The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-07-01
Wild Bull Wheat Market Followed
by General ALI Around
Smash.
CHICAGO CORN DROPPED
&c
Manipulation the Keynote and Every
Trader Nervous and I'm
decided.

Minneapolis Chamber of Commerce. July i.
The bulls ruled the wheat pit up to noon
to-day Wheat advanced steadily without
anything Of setback until July had gained
11se, September 11ac, and December lac over
yesterday. 1t was continuation OF the ad-
vance started yesterday. Everything favored
a further advance at the opening. There was
wet weather on the map again. Many nave
persistently gone short on the basis that II
cannot rain always and that general clear
ing up, woald mean a break in all grains.
But the country generally had another Wet
ting down and the prediction this morning
Is for unsettled weather with probable snow
ers fer tonight and Wednesday.
Chicago had advances in everything, ouc
wheat had an independent strength entlrely
aside from the, strength in coarse grains.
In Chicago the wheat deliveries were prac-
tically nothing, only $4,000 bu Corn deliver
les were $780, 900 blu and there were no de-
nveries Of oats. Considerable more talk OF
manipulation in July was heard. New ouy-
ing came in on every slight dip. and entirely
aside from the natural strength there was
evidence Of concentrated support on every
attempt to press the smallest reaction. Inc
foreign markets afforded no support, but any
foreign assistance was unnecessary. Liver
POOL closed I'D higher, barely response 10
our gain Of yesterday, Paris was without
important change. St. Louis was a neaVy
buyer With a good winter wheat promise
lying around it this market has not oeen
slow to sell wheat freely, at times for some
weeks, and there was probably considerable
short interest out up to yesterday, Wnen
the bill turn began.
The market continued advancing through
the session and after noon September touched
7sA@74c, while July sold to 7SAc. Every
thing was on the boom. Suddenly Chicago
corn wavered and In a twinkling July corn,
that had touched 7sc. broke for almost sc.
The pit was panicky at once Minneapolis
July wheat had severe break, while Sep
tember broke to 1880, almost on straight
DROP All markets were demoralized for
time.
The strongest evidence Of July manipulation
yet seen was at the close. September wheat
after the drop closed at the lower level, but
Just before the close July wheat was bid up
in a. minute and without trade closed higher
than ever at 7S1sc bid.
The wires were SO burdened that some Of
the important gossip of the day was missing.
Bradstreet's report of the change In the
worlds visible shows decrease of 1924, goo
bu Primary receipts were 60e,000 blu against
$50. Co., and shipments $4,000 against 347, 600.
Minneapolis had 1873 cars against l3O, ana
Duluth 81 against 141.
Selling Of wheat to arrive was the feature
of the cash market No. l northern sold on
this basis at 7Sc and at 1870. No. north
ern to arrive brought range of 74ssc to 7o1sc
on trades in round lots of 5000 and 10,oO
bushels. No. 1 on spot did not follow the
option to the extreme point, most OF tne
trading being on the lower range OF the early
part of the session. No. 2 on spot SOLD IRON
74Ac TO 75c. No. 3 wheat ranged from 721sc
To 1880 the bulk going at 73c. Rejected sold
from TIC down to 69c, and no grade from nc
To