The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-04
Recent Doings Of the Big Chicago
Trader Puzzles Wheat
5 ls 81 5s.1: Trade.
Supposedly Long and at Once a
Strong Influence and
a Menace.
Receipts Still ght-Flour Trade
Is Showing Some In
provement.

Minneapolis Chamber of Commerce, Oct. A.
The feature in wheat that In speculative
way takes precedence in the market Is the Val
entine commitment and the uncertainty concern
ing 1t. Valentine has been a buyer OIL wheat
and is supposed to be 500 5000 bu long. Within
day two he bought 2, 600, GOO bu and told
the sellers to put the business down as sold to
the Armour Grain company. Some time ago
Valentine severed his connection with Armour
& Co. and George Marcy succeeded him at tho
head of tthe grain business. Valentine would
rot have to be connected with Armour in order
to have trades put down to the big firm. He
might be buying for Armour or he might be
trading for his own account thru Armour on
margin just any trader might 90 thru any
house. Hence his buying had all the effect that
1t used to have when he was president of the
Armour Grain company and strength followed.
Next development the refusal of President
Marcy to accept the Valentine business, because
it was said Of desire to keep the Armour firm
away from the speculative end Of the market.
Valentine then took his business over to ]. H.
Wrenn s CO. and Requa Brothers. Stories then
began to come of big men back Of Valentine.
1t was said that H. H. Rogers. the Standard
Oil magnate, principal, and later
Schwab was named. These stories did not look
good. It could be- These might be
gagged in effort to bull wheat, but it seems
wholly improbable. About all that would be
needed to give the final blow and permit the
present-day agitators to follow up their recent
undertaking with overpowering odium would be
evidence that the system" was out to bull
wheat for It's own profit and put up the price
Of bread on the people. If the Armour firm in
the legitimate grain trade cannot afford to be
mixed up with wheat market manipulation It
would seem that the bigger trust men could
scarcely afford It, On the other hand, Valentine 8
brother, P. A. Valentine, a New Yorker
is man Of great wealth. director in the Ma
tional City bank Of New York and the associate
of men who. while not often appearing In the
public eye, could readily raise millions to carry
bull campaign. Just why such men should
try to bull wheat in the face OF impending
movement Of spring wheat to market is not SO
clear.
About all that is known then is that Valentine
Is long much wheat The net result Of his ap-
pearance In the market Is Increased uncertainty.
Even the most pronounced believers in the value
Of wheat at present prices agree that the ex-
1stence Of 80 large speculative line in dou-
ble-action influence power for strength, since
It necessitates continued support Of the market
but menace a. well. since it must one day be
sold out.
wheat also to be considered. This is estimated
at Z, 800 900 bu.
Liverpool closed unchanged to 3sd lower.
Receipts here 4O4 cars, compared with
I'll, at Duluth SO1 against 22S, and in Chicago
~ against so. Winnipeg got go cars against
462. Kansas city received 127 900 bu against
III. 900 and st. Louis had holiday.
Minneapolis stocks decreased 235, 900 bu for
i've days.
The Northwestern Millers says, 1.-THE big
dour trade was not uniformly good or bad. Some
gradual accumulation of orders their books
Others sold about the same amount of -four as in
the week before, noting very encouraging
feature about the market. Still others sold only
about half as much -four as in the preceding
week. To the latter buyers appeared to be
still skept1cal about present prices holding. Do
mestic business seems quiet, with the majority
Of mills, both at Minneapolis and at outside
points. The most Of them have much less -four
their books than Is usually the case at this
time Of year. There appears to be more en-
ceuraging outlook for export trade. In the last
week sales made and increased interest manifest
ed by importers, gave the foreign situation in a
more favorable aspect. One group of mills is
understood to have booked orders for between
10000 and 1900 sacks (2SO 1bs) Of patent to 90
to United Kingdom markets.
A view OF the northwest situation appears in
the following from Jamestown, N. d. to Thorn
ton Of Duluth: Everywhere thruout the state
are to be seen hastily constructed bins In the
grain fields for the temporary reception Of grain
as 1t comes from the separator. These tempo
rary bids are made necessary account of the
congested condition of the local grain elevators.
Tn emore prudent and progressive farmers have
already large granar:es on their premises or are
building them fast they able.''
Il Clearances, 100000 bu; primary receipts,
1,046,OO0 blu against LOCO, 900.
The forecast: Illinois, showers and cooler to-
night, Friday fair and cooler, preceded by show
ers east in morning; Indiana. showers tonigh,
and probably Friday, cooler; Missouri showers
and cooler tonight, Friday fair with cooler east
lower Michigan, showers tonight and Friday
cooler Friday and west tonight; Wisconsin show
ers and cooler tonight, Friday fair with cooler
east; Minnesota fair tonight and Friday except
showers northeast tonight cooler today; Iowa
partly cloudy and cooler tonight with showers
east and central Friday; North Dakota, South
Dakota, Kansas Nebraska and Montana fai,
tonight and Friday, cooler tonight.