The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-20
Wheat Down in the Face of Con.
tinued Reports Of the Gates
Control.
Minneapolis Ready to Bull Wheat
but Afraid of Bad
Faith.
Wheat Would Boom Gould Trad
ers Be Sure It Is the Real
Thing.

Minneapolis Chamber of Commerce. Feb. 90
Despite the corner reported to be under way III
Chicago. wheat went lower today to the great
disappointment Of the bulls. Gates, according
TO latest reports, has decided not to squeeze
the shorts very hard until the second week In
May. when he will get after them in earnest.
Until that time, so say the reports, he will let
them live, but when he does 60 for them So
about Is the fervent prayer Of the bull traders;
that 1t can be brought about-that it is a
poss1bihty-1s as patent to them as to anyone.
but that 1t will come about is quite another
consideration. Everyone knows the situa ton with
reference to wheat and that there is not much
OF the STUFF lying around. From almost any
standpoint, shortage can be figured out. To
take Illustration the Market Record re-
port Of Saturday. Here one may ind figured
up total available northwest supply of ap-
pro1imately 56 600 600 bu, while the trade knows
that nom now until q new crop comes in the
mills OF Minneapolis, Duluth and the country
mills. on normal basis. should consume 60, coo 900
to 65.000,000 bu. Here then rs a report coming
from a reliable and conservative source, indicat-
Ing shor tage, and there many other things
bnllish Still everybody knows these things, and
else. May wheat, the May now being
traded In, sold here once at $1.21% @1.N1a.
Today It was down to $1.15h. Present oondl-
tons we're foreseen by the men who went into
the fields last year and saw rust spreading thru
the crop. Then came bull market that was a
bull market. From 7811c or around that point
september and December wheat rose by great
Jumps The first trades in May were made at
figures in line with the conditions or we'll
above the dollar mark. Chicago laughed at the
rust proposition for time, and "in rust we
trust was the sardonic cry on the Chicago
board. Finally. however, Chicago saw that It
was the real thing and got In line.
Today 1t Is manipulation yell against a CROP
damage yell last year. On the rust boom Min
neapolis made good. She showed Chicago that
1t was the genuine article. On the Gates-corner
boom Chicago has not vet made good. Mime
apolis bulls are as anxious any to put wheat
to So. They simply do not know whether Gates
and his gallant crew are out to do it. or
whether they are out to make a hard spot on
which to sell lot Of wheat. Given anything
to show that it is the real thing. and Mime
apolis will be in line promptly, but the crowd
here does not care to take any part in the work
Of relieving the bulls Of Wall street of the big
load that they are known to have been carrying
for some time
. Minneapolis received 6s7 cars today Duluth
81 and Chicago u. Kansas City had l29, 900 br
and st. Louis $4,000. year ago today was
a ssrs nsnss sess 81
ce1pts were 100000 bu. against 214, 600,
The forecast: Missouri Michigan. Wisconsin
Iowa: South Dakota. North Dakota, partly cloud!
tonight ard Tuesday; Minnesota. fair tonight
Kansas. generally fair tonight and Tuesday
B Eea i' cabed: "our India agent at Act
cables that damage to crops In United Province
OF Agra and Outih and in central provinces. tn
first and third largest heat-growing districts
year together raised about 1O5, 78O, 900 blu.
wheat"
May wheat closed at s115sk July at s1.1s7s