The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-15
Talk of a Corner by the Gates
Crowd Scares in the
Shorts.
Receipts >Sensationally Light at
Southwestern Primary
Markets. 49,.
Liverpool Still Sending Reports
s of Unfavorable India j.
Weather.

minneapolis Chamber Of Commerce, Feb. 10
This morning it was talk Of corner in May
wheat that held the center Of interest and held
the prices up. This, Of course, was not new
The trade has been told for q month past, that
John W. Gates has 10000. 900 blu May wheat
contracted for. 1t was new In way, how
ever for the stories went more into detail ana
there were more stories. Apparently ther is
good bit Of guessing going on. Apparently also,
there is something to it besides mere guessing.
That there is somewhere large holding OF May
wheat need not be doubted, be it Gates or be
1t not. A concentrated holding of 2O,0O0,OOo
hu May wheat anything like it must be a
powerful bull argument. for it is clear that all
that the long holders need do is to sit around
and watch the shorts. get busy as May draws
closer. There is another side to it. If any
clique has any such quantity Of May wheat said
clique will one day want to sell it. The closer
We get to May 1 the closer the time when the
shorts will have to prepare themselves to de-
liver the closer the time also when the longs
must prepare themselves to take over any pay for
the stuff If rendered The short does not necessa-
rily have to deliver May wheat on May HE has
that month in which to think about it. The
thereafter that it may be delivered. Probably it
is too soon to think about the possibility of the
long holding as weight. Probably the thing
do ss is to- and forget for fht
present think of the long stuff only as
representing that much wheat sold. not all Of
doubt. Certain it is that whatever may be the
outcome of the May option finally. the indica-
tons now for higher prices, for there is
a big long holding with money behind 1t to
drive in the shorts at the right time. Wheat
can be cornered, Notwithstanding opinion to the
contrary, and the rules Of the various exchanges
aimed at elimination Of the inimcal effect by
prohibition Of corners. It is common to think Of
the Letter deal as colossal failure. indeed
it was, but it should be remembered that Letter
really did what he originally set out to do-he
cornered May wheat. He went broke in July
wheat
Receipt. s. here were 1SS cars, of which con-
tanned Canadian wheat A year ago today local
receipts 2O6 Duluth had only cars
today. against 50, and Chicago had 20 against
81. The southwestern figures were sensatiOnally
light. only 5000 bu at Kansas City against
10000. and 1900 at st. Louis against 125, 900.
Wheat and -four clearances 81, 900 bu.
Bradstreet's figures for the worlds visible
show increase Of 1872 600 bu decrease of 1 ,51S,-
900 bu east Of the Rockies, being than
Offset by the gain of $780, 900 bu in the guam
tity passage.
Broomhall cabed: Wheat opened I'D higher.
being influenced by the unreasonable weather in
India we'll by offers Of Argentine whea!
being very firm. After the opening May eased
off to I'd. but sd Of this decline was recovered
later, the easier feeling being attributed tc
general dizziness and realizing by scapers. Both
March and July dull Corn opened &c
higher and May advanced I'D more later, the
strength being due to firm and higher cables from
America. Later March eased off I'd and May
1sd. owing to importers selling.
Minneapolis May wheat closed firm at $1.171a