The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-17
From Saturday High Point 8614c
the Market Sells Off To-day
to $3.50.
Good Weather, Lower Gables and
Cash Wheat, and Consider
able Pounding.
Visible Decrease 5e1, 900 Bu.-Local
Decrease $4,000 Bu.-Pri-
mary Receipts Light.

Minneapolis Chamber Of Commerce,
Aug, little bulls in wheat stood up
against a hard proposition TINS morning.
The bear crowd who sold short "nen
September struck S6Ac on SATURDAY
found everything in their favor, and the
onnortunity ripe for drive to begin the
new week On the curb there was a re-
uewal of the short selling pressure tne
letting go of a good many long mes III q
scramble to save profits and food OF
wheat came on sale. Some new oroers ~
buy were in, and they amounted 10 con-
siderable total but against the selnng
pressure they were of little avail and the
first trade in September when the marhel
opened was at S3Bc, drop or l 9sc from
the Saturday close and OF 2asc from the
Saturday high point Cables were easy
and Liverpool lower, this not in response
ito any show of weakness here but De-
cause Of heavier worlds shipments and an
Increase Of 1896, 900 bu In the quantity on
passage for Europe which makes the total
now afloat 26, 424 900 bu. The weather
was very favorable all over the west and
this was the most effective bear factor OF
all Cash wheat was off. and old NO.
northern of the quality that brought 81
and s1O1 last week was quoted around
DC.
: The bears who have all along contended
that September was too high will have an
opportunity to make good their claim II
the present weather holds for time, ana
the indication now is for fair Weatner To-
morrow anyway. That there Is plenty OF
wheat to come and that IL "1ll come , III
quantity later, has been the bear argu-
ment. On this more than anything else
Is the market likely to turn. Should the
movement increase heavily September Is
pretty sure to sag, but 1T will nave 10 IN
crease materially over the present volume
ito have this effect. This morning Kan,
sas City had more than last year, 1922 cars
against go But St. Louis had only l6o'-
900 bu, against 3s9, 900. Duluth, cars.
against 4; Chicago, 80 cars, against 300,
and Minneapolis only 166 cars, against
s15, There is nothing In such figures rs to
urinary receipts totaled $4,000 bu,
against 1.143,O00, and shipments 2o3,OO0
against / ,293 900. Wheat and flour clear
ances, 5000 bu.
Thus far says the Harris-Gates re-
view, 1.-The highest prices have not resulted
in any increase in sales by producers, al
tho cash wheat Is at stiff premium over
future deliveries in all leading markets.
This premium is so phenomenal at the
northwestern centers as TO prove coEclu-
svely that farmers supplies IN that sec
ton of the country have been very close
Nv marketed. Cash wheat at Minneapolis
sold Saturday at 81 per bushel, as against
SSH for September and SlA C for December
there The vast difference between cash
and September delivery can be IN great
measure atLrlDuLeu ~ lllS ll61iI SoPpAAASs
of all kinds of wheat at present available
while the difference between September
and December is probably a reflection OF
the fear that early marketings of spring
wheat may prove as disappointing as those
of winter.
There was a little early, business II
Minneapolis May wheat at $500.
Local stocks have decreased 125,0oo d
for two days.
Twelve loads were sold for export.
The market held firm around S3Ac, o
1sc under the opening. Trade was qule
and the close very quiet.
In the cash market demand, was les
acute and prices were off from the be
ginning and continued easy during tn
entire season. For No. l northern IN
opening figure was &c. but actual Dus1
ness was from 96c to 94c, the bulk
Csc No ? northern brought 94@92c. Me-
wheat sold 2@3c under old