The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-18
JULY MAKES A JUMP.
An Advance Of a Cent Makes
the Short Sellers
Nervous.
In Attempting to Cover They Run
the Price Up on Them
selves.

July wheat jumped a cent this morning
In the Minneapolis pit so quickly that for
a minute or two there was excitement
enough to suggest panic. At SOC new
high point was touched, and S0Ac and
s0ac and 80ssc were the figures on the
next lew trades. A badly ratified crowd
or short sellers filled the pit and ex-
IRENE nervousness was apparent all over
the floor. Immediately there was re-
vival OF the talk Of a corner in July. For
q month July wheat has been strong and
advancing on the fact that local stocks
here are down to a very low point and two
of the big Minneapolis milling firms have
been known to be operating to secure
control.
With two such giants as the Pillsbury-
Washburn company and the Washburn-
Crosby company known to be in the mar
ket for July. and contest on between
them; It would seem that the ordinary lit
tie trader would have fought shy Of the
short side. Nevertheless, some Of the
more daring have not hesitated to sell
July recently on the argument that with
September at Tic, July was too high
at 78c.
September Is a new crop option, July an
old crop option. Ne matter how large
spring wheat crop the northwest may
raise this year the wheat cannot come in
for July delivery, but it can come in great
quantity for September delivery Hence
the d1frerence Of &c between the two op-
lions, which difference has been further
extended by light stocks here, all the
wheat now in Minneapolis figuring up ia
total Of only 6,100,973 bu, or about
enough to run the mills for six weeks If
they should grind at full capacity. Earlier
IN the season July and September sold
mere at the same figures, but as the local
STOCKS began to decrease, July began to
draw away from September until the z
cent spread developed.
1t is not likely that the big milling com
pantes will go in and start the bidding ur
OF July unless something very bad in the
way of, crop news should come along
They would gain little by further ad-
vance, and unless the winter wheat mar.
kets followed, the effect of an advance
here would be to put the spring. wheat
flour prices too far out of line with White,
wheat flour, and make competition the
| harder. 'AI>
man In the pit who watches events
very closely is authority for the statement
that neither of the big milling companies
mas bought any July wheat recently. The
PIT crowd knew the congested situation
existing IN July wheat. They have noted
| the strength in other markets and If
| other grains. Yesterday and the day be.
fore number of reports came from thf
northwest of dry soil and the need of "a II
and while everything is fine and the
spring wheat can go a long time withou,
rain, there is naturally some little nery.
| BUSINESS. =, -1--'.~~ 49,
This morning corn shot up to 81 81,
Tor July IN Chicago, and there were storie,
OF combination Of large holders tnclud
Ing J. Ogden Armour, John W. Gates. D
q. Reld and Wall street following. t.
run a corner In corn. The shorts in whea,
could stand 1t no longer and began t.
cover. They ran the price up on then,
selves ~