The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-18
Bad Day for the Shorts Buying
Orders Come In Thick and
Fast.
Both Bradstreet s and BroOmhall g
Reports Bearish, but No Eff
feet Felt.
Better Grading Must Be Shown
or Contract Will Be
Scarce.
MINNEAPOLIS Chamber Of Commerce, Oct. 49,

Minneapolis Chamber of Commerce, Oct Is
Sentiment in wheat made turnapout tooay'
the bulls gained control again ana no.n o ne
Reports from North Dakota were that recent
rains have damaged the unthreshed wheat, ana
also that country receipts are falling on 10
cally, there was good cash wheat demand
that all the No. northern was picked up be-
fore 10 o'clock. This scared the pit ana the
short sellers Of yesterday became buyers. Pfices
ran up quickly Other markets came lnto Iins
and helped the advance. Minneapolis ran ahead
again with 663 cars against 294 but Duluth had
only 500 against 45S, the excess over last year
in the northwest being 300 cars. Ihls gam tne
southwest offset, with only 81, 900 bu at Kansas
City against 309,o 900 bu, and 10000 bu at ST.
Louis against 117,OOO bu. Chicago had 96 ears
against 1O4. The quality of the inspection above
wheat grading low yesterday. Winnipeg had
8 cars Of No. 1 hard, 10 of No. l northern,
1856 of No. northern. 1913 Of NO. northern
14e of No. 4, "a Of No. s. Is cars t In ~ were re
grade. This sort of inspection, in connection
with the poor inspection on one side. emphasizes
the argument that there is scarcity or contract
wheat and 1t is contract wheat the shorts are
selling Minneapolis stocks increased 500, 600
bu to this morning, and the week Will proDaDly
show good gain, but it is doubtful If the
contract grade will increase much
The worlds visible increased 100000 bu, ac-
cordng to Bradstreets report.
In Chicago there many good people who
bullish, altho preponderant opinion there mas
been the other way Most of the Chicago bulls
are inclined to ignore the influences Of the day,
and to stand upon the broad general proposition
that the wheat Is not here, and sooner or later
the people will find it out. 1t is also argued
that financial and commercial conditions over
the country favor bull speculation. This lat
ter phase of the situation, as viewed In Chi
cago was outlined in the following message to
"A. G.. Chambers from d. w. Dennis OF chi
cago who says: II am becoming more thoroly
convinced evesry day Of the wisdom OF buying
the wheat in the bear month of October. and
while the movement is free. The quantity OF
good wheat running now, while the receipts are
large, must make thinkers wonder where we will
be when the movement grows smaller later on,
and the quantity of good wheat is corresponding
" reduced. But strong card for bull IL
the general renewal of speculation In wall
street the fact that labor Is quieter, is at work
and is consuming. We have plenty OF cotton
corn. oats and hogs. and our prosperity IS get
ting its second wind, with an especially attrac
tive outlook for the trade balance.
THE wheat situation is sensational. 1t will
be made attractive. The trading and the oppor
tunities will be for those who hold some cheal
wheat With fair holdings and the scarcit,
that must prevail at times during the next nine
months until another crop, the chances favo
the bull
1.-The prosperous features Of our country a
this time will be great factor In the situation
Speculation in wheat this year will be heavy AM
continuous, and people speculate for hishe
prices, not lower"
Primaries: Wheat-Receipts, 1929, 900 bu
: against 1854. 900 bu; shipments, $4,000 bu
against 632, 900 bu. Corn-Receipts, 1923, 900 bu
against 77s,OOO bu; shipments, $4,000 bu
against 10000 bu.
Broon1hall weekly foreign crop summary
United Kingdom-Fall seeding we'll advanced
France-seeding progressing actively; prediction
of increased acreage; offerings from farmer
larger. Germary-Weather continues favorabl
for seeding; supplies Of native wheat now TALL
Sweden-Fan crops seeded under favorable cor
ditions. Rumania- Bugaria--Good progress ha
been made In seeding; increase in acreage es
pected. Russia-Weather southwest droughty
elsewhere conditions generally favorable; al
rivals of wheat at ports smaller; several raj
ways have partial grain blockade, believed to
owing to scarcity of Australa-Recen
reports of beneficial rains confirmed. India
The situation continues favorable.
December closed at $1.16% and Nal at S1.161!