The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-27
Every Option Advancing The
Statistical Situation Here and
in the Southwest.
An Opinion of Interest from Wag
ner of Chicago Covering the
Corn Situation.
Wheat Traders Watching Corn
J. J. Hill Stands by His For
mer Estimate.

Minneanolis Chamber of Commerce, Sept. 27-
Local wheat receipts fell off this morning. ana
having run ahead of last year for seven days
ran Under today, with 800 cars against $50.
This was a different story. 1t scared the shorts
and put the market up &c. Duluth hao more
than a year ago, 600 against $685. and Chi
coro had 154 against 76 In the southwest
the showing was not only a strengthening one as
TO receipts, but the outward movement was such
as to suggest that no accumulation Is posSlDle
while it continues. Kansas City had 122,OOo bu
against 365 OO0 but shipped out more thnn
came H. or 235, 900 bu against 10000, ana 81.
Louis made about the same sort OF showing
receiving 12O, 900 bu against 100000, and ship
ping los 900 against 90, 600. Moreover the Dig
run of Monday which brought TT cars into MIN,
neapolis leaves only &c, 900 bu increase In local
stocks so far, and with todays lighter move
ment it Is not unlikely this little gain VIII De
lost before the week is over. The wheat comes
In and the figures. when posted. look big, but III
one looks under the surface there Is not much OF
bearish import in them For instance there We're
125 OF winter wheat In the inspection OF
Yesterday. Today there were 3G9 cars IN VI
these only % cars No. northern, % cars
No northern and 65 No wheat of
No. wheat there were 70 cars; re1ected oo
cars and no grade, s. Eighty-fve cars contained
winter wheat from Kansas. There were also
II cars macaroni wheat. This is certainly not
a favorable showing with reference to quality
yet many disposed to sell short whenever
big figures chalked up.
j. j. Hill is out with another statement re-
garding corn. in which he says that he has not
changed his views. and that he believes the
corn crop cannot exceed 1000, 100000 blu.
Rradstreet's shows increase for the week of
8,OOOO 900 bu In the worlds wheat visible
Primary receipts, 900 blu against 1,ioo,-
Clearances, wheat and flour, 1e7 900 bu
The weekly government report says 1t VIII
require from one week to Oct. 10 IN part or the
best to put late part of crop out OF danger or
frost.
With reference to corn the following interest
ing opinion from Wagner of Chicago came to
hand: Have frequently stated since corn fell
below SOC for May that I thought 1t was being
oyersOld. Developments show that to be the
true situation. There has been surfeit of news
from crop guessers, both peripatetic and In sane
tum and their reports have involved great
many in trouble it will not be easy to retire
from 1t seems to me quite imna terial whether
teh crop crop is little under 1000, 900 bu
or little 1900, 900, 900 bu Operators
have fallen into the error Of thinking 1t was
only necessary to guess the corn crop large
enough to justify the most extravagant selling
and insure all kinds Of money from such sales
1t now discloses that 1t would have been more
wise for some big operator to have sent out a
good man to guess the farmers action rather
than the crops magnitude. To have cheap corn
1t is not only necessary to have very large
crop, but to have in addition great many cheap
farmers: and these (the country now boasts) are
refreshingly. scarce You should at once
consider a few points If you short of corn.
Farmers have had no surplus for three years.
tho they have had two consecutive crops OF
about 1900 100000 bu. During al that time
sold a good deal above It. The price Of corn de-
ponds less upon the size of the crop than it does
upon the disposition Of the farmer and his views
as to It's value. Heavy and quick speculative
sales have at times forced the price down, but
the sellers could not keep it there. We have
had no cheap since. We shall have no
cheap corn this year"
The forecast reads follows: Minnesota
Showers and thunderstorns; warmer east pOr-
ton. North Dakota-Showers tonight; fair and
cooler Wednesday. South Dakota Nebraska and
Kansas-Partly cloudy; showers and cooler.
Iowa and Observation-Disclosures and thunderstorms
cooler. Illinois and Indiana-Showers and thun-
derstorms tonight and Wednesday; warmer In
Michigan and Wisconsin,
Showers and thunderstorms; rising temperatures
December wheat closed at $1.13A, May at
$1.141s M1.14A and September at $1.1S.