The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-28
Traders Who Banked on the Gates
Corner Sell Out in
Disgust.
Some Foreign Bull News Comes
in but It Has No Last
ing Effect.
The Market Probably Due for a
Rally After a Six-Cent
Break.

Minneapolis Chamber Of Commerce, Feb. 2S.--
May wheat went humping down again this NOR.
ming Yesterday it stuck at $1.184s for low
This morning it held awhile at S1.13. but went
under finally. By II 30 May had sold to $1.12R
and July to $1.10A. 1t was the continued down
ward drag Of a market that having just been
Influenced by as big a bunco proposition as has
been seen for some time, is free to feel the
effect Of natural Influences but can feel nothing
one way the other until the last Of the dis
gusted longs who believed in the Gates corner
has been forced out. When this will be is a
guess. Already great many little lots have
been forced out on stop-loss sales. The market
has been freed Of much Of the s1.17 to $1.1S long
stuff. Still there may be more to come 1t will
be remembered that when the Gates corner
first developed the best people in the trade took
no stock In 1t, but viewed the reports Of It
rather as the effort Of the bull clique to make
how it has turned out Lincoln said you cannot
fool all the people all the time, but you can
fool some Of the people some Of the time, or
words to that effect, and some Of the $3.50 bulls
are beginning to that this Is one OF the times
when Of them were done up
What the market will do now Is a hard one.
Many think tho former high prices for May
record high for the option-will not again be
seen. and that the trend from now to May /
" Ill be downward. 1t might be q little danger
ous, however, to tie up close to this proposition,
for this Is a year when big things may happen.
20 far as the legitimate situation Is concerned,
the past ten days has been against the bulls. for
there have been no such decreases in stocks as
had been figured upon. and receipts have been
larger than expected. On tn other hand, spring
has broken into winter, and with clear skies
and balmy brsezes and reports Of farmers al
asaSy getting ana 4, ta1xinE about the
ally run more to the selling side. This, follow
ing deal in which the faithful bulls who be-
1ieved all they heard have seen the market shot
to pieces makes a time ripe for price depression.
In all likelihood spring IL not yet here. Another
period Of cold weather OK another heavy snow
would not be surprising. Let the market sell
down and big short interest accumulate, then
let winter come back tor a visit Of week or
ten days, and things may change. It Is a
sixty-day stretch to May i, and while 1t would
seem that prices should slide OF from now on, a
reaction serious enough to put the bears On the
ragged edge may come at any time.
Bull news came In from abroad. Broomhan
reporting the India news unfavorable and also
roads very seriously and grain delayed in tran
sit is rotting in the cars. This had no effect
Minneapolis received 500 cars of wheat against
24e. and Duluth 81 against 1o3. Chicago had 4o
against $4,000 and Kansas City $1,000 against
239, 900. Winnipeg had 1870 against 1913:
Primary receipts, 5o5000 bu against 7tS,00(
Blu; clearances wheat and -four, II 900 bu.
Bradstreet's reports of the worlds visible
show east Of the Rockies increase Of OoC
bu; in Europe and afoat increase Of 200 OOt
bu; decreased 1923, 900 bu; oats decreased
100000 bu.
Broolnhalls foreign crop summary reads a,
follows:
United Kingdom-winter wheat reports con
tinue excellent. France-Still complaints
regarding condition of wheat. but they are moi
of serious nature. Germany-Weather has beer
more seasonable the past week; native supplies
of wheat larger. Hungary, Roumania, Bulgaria
Crop reports generally favorable. Russia
Crop conditions continue satisfactory; arrivals al
ports small owing to railroad striks
India-The viceroy confirms previous reports tina
crops in Bombay poor. Elsewhere damage from
rust and freezing weather chiefly confined to thu
United Provinces Of Agra and Oudh, where in
jury is serious. Last year Bombay raised Is, 645,
900 bu wheat. United Provinces R1 100000 bu
latter being most important wheat growing prov
inces in India.
May wheat closed s1.11A and July q
81 .O91h.