The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-31
Makes a Straight Drop Of 1880 Sep
TENDER Selling Down
EARLY to S01ao.
Then Rallies and Closes Firm at
8l1sc-Trade Light in
All Pits.
Only 4S4 Cars in Minneapolis as
Against 81 on Corresponding
Day Last Year.

Minneapolis Chamber of Commerce,
Aug. 31.-Wheat made a sharp break to
open the week, and then turned about and
worked up. slowly recovering the early
loss In good part. September wheat hav-
Ing closed Saturday at S1Bc, was off to
S01sc in the early trades-a straight drop
of 1870. By 1880 a succession Of slow,
small fractional advances had carried 1t
back up to 811ac. Shorts covered on the
rise. Trade on the whole was light and
the market without decided trend. The
weather was favorable to the bears.
Traders were unable to make COMPARE
sons as to the movement as on this date
last year there was a holiday In both
Kansas City and st. Louis. Kansas City
had 262 cars to-day and st. Louis 173, 900
bu. Chicago had 1877 cars against 227,
and Duluth 80 against So. Minneapolis
received only 4S4 cars against 81 last
year, this showing being very disappoint-
ing to the bears. Primary points had
1,071000 bu and shipped 100000 bu The
visible increased 4ea. 900 blu, bringing the
total to 13,223,00 bu.
Wheat and flour clearances, zoo, 900 blu.
Sixteen loads for exports. "gl4
The Harris Gates weekly review says:
opportunities for the marking up Of
wheat values during the last week have
been numerous, but the trade has been
slow to take advantage of them. Spec
ulat1ve interest in the market has not
been large enough in volume to carry
along bull movement when it was once
fairly started, and the bulls have been
forced to the alternative of scalping the
market on a large scale. 1t Is noticeable
that these scalping operations have been
ION the long side. and that most Of the
larger and ordinarily successful traders
are outspoken bulls. Nevertheless, the
trade has not taken kindly to those who
have been loudest in predicting high val
ues and then the earliest in throwing
wheat on sale on small advances. The
most potent Of all aids, the weather, has
favored the owner Of wheat. Rainfall has
been fairly heavy and continuous in the
northwest, and it has kept the movement
OF spring wheat down to rather small pro-
portions. In the event Of continuation
of unfavorable threshihg and marketing
conditions for even a week longer, it is
probable that much more speculative in
terest will be encouraged. and there is
also the possibility Of injury to the wheat
In shock and stack. If the weather should
turn favorable and there should be ba-
terial increase In spring wheat market
tngs it would probably be a difficult mat
ter to repress a bear raid. The effect
Of only ordinarily bullish news Is begin
ming to wear off and the market seems
to need strong stin1ulant Bad weather
in the northwest, If bad enough and per-
silent enough, should furnish such a
atimulant. Foreign buyers Of cash wheat
will not come into our markets in force
as long as our supplies in sight are small.
Their bids, however,, are getting closer,
and in the event Of an increased move
ment to market Of the hard winter grain
1t Is likely that the demands from abroad
will increase. The trade believes that the
marketing of soft winter wheat is prac-
tically over
Near the close the estimate Of early
export business was raised to 4e loads.
Watson had the following from one who
Is out inspecting part Of the corn belt:
Rockford, Ill.-Since came out I have
crossed DeKalb, Ogle, Carroll, Stephen
shere are many poor fields, I am surprised
10 find such progress since making my
r. last trip, month ago. With no killing
frost for thirty days there will be a good
crop. On Friday drove twenty miles and
found some of the corn denied at the
butts"
The forecast Is as follows: Illinois,
Iowa, Wisconsin, South Dakota, Nebraska
generally fair tonight and Tuesday. Mis-
souri,, Minnesota fair tonight, cloudy
Tuesday. Michigan, showers tonight
fair Tuesday. Kansas, North Dakota,
showers tonight and Tuesday.
The market was firm and steady at the
close, September closing at 811so.
Cash demand was good, a feature being
the free buying of new No. northern to
arrive by nillers.>