The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-08
Copyright by Rollin g. Smith.
III.

rs Liverpool the greatest wheat mar
n ket in the worlde Chicago is
greater speculative market, and
Minneapolis is the greatest primary
market. Yet Liverpool, buying wheat
in all quarters Of the world, and, be.
sides, doing large business in futures,
exerts an Influence on prices in all ex-
porting countries greater than any
other market: 1T has an Individuality
possessed bySno other, for it is the cea-
trail market of the world and cares less
portant markets care what it is doing.
The United Kingdom imports over
eO0,000,000 bushels Of wheat and flour
reckoned as wheat annually. All the
large. wheat growing countries are ex-
porters to greater OF lesser extent,a
with Liverpool the principal buyer,
and, as three fourths of the trading IN
futures of the United Kingdom is done
In this market it, is bound to have great
influence in final price making. =
A Quiet Market. -, h
A popularity of this great market.
the Liverpool Corn Trade association,
ingIy ordinary businesslike appear
ance and lack Of all rush and excite
ment, strain and nervous tension, such
as is always in evidence on the Chicago
Board OF Trade. ..t..-E RI ..gy
There is no pit on the Liverpool ex-
changes and no noisy trading or de-
monstration of any kind. The room in
which the future trading is done is very
small. as compared with American ex-
changes, and the members or their
clerks stand around in conversational
groups, during a time Of no special &C.
tivity. H. !.
The hours of the exchange are, from
1890 to s4:l5, but from to. 3 the room
will often be nearly deserted for lunch
con. There can be, in fact, no better
Illustration of the difference between
this market and American exchanges,
in Speculative atmosphere, than this.
Here the sessions are. long and lacking
in excitement and intense interest. In
America they are short, and no one
thinks of going to luncheon until the
gong rings at, lis. In Liverpool there,
may be thousands at stake in the mar
ket: but it is as if it were in real estate
the turns Of the market are slow. In
America the market is watched like the
turn of the dice. =" 49,.
Big traders may reverse. their posi-
ton in the market in an hour, buying or
selling hundreds Of thousands of bush
els and making or losing thousands of
dollars. It Is slower in Liverpool, but
the-result is the same. -,.:...-- ss.-..
No Paraphernalia.
' One is much impressed with the alb:
sence of everything. connected with a
grain exchange in America There are
no brokers' offices about, with rooms,
for customers, blackboards and. quota
tlons and gossip, .tickers and private
Is there anything to Indicate that this
is great market. Two or three small
blackboards. display as many Liverpool
quotations, while Paris and Berlin quo
tations are posted on sheets of writing
paper. -. Chicago. quotations at twenty
minutes. after:;sthc opening in Chicago
are received at about 4 Clock Their
appearance excftes some interest, to the
extent at least that every one wants to
see them esss
As. Squeeze in thesMarket. p
The latter part of: last. September
Americans who watched the market
noted some violent fluctuations in LiV-
erpo4 September wheat. When it was
learned that there was "a squeeze
in progress-a little rneT-America cans
at once had friend1ier feeling for
Liverpool. They regarded this as. a
hopeful indication. thinking, the rather
slow-going oldmarket was making up
adopting progressive methods. z.
1t appears that several large I'M
porters and millers had shedged pur-
chases of wheat, cargoes of Nv hich were
afoat, by selling the.Septe1nber, future
They ne elected, to=buy, in their hedges
wheat had not arrived they coul d not
sdeliver it. In attempting to buy in
their hedges, they were appalled, on 1 dis:
covering that there was little for sale
Some. bulls had accumulated a line and
had pooled their interests. A settle
ment was finally made, however; but
the pool. lacking nerve and experience
In such matters, had sold as much of
some other future In attempting to
buy in their@sshort sales they lost as
much or more than they made on their
corner. $50 f.*sgz4N j XII: "a. H. s
The result Of the squeeze: was al
sctual loss to all concerned Further
more,s it engendered considerable I'LL
feeling. ThoseSwho were squeezed took
it asia personal matter. Not a good
gambling spirit! 49,. ~; NJ -
Delivery by Cart. , .:9. Isl
One incident of the Septernb
ner is interesting, showing as it toes
the resourcefuln mess. and energy dis
played by one importer The hustling
ambitious west cannot eXcelsit.Tss%
This importer had 20, 200 bushels Of
wheat sold for September delivery. Tn,
steamer bringing his wheat arrived two
days before the close of the month. H
gave the captain asbig.tip and asked
/ him to hurry the boat into dock, ant
/ rsefevery. effort to- have his grain un
! loaded first. Quay Dom was scarce
7 however, and the vessel was compelled
/ to go seven and one half miles from tn
desired elevator. To unload in barge
and tow them to the elevator in tn
/ limited time was impossible, so the i'm
porter hired 140 carts, and started tn
procession. He delivered the Whea
/ within the specified time, and SO flu
! filed his contract.
Volume Of Business. & 4 i
The, beginning of 1906 was an unusr
ally dull time in the LIVERPOOL market
SO that the anount5of business trans
acted will not Indicate the extent. Q
the marked. in February the tradin
! In futures eamounte 100000 busl
3! els; and in<JanuarYxand February, Is
100000. During good season, or
period of health activity, an averag
day s trading will amount to 10000
bushels. AT such times quarter of
million may beStraded in without affec1
ing% prices. The Liverpool market