The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-08
September Breaks Into New Ground
and Touches 825sc Without
Any Reaction.
Heavy Proft-Taking Sales Force It
Back to 817sc at the
Close.
Cash Wheat Sells 911zac to 93c-Ev-
identity the Bulls Have Got
the Market.

Minneapolis Chamber Of Commerce,
Aug. 1s.--Wheat made a great squirt this
morning. passing all previous high points
and breaking into new ground above sc,
September sold to S25sc All the selling
of the end of the week could not jar the
price down, and September having opened
at SOAc. started up with a rush directly
after with grand scramble Of short sell
ers and squirt to S1Bc. Here the shorts
being pretty well in, the market halted but
did not sag back as was, expected. On the
contrary it advanced above SIC on new
buying. New blood came in. Two local
capitalists who were on the floor and who
had not previously evinced any interest
In the market were reported to have en-
tered on the bull side at the sc level. This
story went about the floor and had some
effect upon the timid shorts who could see
little advantage to their side If it were
true that new buyers would not hesitate to
come in at the present altitude Near the
close a quantity of wheat came on sale
and the market held surprisingly well
against it. This was from holders and
represented profit taking. Many have been
long for some time and with profits OF 4
to 10c in sight could not resist the temp
tation to make them good, especially as
there Is an impression that the Jones
report Of Monday may mark the culmina-
ton Of the bull market. AS was the case
yesterday, so to-day there were reports
around as to the probable total the Jones
report will show, and the disposition ap-
peared to be general to raise all guesses
a little. AS the market closes there is
more evidence that the big interests in the
trade are back of it, for there must have
been concentrated support to have closed
the market as high as S1Bc against the
pressure Of liquidating sales. The situa
ton is bullish as ever so far as demand,
light receipts and general statistics go,
but the active bull element is looking for
a new feature on their side. This morning
when 921ac was bid for No. northern in
the cash market it fortified them in their
position. Whatever a trader may think of
the market or whether he may think it
now too high Or not. there is no getting
away from the fact that if man had had
good No. l northern wheat this morning
he could have sold 1t for cash to millers
for 911ac to 93c, that there is more
than one view to the market, and while
the argument is made that 10c over the
option is high premium for cash wheat,
the argument is equally available that 10c
under cash Is big discount for Septem-
Der wheat.
Liverpool closed A@7sd higher. Pri-
mary receipts, 547,0 900 blu, against 1911, 900,
and shipments 264, 900, against 600, 900.
Wheat and flour clearances, 433 1000 blu.
The London Times estimates the con-
dition of the United Kingdom wheat crop
at $50 per cent
Chicago wired that H. B. Smith, the
flour exporter accepted bids this morn
ing from Leith, Belfast and Dublin on
hard spring wheat flour at Cd advance
over previous bids. More flour is wanted
than is available.
At the close the market was hesitant
and traders very much at sea. Senti-
ment, however, is more bullish than il
has been for years, and unless the ex-
pected reports on Monday are bearsh
still higher prices are not unlikely.