The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-12
Yet the Bears Hesitate and Are
Afraid to Press the Market
Too Hard.
September Acts Weak From the
Start and Falls From $1.o5A
to $1,000.
Wheat zoe a Bushel; Flour $1.00
Barrel Too High for
Export.

Minneapolis Chamber of Commerce,
Aug. 12.-Wheat fell back from 81. 05A to
S1.031a in the opening hour on heavy sell
ing in Chicago which started that market
on the slide and weakened Minneapolis as
we'll. The local market looked very weak
and ready for a smash but there was no
one to press it, Most of the wheat sold
out was long stuff showing profit, and
short sales, from all indications were not
heavy. The pit saw September shoot up
yesterday from 81. 009s to $1.05!a and sell
above $1.06 on the curb and it scared the
traders badly. To go short on a market
that will turn around for five cents almost
before one can think is a proposition that
does not appeal to many and even those
who contend that it will be difficult to
maintain prices on the present level and
that September win go under dollar
again some day with a rush. hesitate to
put their convictions into active form.
Sentiment Is in control. Whether wheat
is worth $1.00 or .25 Is a. question o
trader need not bother his brain about
now unless he proposes to take stand
for long pulls. Important now are the
changes Of sentiment that come in the
turn of a hand. The pit may be bearish
and selling the feature. The market har-
dens bit, and, on the covering of a few
short sales, or the purchase Of few
s or 10 lots, the price runs up cent. 1t
is the easiest matter to run the figure UP
for there are many ready to take the buy
ing side on every show Of strength. SO
long as outside speculative interest re-
mains on so large a scale. 1t would be
folly to try to cali top the market.
There are many, however, who feel that
wheat Is high enough on legitimate in
fuences and some who say 1t Is too high.
The bulls say it must go still higher.
However this may, be there is a tremen-
dous force gathering ready to sm1te the
market once the conviction is gained that
the buying wave has begun to recede.
Yesterday. when September broke to
S1.OO5s, some thought it was time for an
onslaught, but went wrong in their sizeup
of the speculative situation. Some day,
the bears say, there will be a more gen.
eral piling over onto the bear side than
has yet been seen, and then, they say
the market will have to stand the test
and may not be equal to it.
The weather is good and crop reports
this morning were more favorable on the
whole. st. Louis had 100000 blu against
$4,000 a year ago Kansas City 252,O00
against 142, O00.G. Minneapolis received 80
cars against 10, Chicago 80 against Ito,
Duluth % against 4. Minneapolis stocks
decreased about $4,000 blu for the week.
Winnipeg had the most exciting day
SO far yesterday, and wheat advanced al
most sc from the opening, closing around
the top The crowd sold short early and
fought the market for while, but finally
ran to cover = The Canadian trade has
will be grown this year. Winnipeg Is the
4 eleventh hour bull among the cities and
may be all right there. However, the
late crop reports from above the line are
very favorable
Theron Logan, Chicago says: Granted
that wheat conditions are very bad in the
northwest, probably we shall have some
wheat for export. We always have had.
But allowing that the radicals are right
that we have only enough for our own
requirements, does it not follow that we
should see our high prices later on when
the fact is demonstratedQ 1t seems to me
we are anticipating events too soon. we
are about three cents higher than Liver
pool on September wheat. Millers are
not taking the cash wheat in any guam
titles at present prices. Shipments from
Argentine last week large. September
and December wheat are in the eighties
at San Francisco. Is it not about time
to give some attention to consumpt1vt
conditions?
THE Modern Miller says the movement
of winter wheat to market continues
heavy, altho there Is a disposition on thu
part of farmers in some sections o. tn
country to hold for higher prices. TIL
scarcity of choice soft winter wheat a
the markets and at country points Is be
coming more apparent, as a large per
centage of the crop is lightweight. TIL
quality of hard winter wheat Is compare
lively much better than the soft.
Primary receipts, 100000 bu, agains
40s.OOO; shipments, $4,000, against 911,
0OO Wheat and flour clearances, $500
bu.
Millers say flour prices, based on pres
ent cash wheat, are 81 a barrel too hig
for export, and seaboard wheat exporter
say wheat is almost zoe out of line TO
business
b. w. Snow wired from Harvey, N. D.
stRust on blades, but no damage Smu
1-inr ha ms 1S bushels with tW
weeks Of good weather Need rain t
I'LL
The for ecast is as follows: Illinois, In
DIANA Michigan, Wisconsin, Minnesota
Iowa-Probably showers tonight and Sat
urday. Missouri, North Dakota, Nebraska
Kansas, Montana-Fair tonight and Sat
urjay. South Dakota-showers tonight
fair Saturday.
3Septen1ber closed at s1.o2%; Decembe,
991sc; May, $1.01A.