The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-16
December Goes to 77zsc, Falls %
77c, but Rallies and Closes
Firm.
Duluth Gets More Wheat, but Lo-
cally the Situation Remains !.
Unchanged. 's
Chicago Bulls Active and valen-
time Quoted Today as Very =.
49, Bullish. 49,

Minneapolis Chamber Of Commerce, Nov. 49,
made te new orn nigh points t after
Der and S01sc for May, after which 1t turned
quiet and did little for a time. The first
cables came u @9sd higher from Liverpool and
ESD higher was in the second cables and this
helped. There were rains SHOWS in Canada,
Minnesota and the Dakotas, which encouraged
the bulls, who aturally could see improve
under the circumstances. The local situation
remained bullsh, only 219 cars coming in
against 464. while sc cars Were loaded out of
elevators leaving the stocks about 10000 bu
lighter for the week. In Chicago the bulls
were active, and were using every means to
advance the market. t., A. l.. Valentine was
tive interest is the only thing Mr.. Valentine
can standing in the way Of an advance.
W. S Crosby was also quoted. Lack Of ex-
port trade is the only unfavorable thing Mr..
Crosby can see, but this he said, Is, due not
to inability to sell the stuff but rather 10
hesitation about selling it where there Is any
doubt about being able to deliver 1t. There
is probably something to what Crosby says
In this connection Buffalo firms and New
York export houses have had a hard time of
It in getting grain from Buffalo down to New
York to make good On sales and some penalties
have had to be paid. Naturally they slow
about putting themselves In the hole again and
this may be a contributing cause Of present
dulness, altho it is by no means the controlling
influence with reference to export business.
On the whole there has been a pretty fair ex-
port business done and a. few days dizziness do
not make bearish argument. Really the thing
that is bearsh Is the milling situation right
here In Minneapolis. If the mills could get
up anywhere near to what they did last year
at this season or could even keep the output
up to normal 1t would be great stimulus all
around. but they do not seem to be able to do
It, Today's posting of only 3s.712 brls for
shipments was especially unfavorable.
The bears got some encouragement from the
head of the lakes. for in Duluth theEe were
1852 ears against 200 last year. which offset the
local decrease in part and, left the shortage in
the two markets So cars. Duluth wired that
for the. next week there will be increase in
wheat stocks Of about 100000 bu and fax
stocks will also increase by about 100000 bu,
the bears were pointing out that there is
siderable stnff moving after all, and wheat
mas been low in price and the incentive has
been to market fax for which there has been
a satisfactory price and good demand. and as
OF last year, todays receipts for instance, being
203 cars against 80 year ago, 1t would
reasonable to expect that in time the
number Of cars received will contain a much
larger proportion OF wheat. the movement
must eventually turn that way. On the other
hand fax is a booming market and the quota
ton this morning of S1.24 for November Ger
tafnly makes an attractive price basis, hence
the probability that the fax will come upon
the y market without let up until navigation
closes. So. 1t is not easy Ito make a bearsh
argument out Of this altho the bears worked it
hard. At some time the excess in fax will
fall off and wheat will appear instead, and
some day the big movement of wheat will be
who. guess as to when. this will come about
may go as far wrong as those who early in
October guessed that by mid-Noyember the rail-
roads would be bringing wheat in quantity into
Minneapolis. only to find that the situa-
ton has changed but little.
Chicago received 81 cars against 15O Winni.
peg 5lo against 356, st. Louis had $4,000 bu
against Sc, 600.
Liverpool cabled: wheat was firm at the
opening, with values IS higher. Support was
the result of the late hrInness In America yes.
terday, less favorable Argentine weather and
armness of December offerings. There was some
little disposition to realize toward midday and
tant months held unchanged. Corn was steady
at the start, with values unchanged. Later,
however there was a rather sharp advance,
values gaining 1@Ad, due to the f1rmness in
wheat, better spot demand and the smaller Ar
gentine shipments. Broomhall's weekly Argen-
tine cable says the wheat market is firm with
quiet demand. Arrivals from the interior
continue light Weather conditions are becom-
Ing less favorable. it being cold and wet. Frosts
have occurred in some parts but material
harm has heen done. The corn market Is easy
with liberal offerings. Arrivals from the in.
terror are smaller. with the quality satisfac-
tory. Locusts are threatening damage to the
Primary receipts, o05 900 bu, against 1905
600. Clearances, 455, 600 bu.
The Modern Miller says: "Drouth .condi-
tons. which have been prevalent in most of the
principal winter wheat states, checking the
growth Of the plant to some extent, have been
relieved by the recent SHOWS in the west,
which extended thru Missouri and into Illinois.
The more eastern localities have not expert
enced full relief =.
Weather: Forecast-Minnesota and Iowa-Rain
tonight, with warmer east and central; colder
Saturday. North Dakota-Snow and colder.
Cold wave north, high northerly winds. South
Dakota-Snow and colder tonight and Saturday.
Missouri-Rain, warmer east, colder northwest.
Illinois-Rain, warmer tonight; colder Saturday.
Indiana and Lower Michigan-Rain tonight and
Saturday. .Wisconsin-Rain and warmer to-
night turning to snow; colder. Kansas-Rain,
turning to. snow; Saturday fair and colder.
Observation-Disclosures and colder.
Hamburg cable to Slaughter says the frost
damage in the Argentine is denied. Slaughters
direct Argentine cable. says some frost ap
peared in Buenos Ayres, but the damage was
slight and the weather is improving.
New York cleared $50, 900 bu wheat today,