The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-11
Bears INDICATED, Bulls Endorsed,
scalpers Cheered and Every
body Is Happy.
But the Market Dead and Inclined
to Turn Down Near the
sar-'s.- IS as4zs .(rs.s~s5 =,
Close. tTFi 80.
Receipts Here Very Light-News
Of the Day in the Grain
Trade.

Ninnesn olis Chamber of Commerce, Oct. H.
Wheat went into a rut again and for the hrst
half of the session quiet that many trad
ers left the pit for lack OF business there. Later
on 1t livened up a little. The government re-
port appeared to have spent itself an an In
1uence. There was no complaint about II. Inc
hears took 1t as favorable to their side ana |
pointed to the 73S, 600 900 bu indicated as FULLY
confirming former ideas Of big American crop
There is big exportabe surplus they argued |
and we have got to sell it and we have got to
make prices that will induce buyers to come
after it and that is all there is about It, The
bulls were equally we'll pleased. The yields per
acre especially in Minnesota. We're so low In the
government report fully to confirm the predic-
lions Of these bulls who said they would De
low The men who had claimed all along that
there is smaller crop IN the northwest than
predicted earlier. found their Endorsements In
the government figures and were congratulating
themselves. Since it has been mean market
of late to make any money In the situation
brings to mind the story OF the rich man who
was VIGOROUSLY mean and who died: Some one
asked one Of his neighbors what was the COM
plant. "No complaint" said the neighbour;
'.everybody is satisfied" So. when trading
opened this morning, the government report was
out, the market dead, everybody confirmed. all
former estimates and opinions Endorsed, every
body satisfied.
The local crowd kept an eye on Chicago for
1t WAS thought that II there was any gimp left
in the Chicago bull crowd they would let tho
Minneapolis crowd sell short and then attempt
drive-in the close. Hence tho the mar
ket to II o'clock was lacking in snap and De-,
cember wheat here was barely holding Its own at
I4c no one felt safe about short commitment
and the market looked as likely to close the day
Minnea polls elevator stocks increased by $780,
COO blu for five days. Receipts here were only
224 cars against 444. and Duluth failed to make
It I'd today only PSI coming in at the head
Of the lakes against 210 last year. showing IA
vorable for that market. but leaving the north
west still ITO cars under year ago Chicago
received Ga against %. Winnipeg POT against
84S. St. Louis 35, 900 bu against "a 900, Kansas
8 City 1875, OOO bu against 10000.
Liverpool closed IA lower. Broomhall cabled:
''Wheat was quiet at the opening with values
Nd lower, Influenced by the weaker American
cables and the advance in the bank rate Later
however this decline was partly recovered. ow-
ing to good speculative buying induced by the
indicated government yields in the three north
western states. Corn was quiet at the opening
with values I'd lower and further loss OF
I'D during the morning. Selling to realize re-
suited from the lower American cables, larger
and cheaper American offers. The undertone
was weak
The government report received in Chicago is
fairly represented by the following 1nter-Ocean
summary: 1.-THE government report was con-
strued as bullsh spring wheat. as it was
& $4,000. 900 bu less than last year. There was
no report on winter wheat. the full crop being
reported In August, and there will be none un
til the final returns In December. The corr
crop about expected. The trade have
deceived themselves about the size Of the oat
crop. The report is $4,000 900 bu more thar
the best posted of the bears estimated, and is II
Zine with what: well-informed people have an
ticipated for two months Traders have put thu
wrong construction on the government figures OF
oats for the past two seasons, their figures OF
par yield being to four bushels too low
as indicated by the department Of agriculture
figures. making the yield per acre 81 bu.
pulled up by the big yields in the irrigated
districts Of the west. The crop Is 81 100000 b,
short Of last year. Reasons for the bullish at
titudes shown by most Of the northwestern
wheat traders confirmed by the government
report giving the three northwestern states 175,
100000 bu. 1000. 900 bu less than montl
ago and II 100000 bu less than last year. TIL
total crop Of spring and winter wheat Is Al 900.
900 bu than last year. that there
wheat enough to go around and leave goo
.exportabe surplus"
3st Primary receipts. 91s.0OO bu against 956, 00(
No report of clearances was received to tn
close Of tn emaret. nltho business was done
Argentine shipments are estimated at 0O.OC
bn for the week. and 1t Is stimated that week.
clearances from America will be about $500. &C
bu or considerably less than last week. TT
market, was easy the close and OF
1856 0l73Ac for December.
The, weather map showed 1t generally cles
over grain sections with temperatures r1sn
in west md northwest.
fs The forecast: Illinois, Indiana. lower Mich
gan. Missouri Iowa. generally fair tonight ar
Friday. rising temperatures; upper Michigan
Minnesota. partly cloudy tonight and Frida
E2 rising temperatures; Dnkotas. Nebraska ka
l4a5s sas, generally fair tonight and Friday, warn
5era.tenight and in east FRIDAY: Montana, par
ly cloudy with probably rain in west tonight
Friday.