The Minneapolis journal., 1902-07-15
JULY MOVING FAST
Deliveries Are Heavy but Receivers
Take It All.
BIG MILLERs SAID TO BE IN IT
If They Garry the Thing Through
without a slump, They
stand to Win.

A new factor appeared to-day In the
Minneapolis July wheat deal. The re-
sponsibility> for the manipulation extend
ing over the past. four weeks sWhlcn
worked UP the price Of July until 1t sold
at 78c was again shifted to new shoul-
ders. y. Ia ~ 49, 81
1t is now said that the Pillsbury- Wash
burn company is the owner of practically
every bushel of July wheat in sight, and
that this company has been the real pr1n-
cipal all through the deal.
Ever since July began climbing gossip
has been trying to locate the real source
Of the tremendous support back of July.
that appeared on every attempt to break
the market, and held the price against
the heaviest selling pressure. 1t is now
known that practically all Of the 1.20O, 600
bushels delivered July I, went to the
Pillsbury- Washburn company, and that
the daily deliveries since that time have
gone almost entirely to the same COM
pany. How heavy these deliveries nave
been 1t is impossible to say, but 1t Is
certain that in addition to the lot taken
on July 1, the Pillsbury Washburn COM
pany has taken several millions since.
There was persistent rumor on the floor
this morning that ,elevat or companies
had rendered 1000, 900 bushels yesterday,
which was taken over and paid for. AS
a matter of fact, however, the actual de-.
liveries to the Pillsbury- W ashburn COM
pany. yesterday we're only $4,000 bush
els and 10, 900 bushels more was delivered
to them to-day. -, - :. - 81.
Showing Out the No. 1. <:
Elevator men are both pleased and dis
pleased over the present status OF July.
Some have had wheat taken from them
that they did not care to let go. Others
have been able to load out wheat very
profitably at the high prices. The mix
ing houses have worked hard to put out
wheat that would grade No. 1 northern,
that they might sell July at the present
price and force the delivery. In con
sequence the Pillsbury Washburn people
have had considerably more wheat showed
at them than was figured upon at the
outset. Nearly one-third Of this wheat
has been called for reinspection, the
receivers claiming it to be below the
standard OF No. northern and not~de-
liverable on contract, but the elevator
companies anticipated this and were so
careful in the mixing that In the major
ity Of cases the appeals have been over
ruled and the original gradings sus-
tained. --.
There are yet fourteen days in which
July wheat may be delivered, and 1t is
the general belief on change that the
deal will be carried through all right and
the end of the month come without any
such slump as was; witnessed yesterday
and to-day in Chicago July corn. While
the principals are undoubtedly carrying q
heavy line Of July wheat, and while they
are obliged to continue taking everything
offered, in order to maintain their posi-
tion, it is doubtful If there can be enough
July wheat put to them in the time re-
manning to bring any embarrassment
Even yesterday, when receipts in Min
neapolis ran to 404 cars, there were only
ninety one oars of No. 1 northern in the
run. IT,. - .' -. ~.
Taken in all, the Minneapolis July deal
has been cleverly managed, and the prin
cipals have kept their identity we'll con-
cealed, through the critical past. If they
can pass another fourteen days without
a break, they stand for handsome profit
It is believed the principals have 1t In
| their power to run July UP another
cents, if they should choose, which would
mean considerable profit on wheat yet
due them, but further manipulation now
might defeat the main end, since every
advance in price would mean more wheat
forced to them on delivery. Apparently
they are content If they can maintain the
deal to- the end on. about the present
basis. 49, " :; ... -