The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-11
The Market Has to Stand Against
Liquidating Pressure From
All Sides.
Many Long Lines Sold by Profit
+, Takers and Some Short
Selling Also.
September Ranges From 1890 to
$3.50 to 801ao-Local Stocks
Down to 100000 Blu.

Minneapolis Chamber Of Commerce.
Aug 1.-THE most important new fea-
ture in the local wheat market this morn
Ing was the estimate Of the secretary's
office as to the decrease in local stocks.
80 far this week, 100000 blu have oeen
taken out of store. This brings the total
down to new low figure. Only l,S0O,0oo
blu now remain here, and thede will be
even less than this by Saturday. Receipts
here were light-97 cars against 106 last
!year-and Duluth had cars against 1o.
The local speculative market held firm and
steady during the first two hours OF trad
ing, September ranging from 81A to S23s
Q821ac and down to S1Bc. Trade was
light. The gossip on the floor was still
all about the Jones and the gOvernIn entail
reports. Some took the government re-
port as substantiation Of the Jones ng-
ures and some insist that the Jones hgures
are too low, and are short wheat, on the
argument that the big guesses have been
fired on the bull side, and that after con-
tinued advance, decline should be In or
der. Yet such selling as came from these
traders had important effect. There
is good opinion in the trade that when the
reports have been digested, further ad-
vances will follow, even tho the market
sag off a little meanwhile.
The government report makes the aver
age yield per acre of winter wheat 12.4
bushels per acre. This. on the 100000
The spring wheat condition Is I'll. and
using IFS bu per acre as par, suggests
a yield Of 232, $40. 900 blu. Total spring
and winter wheat crop, CAB, $4,000 bu.
which is $4,000, 900 bu less than the yield
indicated by the government report Of last
month and 35, 900 blu less than total
crop last year. Many consider the report
on wheat very bullish.
Corn-August condition, 1871 against
T9.4 in July. Using 80 bu per acre as par,
gives an indicated yield Of 2,261, 523, 200
Ibu, or about 100000 bu less than the
indicated yield Of the July report.
Oats-Condition 1915 against S4.3 last
month. Using 35 bu to the acre as par.
This would indicate yield Of I'll, SOL 900
bu, against indicated yield last month
of S1S, 900 bu. The trade figures the
oats term as rather bulish.
The London Statist of Aug. /, In its
review Of the wheat situation and pros
poets, Is quite buish. It estimates Euro
pean requirements for the current year
at about 100000 900, or nearly 10000, 900
per week. With this In view, it seems
somewhat anxious for fear the American
crop may not exceed that Of last year.
or about 675, 900 bu. 1t says that it Is
clear that the general consumption of
wheat and bread, both on the continent
and In America, is increasing; that the
stocks Of old wheat In France are prac-
tically exhausted. These estimates are
fact that our crop will be considerably
below the foreigners estimates and that
the farmer In this country Is not disposed
to sell it very freely.
Chicago Is puzzled over the strength of
the market. Finley wired Johnson that
there has been continued selling Of wheat
by the interests which have sold for sew
eral days. Bartlett Frazier continue tc
lead in it. There has been selling by
Milmine. There has been fair scattered
buying. The outside markets are steady
at last nights close and the Chicago mar
ket has recovered It's early slight decline
Sentiment mixed. Considering the heavy
selling Of wheat yesterday by large inter-
ests and more Of it to-day, the wonder
is who is taking the wheat and maintain.
ing the price. 1t must be good buying
and we'll covered UP.
Bradstreet's showed a decrease in tn,
worlds visible Of 2,94S,OOO bu wheat cas-
of the Rockies. increased by $4,000. 600 bu
but the quantity In Europe and af1oat fo
Europe fell off by 100000 bu.
Primary receipts were 49,. 600 bu agains
1888, 900 last year, and shipments 245, OO
against 841.000. Wheat and flour clear
ances, sos, 900 bu.
Towards the close the long expected
liquidation began, and September sold t.
80hc-a drop Of almost &c from top. Man!
long lines were closed out, some Of then
for profits. The market had to stand
heavy pressure for an hour, and the onl.
wonder was that it did not go still lower
September closed at S09sc.
The cash market was bare Of wheat
No No. 1 northern could be found, tn
greater part Of the 81 cars In the receipt
comprised winter wheat. No. 2 northern
sold at 93@931ac and at 91c to arrive. Nc
i northern was quoted nominally at 94c
this at the strong time Of the option, bu
later on in the session, with sentimen
easier, 93c was the nominal price.