The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-09
Heavy Buying Orders This Morn
ing Send September Jump
ing Up to $1.o5zs.
Big Lines Are Liquidated and a
Quick Break Follows to
$1o21a.
A Big and Dangerous Market
With Surprising Changes
Possible.

MINNEAPOLIS Chamber Of Commerce,
Aug. Grains over the northwest put
wheat to another high point and $l.OoN
for Minneapolis September was touched
before IL O'Clock. Buying orders piled
in from the country and the business was
enormous. At least one big line OF long
September was liquidated around Sl.oa1a,
and 1t was by no means difficult 10 sen
it for there was more than enough puy-
ing to take it all. After while the mar
get became frothy and orders to sell at
a particular figure found execution " to
IL lower Buying orders met the same
results in some cases, the market often
moving up 1ac before they could be hlled
The fact that the country bought SO
heavily made some of the conservatives
little less bullish, on the feeling that the
country may some day want to sell and a
big break may result. This reasoning
may not hold good. The country has
run away from the big men before on
bull markets, and may do 1t again. One
fact remains however, and that is that
the market is now a dangerous affair.
No man living can say how high wheat
will go, and there never was a trader
who could gauge sentiment to so fine
point. The sober view Of the situation
cannot but admit that wheat may sell
much higher. and that the country may
carry the market to s1.1O or any new
point, but the same view cannot fall to
see that many lines Of 2 September are
held by men who would not possibly
know what to do with the wheat If 1t
were delivered to them Sept. 1. OF course
If the northwestern crop is as badly hurt
as many believe, there should be many
elevator men and millers only too glad
to take it. On the other hand the chances
for the last half Of August would appear
to be in favor Of better weather TAX
ing into consideration every know factor
bearing upon the situation, it would APP
w jS hicIe
present or until there is some actual
demonstration as to the damage, until it
is possible to see something as to results.
This is conservative view. 1t holds
good no matter whether the speculative
spirit carries wheat up another SC or
whether top has been seen. This is a bull
market in the face Of a new crop move
ment. There Is not going to be much
OF a movement. Nevertheless there will
be something coming in Wheat at s1.25
may corke in the September option, it is
not an is1possibility, but it would be more
likely to come if the trade was not well
into August with September wheat the
active option, the country long millions
of bushels, and delivery day coming into
view in the distance.
Minneapolis received SO cars against 81;
Duluth Sc against and Chicago 191
against 209. st. Louis had 49,, 900 bu
against 100000, Kansas City 31S, 900
against 29S, 0O0
Minneapolis elevator stocks show a de-
crease Of 245, 900 bu for three days
Foreign markets were all UP vet not
enough to correspond with the advance of
yesterday or our side. Berlin was 1Ac
higher. Budapest 1Ac higher and Liver
pool up 1as @15sd
Primary receipts, $4,000 bu. against
$4,000 Blu. Shipments $4,000 bu agains,
245 900 bu
Worlds visible wheat August +, ILL.,.
100000 bu; last year, 90, 900, 900 bu
Bradstreets visible: east of the Rockies
wheat increase, 1000 blu; Europe an6
af1oat, increase 1900, 900 bu Total in
crease 1907, 900 bu.
The Dallas, Texas correspondent of tn,
Grain Dealers Journal says: During thu
past three weeks wheat has been climbins
and even at the advanced price miller!
are unable to get enough wheat N,
doubt great quantity Of wheat will b,
shipped into this state to meet the de
mand of the mills. The crop is very much
shorter than anticipated. Prices are yer,
stiff and further advances may be looked
for.
The tip on the government report is 9
for spring wheat; SO for corn Last yea
III for spring wheat and 1871 for corn.
The forecast is as follows: illinois, In
diana, Missouri, Lower and Upper Michi
gan Wisconsin Iowa, Minnesota. Nebras
ka, Kansas: Showers and thunderstorm
tonight and Wednesday, North Dakota
Cloudy tonight, probably showers Wedres
day. South Dakota: Fair tonight, cloud
Wednesday,
September closed at $1O4M: Decembe
at $1.0oB and May at $1.A1A @$1.o1%.