The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-13
New Buying Coming In-Cash
Wheat in Demand at 97c for
/ No. | Northern.
Seventy-seven Loads Sold for Ex-
port-Shorts Fear Rain
Over Night.
disposition Now to Figure the Jones
Report as Not, Far From
- Right.

Minneapo Chamber of Commerce,
Aug. 13.--Cloudy skies In the northwest
put up wheat all around this morning.
September closed yesterday at SIS @ SIC,
and on the early rise this morning sold to
$3.50. There were no rains, but there
were predictions Of rain, and indications
of 1t, and on this the shorts bought wheat
in haste, while considerable new buying
came into the pit Whallon was the big
gest local buyer on the first advance and
took some good lots which the pit gos-
sip said was straight out and out invest
ment buying by big men who think the
wheat worth the money. If the trade
could feel that this was the case and that
the new buying comes from heavyweights
with abundant means to hold 1t against
any pressure for an ultimate profit, 1t
would be material aid to the general
wtrength. When the trade sees an influx
OF new buying the question naturally
arises whether this wheat is not going to
be sold out again, and whether setback
OF cent or two would not mean a food
of selling and demoralizat ton. But never
theless some have sufficient confidence in
the wheat to buy 1T every time it says.
and, from the good support it is evident
there must be many who think wheat
worth the money, or if the buying comes
from one or two houses here and in Chi
cago, as some suppose then there must
be great resources back Of 1t all to take
80 much wheat. Stocks have decreased
700, 900 bushels here, with still day to
figure In. Practically no wheat Is COM
ing and No. northern is so scarce that
this morning one car brought 96c, two
cars 97c and later on 9sc was heard
around the cash tables. One need not be
much of a prophet to foretell what would
happen in September wheat II a week or
ten days Of continued rainy weather
should come on. If there ever was a
season when the northwest needed an
early and heavy movement Of new wheat
to market this Is the season. There Is
no reason to suppose that there Is to be
a wet harvest but with conditions as
they are, intense nervousness Is shown
and 1t needs only the prediction Of rain
to start new buying Of wheat.
Minneapolis showed up only IS cars this
morning against 139. on the corresponding
date last year Duluth had II against 8.
Chicago receipts were only SO cars against
POI, Kansas City had 1856 against 1853,
while IN ST. Louis there were $4,000 BUSH
els against $4,000. This made the prim-
ary showing bullish as ever. the receipts
totaling 900 bushels against 914, 900.
Clearances $4,000 bushels. wheat and
flour. Duluth millers sold some patent
-four this morning for export the first for
weeks and local millers admitted the for
eign inquiry for flour to be better and bids
very close to workable basis.
Liverpool closed ss@1ad higher.
The Price Current says: Corn slightly
improved by rains. It is still too cool for
seasonable growth. The plant is gener-
ally healthy but uneven, much being tas-
,seled low. Considerable corn is caring out
well Condition indicates 1000, O00, 900
bushels as possible. The wheat movement
is generally light. but grading well. Oats
are light in weight, but bright and sweet
generally.
Strength In corn is an important in
fluence in. wheat. Frazier wired from
Chicago that the feeling there has turned
very bullish in corn. and the reports that
are coming in from the country are of a
very discouraging nature. There are ex-
ceptions to this from certain points. Mr.
Wood Of Mt. Pulaski. Ill.,, sent a. report
Of his travels thru Illinois. Iowa. Nebraska
and Kansas, and he said with frost hold
ing off until the first of October the very
best we could raise would be 70 per cent
Of crop in these states and he thought
1t was, doubtful II we got much over go
per cent Of a crop ~, ..~' .
Seventy seven loads, were reported
taken at the seaboard and this was the
browning bull feature of the day. Moth
ing could hold the market after this
Many traders who have not been extreme
bulls were inclined to come over now to
the bull side. There was much talk
around the floor to the effect that the
Jones report is probably not far from
right after all, this from traders who were
averse to accepting 1t on Monday. The
market. Is strong at the close. The only
danger would appear to lie In the chance
Of a runaway market developing which
would mean violent reaction. The ad-
vance to-day was clearly on fresh BLOOD
coming In and there was nothing in to-
days rise to make the market top-heavy
Should September settle around the pres.
ent level or even. sag back a little the
chances for an ultimate advance to new
high points would be even better thar
If the advance to-day should be duplicated
Tomorrow.
Not much Is to be said about the casf
market except that there is practically
no wheat coming and an urgent demand
exists. No. 1 northern sold at 96697c
and was quoted late in the session at CSC