The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-19
A Familiar Figure on Change.

Minneapolis Chamber of Commerce, Sept. 10
September wheat led the market in strength to-
day, and general interest which had long since
passed into the distant options, shifted
d back to some extent Some one wanted septem-
Der badly enough to bid for it and on n few
small trades the price advanced from 665sc gain
ing nc to 67Bc. This enough to start
the crowd talking to the possibility of a
squeeze in September, and Of the interesting
situation bound to develop if there is heavy
short interest Nervousness became general,
shorts in all options covered, and by noon
December sold to 6o5sc and May to 671s @679sc.
How much of September shortage exists, is
question. The Strength Of the local supply
situation has been so evident and has been SO
much dwelt upon for a month past. that If
there are any shorts heavily committed, they
have certainly gone against the visible situation
depending upon increasing receipts to make their
position good. For the reason that the moder.
ate movement in the northwest and the pros
pect OF its continuance have been matters Of
general comment for time there is some doubt
to the existence of short interest large
enough to make squeeze. If 1t Is true that
outstanding, then unless receipts here increase
very much, some Interesting developments may
be looked for in the eight days yet remaining
before the option closes. 1t must be remem-
bered that the Importance Of short interest asa
speculative factor is entirely relative PROPOSE
ton. A short line of million bushels would
be as important at this time n short line Of
five millions in time of normal supplies.
The general market opened this morning with
a number of depressing items In the early news,
and slightly easier tone in consequence. Good
weather. receipts fairly liberal, utter lack Of
new interest, and fear of week end 1iquda ton
tomorrow, were of the things emphasized
in the Chicago gossip, which had bearsh tinge
all through With this, cables were easier,
Liverpool and Paris fractionally lower, and the
foreign news in general rather Indifferent. Lon
don cabled that Argentine advices Of a
better nature and that good weather is now
ruling there. Heavier offerings Of Russian and
Danubian wheat in Liverpool the cause
of the weakness there. Washington sent out
the report Of the American consul at Odessa,
and rye crops, he says, the largest in
years. Russian fax failure.
The northwest got 213 cars less than last
year, both Minneapolis and Duluth falling off.
Minneapolis had 443 cars against SCI and Du-
luth 439 against $50. Primary receipts were
1887 900 bushels against ,S29 900 for two days
last year, and shipments 597. 900 bushels
against $4,000. Clearances for the day 500, 600
bushels. Minneapolis stocks will decrease about
900 bushels this week and Duluth will gain
about 100000 bushels, making q net decrease
of 100000 bushels in northwestern stocks.
The Modern Miller slightly bearish. The
winter wheat movement continues large. Rains
have helped new winter seeding and the pros.
pect Is for a large acreage especially in the
southwest
Before the close there were reports of Is loads
Duluth The market held against closing nT,ida
May, 671l @67iMc: September. e7Xc. ~ ~
satisfactory prices were .obtainable. Few lots
sold at the high points of the option but there
were some sales on the first half cent rise. II
with 6s&c, about the average price. No.
northern sold at Septemher price. the bulk goin,
early at t Se%e. Some lots sold later brought
on few cars No. wheat sold from ii X @62.
for dirty lots. to 66Mc for choice car, aver
Sgng eS 81 to for crd dim
to 81 %c.