The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-17

: Minneapolis Chamber of Commerce, Aug. IT.
Foreign news of a bullish tenor came in today
and lifted the wheat market out Of the dumps,
u sending prices back up to 7Ohc for September
and to TIC for December. The trade greatly
5 surprised and number Of shorts caught wrong
b on the market made haste to cover. Liverpool
did the business. The first cables Md
higher and then came I'D advance and finally
! I'D A general rain was on in the United King
q dom, which was bad for the harvest. Argen-
tine also cut down her shipments materially,
., and only S56, 900 blu were shown in the report
u for the week, against 1,376, 600 In the previous
week and I, 672, 900 year ago. With all this
there decidedly bullish Russian report.
This was not anything private that could
? have the color of advices sent for effect, Blu:
: was the regular Associated Press dis
patch printed in the newspapers Of the morn
ing. 1t read as follows; 1.-THE effect of the con-
tinued agrarian disorders the Russian grain
. yield Is shown in the fact that the St. Peters,
burg bourse reports the purchase Of 30 900 Blu
s'tof grain in Germany for Russian delivery, the
" first time In the history Of the bourse that such
thing has occurred,
'Tt is explained that owing to the enhance
p ment Of the price Of grain it is cheaper at the
coast ports to buy abroad than in the interior.
y Conditions are aggravated by transportation con-
dittons, the nature OF which is shown by an
order Of the minister Of railways permitting
for the first time the loading of grain trains at
night"
Here was enough to have given strength to any
/. market. 1t is to the foreigners we must look
this year for relief from the pressure of our ex-
portable wheat surplus and anything making
= for strength abroad means much, just at the
beginning of our. crop movement. The new
wheat is on the way. The first cur came in
today to Commons being shipped from Melette
S. y. The Washburn-Crosby company bought It,
1t was No. 2 northern, good wheat and brought
,$72i&c. or &c over September, at time of sale.
With the foreign situation frmer there was
. naturally much immediate inquiry as to the ex-
port possibilities. and local privatewire houses
sounded the Atlantic seaboard markets to find
/ If any business was doing. First advices to
Lewis from Allen Of New York were that the
United Kingdom bids were higher than yes
terday, Notwithstanding the frmer Liverpool
market Piper's wire found some slight I'M
provement In tone, but increase In business
Us of any important. Watson's New York office
gc sent interesting summary Of the situation.
n noting some things more favorable, but like
"a wise finding no increased business worth noting.
II Crosby sent more favorable report to Wha1-
= lon. saying that buyers are more disposed to
Z take our grain and that the prospect is much
- improved The commercial editor Of the Chicago
- Evening Post has fixed upon 100000 bu week
4.aas about the volume of export business we have
= got to do in order to keep surplus moving
= CT, snd he believes that we will soon: be doing
a business Of that size. ...
h Locally there firm a situa ton as might
= be wished. Local stocks will decrease about
!. 100000 Blu for the week. Some priyate-Hire
j.. houses, in response to Inquiries sent word that
?! this will probably be the last decrease this
season, but some old-timers on change do not
e expect this but look for continued decreases for
some time. The new wheat is not likely to come
In last enough to offset the drain for a while
=. yet. James Marshall says stocks are likely to
Cash wheat brought ~ ado over September tor
Cash wheat brought 4A@5c over September for
y No l northern and ~ csc over for No. 2. Re-
seipts, with last years comparisons, were az
follows: minneapolis no cars and 49, Ohi.
= cage 255 and "a, Duluth 80 and 81, wfnnfpee Sc
and 20. Kansas City 125,ooo bu and 80, 900, Ct.
Louis 71,ooo and 100000. Primary receipts ee4..
0oo bu against $4,000. Clearances wheat and
{ -four, 414, 600 bu.
Warfeld was seller Of corn futures
Clearances Tor the week, 1927 90 bu.
- The Modern Miller says: 1.-THE movement Of
winter wheat, continues small as farmer. arc
too busy to haul to market. Numerous farmers
refuse to accept present market price and will
hold their grain. Flowing for fall crops has
~ begun" ~
The forecast! Illinois, fair tonight and s.t,r.
&, day, Indiana, =, lower Michigan fair tonight,
= cooler except in extreme northwest portions
Saturday fair; upper Michigan, fair tonight
"a: cooler except in extreme northwest portion IA
urday fair; Wisconsin and Minnesota, generally
fair tonight and Saturday; Kansas, fair to-
night, warmer in west portion, Saturday fair
North Dakota. fair tonight, warmer in extreme
west portion. Saturday fair; Nebraska, South
I Dakota f,y