The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-01
They Garry September Up an Even
2 Cents Closing It Strong
at 1914 Cents.
On the Curb It Sells to 8014 Gents
Great Activity in the
Local Pit.
--------------------
Bull News Still Pouring In and
Being Worked for All It
LEI Is Worth.

Minneapolis Chamber of Commerce,
Aug 1.-This was the day the bulls IN
wheat got chance to make good and
they did it with rush. September closed
yesterday at 771sc and closed to-day at
791ac, while on the curb, after the market
had closed. the figure was S0Ac. The
market held steady yesterday and In the
face of the bull news sold lower, but to-
day the strength was on from the start
and nothing could hold 1t down. There
was ar active and excited market all
thru and especially at the close when the
shorts who had held out all along for
and end of the week liquidating break saw
that there was no hope for it and came
in on the buying side. There was much
on which to advance the wheat and 1t
was a legitimate advance except for the
last half cent and the higher figures on
the curb which were resultant only from
covering Of badly scared shorts and did
not represent any new buying. Monday
will tell whether the little froth on the
top is to come off or whether 1t is to be
carried along up on fresh advance.
Sentiment at the close was conservative.
Even the most rampant bulls were a little
cautious, believing the last advance rather
rapid Still there Is no getting away from
the fact that the wheat is up on legitima te
arguments and 1T is an error to suppose
that 1t Is manipulated market. The
there is in it but they have a basis to
go upon. Next week may usher in turn
for the better in the crop reports and
with the market pretty we'll congested
with long wheat further advance on
Monday would be dangerous to continued
stability. But as to decline 1t Is hard
to see how there can be any serious or
continued declines until the northwest re-
ports are better and more new winter
wheat begins moving in the southwest
To-day Minneapolis had IA cars against
1914, and Duluth Is against As. Chicago
received 80 cars against 295, Kansas City
had 1852 against 100. and st. Louis 10000
bu against 271,000 bu This made the
primary movements show up bullish as
ever receipts running to only $4,000 bu
against 1.051.000 last year. Wheat and
flour clsarances $4,000 bu.
The weather map showed a good deal
of rain, quite generally over the corn belt
There are light general showers in Mani
toba, the Dakotas and Minnesota The
map showed it raining in this section at
Z a. m. There are heavy rains all over
the Ohio valley. The temperatures are
higher. The conditions are favorable fol
corn and would be perfect If Temperatures
were still higher If the rainy condition
should continue in the northwest it NIGH
interfere with the harvesting but that ha:
SCdICely OeSuIl as YET OH the whole IneFe
IS a good showing for the crops compared
with last week. -
Liverpool had a holiday. Paris was
trifle easier. 49,. . ~. i.
Ten loads of wheat and five of corn wer,
reported for export. ~.
The English visible supply increased
LAPS, 900 bu. 49, g. T..
Minneapolis stocks decreased by 54s, go
bu during the week. which brings tn,
present total down to 2,S14560 bu.
Cash wheat sold early and on the basi
of the early option and did not share tn
rise in September wheat. No. 1 wa
salable at s5c to s61zc. according to quail
tty and time Of sale. No 2 brought san
to 86c ''.'