The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-06
The Market Withstands the Pressure
of Saturday Selling, Losing
a Fraction.
An Undertone of Strength Based
Upon the General Crop
Deterioration.
Some Good Houses Seem Rather In
clined to Favor the Long
Side.

Minneapolis Chamber of Commerce,
June 6.--Another good display OF strength
was made In wheat to-day, putting con-
fdence into the bulls and showing an
undertone Of firmness and the power OF
the market to withstand pressure. The
wires brought nothing new on the bull
side. There was plenty Of bull material
but 1t was largely repetition or cont1rma-
ton of items received earlier In the week.
In consequence the bears rather looked Tor
a setback, since there was no new In
centive to bullishness and the market was
carrying a pretty fair load Of small lot
stuff likely to be sold out over Sunday.
AS expected, this end-o -the-week liquid
alton developed and the selling out weak
ened the market and forced declines in
all options. Yet the market stood the
pressure we'll and reacted after the load
was off, so that even while the wheat
was selling fractionally below yesterdays
close, the tenor Of the market was such
as to encourage a holder rather than
otherwise. There is no doubt that the
markets are out of line in some respects.
If July wheat in st. Louis IS worth the
present figures, July here Is easily worth
the current quotations. If Minneapolis
July is worth to-day's closing price, Sep
TENDER is worth more than the Septem-
Der closing price. st. Louis has led a
good pace on the bull side, as was natural
since the influence lay closer to her, and
Otner markets can narQ1y De SAID TO nave
followed proportionately. Next week will
probably show whether st. Louis is to
ease back a notch or two, or whether
other markets are to get up closer. A
bear argument this week has been that
the best people were not on the bull side
and that the advances were largely on
buying by a smaller and less important
element always quick to take hold on crop
damage news. This may be, yet it is
noticeable that some representative
houses, both in the Minneapolis field and
on the outside are committed to the bull
side. while among the estimators and
crop observers the best people are found
taking careful note Of the recent winter
wheat damage reports in all articles anal
yzing the situation.
The Commercial West of to-day says:
1T may not be smiss to again point out,
for this weeks advance emphasizes it,
that the growing winter wheat crop was
not only oyerestimated but was also heav-
lily discounted before it had even headed
out-sold. in fact at a low price two
months before harvest.
This was a mistake from two points OF
view. First, for assuming that large
crop was as good as harvested and that
of course June would be bear month
What seems like another mistake also
several times commented on in this paper
was in thinking that even should this
country raise an excessive crop, prices
should be very low. With a greater short.
age in Europe than the excess of this
country, and with stocks smaller than 6
year ago, there is surely no argument fol
lower range Of prices during the mex
crop year than on the present. Takins
these things into consideration, the ad
vance of this week on crop damage re-
ports should not be surprising.
THE northwest will go into the new cro]
year with bins empty, as 1t did in the fal
of 1902 Therefore the next crop only
and no confusing surplus carried over vii
have to be reckoned with This is {
strengthening feature for the new cro]
futures, and Is worth being taken int
Consideration - ..t
. The weather forecast for thirty-si:
hours is as follows: Kansas, Nebraska
Illinois. Indiana, Missouri Michigan, Wis
consin and the Dakotas-F'air to-day an
Sunday. The indications are for general
fair weather thru the entire district, al
tho few scattered showers are probable
Temperatures will continue about tn
same. The above forecast indicates clea
weather everywhere the next thirty-si
hours.
= Local receipts were 1873 cars, agains
237, and Duluth had 81, against II. A
primary points receipts were 225. 900 br
against 371,0O0 bu last year, and ship
,ments, $4,000 bu, against $4,000 bl
Wheat and flour clearances, 100000 b,
Minneapolis stocks decreased by $50. AZ
bu, leaving the present total 6,390,472 b1
The market closed at 1880 for Jul,
September closed at lac and Decembe
at 71A@71%c. ~
The cash market was active and O
Gales Of choice No. i northern to arriy
the figures were soA@s0Ac The spe
stuff also sold we'll.