The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-18
A Familiar Figure on Change.
,GEORGEsHARPER

Minneapolis Chamber of Commerce, Sept. Is
Firmness ruled in wheat this morning. Dull
ness ruled as we'll. There Is continued hesta-
ton and indecision. Nevertheless the under
tone in wheat is very frm and despite the lack
OF speculative interest, which as general rule
portends price recessons there is a growing
feeling In favor of wheat. In view of the
estimates for the total yield of the country, the
continued strong cash market here, the lighter
movement of spring wheat, prospects for con-
tinued heavy grinding by the local flour mills
and the dozen other strong arguments not nee
essary to enumerate' here but patent to all who
follow the northwestern markets closely, there
is disposition to believe that the present
price level represents something close to the bot
toni This of course is the northwest view of it.
Conditions here cannot alone carry up the gen
eral market, and none understand this better
than northwestern traders. The most pro-
nounced bulls here do not look for any important
advances very and while the market drags
along in it's present rut it is quite to be ex-t
pected that minor declines may occasionally be
noted. 1t is scalpers market now, ana
while a few shorts running for cover might
bring squirt, just so few weak longs forced
ont on a dip might bring quick little break.
But the fear of any heavy decline, or any
steady decline. is passing, and in place of it is
the favorable sentiment and the belief
that whatever may be the minor ups and downs
during the dull period and however long, the
dizziness may continue the ultimate trend when
tho market eventually livens up will be tow ard
a higher level. The many who feel this may
very naturally keep off the speculative short
side of the market. And they keep off the
30 nluch as because with the present light inter
est in wheat in speculative way they do not
believe the time quite ripe for upturn. And
with good many light weights carrying long
wheat in the pit, anything of enough import
arce to start selling might mean break for
the next turn, which would in manner alter
the views OF the men who are bulls for the long
pull. d
December wheat opened unchanged at 651s q
G5Ac and held to noon within a range of &c
with trade very dull Minneapolis had $40
and Duluth 341. A year ago all markets
were closed for the Mckinley memorial serv-
ices, hence comparisons We're possible. At
the principal primary points receipts were .211
600 bushels, and shipments 6S9OOO bushels.
Wheat and -four clearances equaled 100000
bushels. T.
The Price Current says there is some slight
lowering of the condition bye frost, but the
crop is practically made.
The market dragged along to the close with
out further vartation December wheat closed
at 65hc, May 67Bc, September 665sc.
In the cash market it was another day of good
trade and firm prices. One lot Of No hard
was in and brought 69Ac and the little old
No. l northern sale brought 1914 @74c. Old
No. northern brought Tic and old No. 3, 661ac.
For the regular Of No. northern the aver
age figure was 6S}Ac with the range 6S@69c. No.
2 northern sold from 66H to 67Ac and No. 3
wheat from e51a to 63c. Rejected brought 63
to 65c averaging ca &c and grade ranged from
CSC down to SIC.