The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-06
BEARS HOLD FULL
SWAY OYER WHEAT
FIRST BEAR MARKET IN YEARS
IN MINNEAPOLIS.
Bulls Completely Routed and the Vic
tors Playing the Market as Seldom
Before-Price Pounded Down to
7o1A Cents-Veteran Trader Declares
They Are Riding to Fall.

Flushed with victory, the bear oper.
ators in wheat-which means the big
men of the trade, usually--are playing
the market as they have not played It
for long time. The bulls, for two
straight years in control of the mar
ket, except for occasional intervals Of
decline, are badly licked. 80 a&'+
When September wheat in Minneap-
oils was above S5c the bears, eneour-
winter wheat fields Of Kansas and the
southwest, and in the Ohio valley, be-
gan to sell wheat short. The bulls
Fought them. The bears forced 1t down
&c to new fighting ground at SOC.
The spring wheat crop came on, with
prospects favorable. ...>- 49,.
Meanwhile the winter wheat pulled
along to safe harvest. The United
States, having ceased to be an export
ing country after the great rust dam
age to spring wheat in the season Of
portable surplus. The bears declared
themselves for 75c wheat.
The Market wavered.
For a month the market wavered,
bulls checked It. Again at 75c the
decline was broken and ten days ago
it looked as tho 75c was to be low.
But last week brought renewal Of
the good crop reports and fresh courage
to the bears, They broke the market
under 75c. Friday 1t sold down to
ana ands4 foday 7o1 HS 10 S't0'A ''%s'
It is long time since great bear
market In wheat has been seen at the
Minneapolis Chamber Of Commerce
When the black rust struck the crop II
1904 prices leaped up from 78c to 90c
then to 81. When dollar wheat came
true in Minneapolis there was great
Joy for the farmers. The United States
produced only. about 527 100000 bushel.
good wheat that year and the Mime
apolis flour mills ground considerable
wheat brought down from Canada il
bond or else paid the duty of rs cent
a bushel and ground it under tn,
drawback clause Of the tariff law.
Great Days for Bulls.
Those were great days for the bulls
Wheat finally sold at 1922 for tn
options and $l.26 for the cash article
Stories Of little spectators who mad
their fortunes were numerous.
No, one, unless he is big profes
sional trader, makes anything in
bear market. The average speculate
"t'AVS W Uuy SO1ucIu1uS anu Jl9 process
of selling "short,'' or something h
has not got, does not appeal to him.
Today no one knows how mucI
wheat the country has raised, but tn
general trade impression Is that Their
will be considerable quantity for ez
port. To get the price down lo7
enough so that Europe will buy on
wheat IS the ostensible motive Of tn
bears. The trade divides into two ia,
lions. One believes we must do expo1
business either in wheat or flour t
keep prices up, the other contends tina
the crops are being overestimated, tina
) later on they will be found to be nc
so heavy as now expected, and tina
prices Of wheat today are too low 1egit
mately. ~........~.
Warning from Veteran.
"Mark my words,'' said a. vetera
trader, they will overdo this thin,
The market always goes to extreme
Today the boys can see nothing bt
r wheat, wheat, wheat, and they al
pounding down the price. I believ
: there Is a legitimate value to whea
irrespective Of the big crop, and aroun
" cents you begin to get into groun
where legitimately it is worth tt
y money. But the bears have got it goin
D and I suppose we have got to let the
sell themselves into a hole, which the