The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-15
Touches 8614c EARLY Then Eases Off
on Heavy End of the Week
Selling.
Good Support Noted on Big Drives
Market Stubborn Against
Decline.
neal Stocks Decrease Sol 900 Blu.
News Of the Grain
Trade.

Minneapolis Chamber Of Commerce.
Aug. 15.-Against the combined pressure
of short selling, end Of the week evening
up and free profit taking the wheat mar
ket held firm to-day, giving away only
late in the session, and selling to S4sc on
the break. At the close S5Ac was the
figure, or practically the same as the close
of yesterday Earlier in the session Sep
TENDER sold at S6Ac the highest point yet
on this advance. and the close only
cent down from high point was taken by
the bulls as Indicative Of great underly
ing strength in view of the free selling.
Many looked at the speculative market in
this light-that the best of the bull news
is out. Cash wheat, altho selling early
at $1.00 and $1.01, and even to $1.02 for
fancy No. /, was off later in the session
and this bears took as probably marking
the elimination of the strength In the
cash article. Over Sunday. it was figured,
the weather ought to turn better, and on
Monday the market would likely sag. On
this idea quite an important sprinkling
of selling was noted in little &c and 100
lots which may have been profit taking,
but looked in good part suspiciOusly like
short selling. The greatest jar came
about midway in the session, when Spen-
Ger of Chicago wired out that break was
Impending. The immediate effect was
the bonding out Of about six or seven lots
OF 10000 bu and one or two lots Of 100.
900 bu in the local pit which took the edge
off but did not break the market. Some
one willing to take several hundred
thousand Minneapolis September at the
S5a level Later on, when big lots were
no longer thrown out no support could be
seen and on the selling Of a little wheat
the market broke &c, whereas shortly be-
for the heavy selling would not jar 1t. It
looked to an observer very much tho
the bulls were willing to let the market
sag on little selling but were around to
support it against the big sales lest a
heavy dive should preciptate a big break.
AS it looks at the close the weather over
Sunday will decide the next turn. Good
clean weather will likely mean a little
sagging and a lower range, but if the
week opens with conditions as unfavorabe
as they are reported to-day, the shorts
who guessed 86Ac for top may have to
guess again.
Local stocks decreased about as expected,
or 801, 165 bu, leaving 1923, 1897 in store.
This does not include the decrease of
$4,000 bu this morning which Is figured
into the next week. Receipts here were
80 cars, against 1S9 and at Duluth %,
against II. Chicago had 81 cars, against
.3lS cars. Kansas City received 1856, against
174, and st. Louis 107,0 900 blu, against 212,-
900. Primary receipts were about half Of
last year, $4,000 bu against LOGS, 1000.
Wheat and flour clearances, $50, 600 bu
Z Liverpool made good response to our
strength Of yesterday coming Id higher.
: The cash market stronger and a
cent higher at first but eased off later on
and at the close No. ! northern was NOM
ttnaly CSC, against s1.00 yesterday.