
Local elevator stocks decreased 25Oo0o b
for four days. Receipts. with comparisons 70
last year were as follows: Minneapolis, 10
cars and 1903; Duluth, Is and q; Chicago.
and 8; Winnipeg, Sc and 81; Kansas City
6s, coo blu and $1,000; st. Louis, 1900 an
Gsarances $4,000 bu; primary receipts
s aeetn ss 49, Lost
and sold down to s1R @e1&c for September
closing at S1Ac.