The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-22
Stubborn Tone Develops and the
Market Goes Down on Heavy
Pressure Only.
The Labor Situation in the Local
Mills a Very Important
4 Factor.
Receipts Are Moderate, but Local
Stocks Are Increasing
Steadily.

Minneapolis Chamber of Commerce, Sept. a.
This was the eighth day of the bear market IN
wheat. Prices We're off again In the early TRAD
ing and by the end of the first hour December
was down to 76&c, May to 7SAc and September
to S1Ac. For the first time, however, the mar
ket showed resistance During the past week,
and even up to yesterdays closing time, there
weak lines to be shaken out, and they sefe
shaken out day after day. Whenever the mar
ket dipped fraction, numbers of small holders
would let go, and occasional stop loss orders
We're uncovered which always means furry OF
selling. This morning, for the first time, 1t was
possible to detect some evidence OF support, nor
was there much long wheat to come out. Inc
market decidedly more rubber-llke ana
showed tendency to rebound whenever me pres
sure came OFF. December at 78ac was &c under
yesterday, but the new low figure was harder TO
reach. The bulls made up their minds that the
who would not lend any support heretofore were
inclined to buy little. For all this IL Is the
pit opinion that Toe for December will have TO
be touched before any permanent recovery may
be expected. This will certainly be the case
unless Chicago braces up and Chicago Is de-
plorably weak. The bulls believe however, that
oyerdo it to such an extent that price Will not
be reached There Is no getting away from the
fact that sentiment Is bearish and that the
labor situation in the local flour mills Is not
encouraging to holder Of wheat If the mills
to be closed for time. this is a bear argu-
msnt OF the first oSder 1t means s asso else
whether this has not been In some part dis
counted. The trade has known of the impending
trouble since Monday morning anu mas dCteu Oh
the assumption that a strike Is as good as on,
indeed it would appear to be at this time.
When the actual strike Is declared, II 1t Is de-
clared, it may not be impossible that the market
may move contrariwse. The bulls feel that at
any rate tomorrow may tell the tale. II the
Toe bears to make good this week they may
have opportunity tomorrow. Should the strike
be settled some quick covering of short stock
may be
Minneapolis received 273 against $780, Chi
cago 1853 against 24S, and Duluth 27 against
8S2 Kansas City had 3OS cars against II,
and st. Louis 12O,00 bu against $780, 900. Pri-
mary receipts were 074 900 blu against /, 5S2. 900
and shipments $50, 900 bu against $685. OOo Wheat
and -four clearances equaled $50, 900 bu.
The following Is condensation OF foreign
crop conditions as published by Broomhall:
United Kingdom-The wheat harvest Is closing
under favorable weather conditions.
France-The yield 0f wheat Is abundant, but
the condition of the grain is somewhat poor.
1t Is not considered likely that foreign wheat
will have to be imported this
Germany-BroOmhall estimates the import re-
quirements for the present season at 90. 600, 600
bu, compared with 64.O0OOOO BIZ net imported
during the year ending Aug. I. 1908.
Bulgaria-The wheat crop Is officially esti-
mated at 1000, 900 blu, against 80. 600, 900 bu
last year.
Australia-Good rains have fallen.
Rumania -Russa--The drought continues. The
corn harvest has commenced and the first lots
received are satisfactory.
The market closed at the figure yes
terday for December, TIC, and for September
and May fraction higher, at S2Bc and 79Ac
respectively.
The cash market was not very brisk. Millers
bought sparingly in view Of the uncertainty of
the labor situation.