The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-22
A CONTEST FOR JULY
A Diplomatic still-Hunt BY Mill
ers for Old Crop
Wheat.
Traders Are Kept Guessing, but
Strong Factors Are Undoubt-
eddy at Work.

The fight is on for control of July wheat
in Minneapolis Last year one Of the |
''bigg three milling firms, the Pillsbury-
.Washburn company, secured control Of
July early in the season, and the result
was the memorable July deal, which put
prices in that option to a high level and
resulted in the highest premium ever
known here for cash wheat. The spec
tacular finish Of the July deal Of last
year when at the close prices f1uctuated
widely over a scent range and touched
the top and bottom figures four times
in two minutes, is still fresh in the minds
of local traders.
This year the Washburn Crosby com
pany has appeared in the field and the two
big firms are now running neck and neck
Every trader is debating with himself as.
to which is likely to win out. Meanwhile
the trades in the pit are watched with
the greatest interest and special signif-
cence5 is attached to every move Of any
broker thought to represent either Of the
big firms To date there is not one man
in the local pit who has been able to
| figure out to his own satisfaction the ex-
act status of the contest. But the opin-
ion prevails that the Washburr- Crosby
| company holds contracts for some mill
lions of bushels Of July wheat and the
moves Of their pit representative yester-
day and to-day would Indicate that they
have acquired more III
Many erroneous differences have been
drawn, one of whic his set forth at length
in a morning paper.
1t is obvious that with stocks of wheat
here on last Saturday only 9,247,83S bush
els and decrease Of 1,25O.0OO so far this
week, the ], available i supply is melting
away rapidly. To morrow's report will
show about 100000 bushels of wheat
l here. Fourteen weeks must pass before
any quantity of new spring wheat car
come on the market. If the mills grind
at only half capacity for this period, they
will consume the entire stock, and will
have to depend upon the receipts from
the country for the balance of require
4 ments, or al least 6,000 900. These are
minimum figures Hence the northwes
4 is in just the same position as wher
a Henry Little got control of July last year
with this important difference, that stocks
of wheat in country elevators, according
to the report Of the secretary Of the
Chamber of Commerce, are lighter thar
for eight or nine years. and stocks Of ole
wheat still in farmers hands are much be
low the average at this date Hence tn,
desire Of the millers to get all the whea;
| they can. 81
Any man in Minneapolis with the none,
! can get this wheat All he has to do is. Il
Il. come in the pit or send a broker in AM
buy it. But with the situation as it il
I and everybody aware Of the shortage, an.
continued bidding for July wheat woul,
send prices soaring. The millers natural,
would not be the ones to rush in and bi,
prices up 10 cents on themselves. Evel
i with every effort made to conceal thei
] moves, the buying Of July has already car
ried that option to a premium of 73ac owe
September, July closing to-day at 773a@
5 THO, and September at 69T zoe. TIL
man who will get the wheat at the curren
market prices is the man with the f1nesse
with the diDIOnatic ability RI conce, hi
moves and manage to accumulate Ion
line without making it possible for outsid
: ers to know the exteny of his accumula
= tons. Hence the trades, apparently a
cross purposes, which have marked tn
progress of the contest and have mike
8 the outside traders. No one can tell W h
:. will have the control, but the traders sa
{ that If any one supposes the deals are nc
8 made with bona fde intent to call delfy
5 cry, he might come In and sell some Jul
!. wheat that he has not got and see wher
: he will be on delivery day.