The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-17
Question Of the Hour on Change
May Wheat Sells Down to
$1.161a@1.165h.
Some One Always Ready to Sell
It When It Looks the
Strongest. T.
About Five Million May Wheat
Sold in the Chicago
Pit. L.,

Minneapolis Chamber Of Commerce, Feb. IL
Wheat made backstep early today. opening at
$1.17A and selling to $1.161a al 1875. against
yesterdays high point of $1.1S. Then 1T settled
around Sill and apparently was as likely. to
close Z cent lower a cent higher. Trade was
not heavy, altho. a good many buying orders came
in from country Doints-Stirred up, no doubt,
by the talk Of corner in May wheat engineered
by Gates.
Who cells the wheat is the question of the
hour on change. Every time the market hardens
and prices start up at pace to indicate that
q will be reached before night, someone hands
out the stuff In big chunks and the boom Is of.
bulls would like to catch the man and jump on
him. Yesterday our May wheat was up to $1.lS
aud was clearly due to hit 81 20 today, for was
not May cornered in Chicago, and had not John
Gates said it must 90 up This morning it was
down to s1.16h @1.em, all because Horace Wing
q broker, handed the bulls about 100000 bu.
Against such selling there was no way to hold r
lem, and the identity Of his principal was as
uncertain as Is the Identity Of the man
who struck Billy Patterson. Certainly the
some big trader crowd, for not
many men or many groups Of men ever have
100000 bu lots OF wheat to throw about. -, "A
back Of the selling. Some one more daring than
the rest, suggested that maybe 1t was Gates who
unloading, but such a suggestion was con-
sidered by the faithful bulls not only untime-
~ but positively rude. Gates is the big bull.
and believes in 81 wheat. Has he not said so IN
every interview given out? Then why doubt
that instead Of selling out he is buying more
and more every day?
Briefly, the situation is like this-there is, be-
yond doubt. corner" or at least an enormous
concentrated long holding Of May wheat. 1t
will not do to treat reports Of this nature too
lightly. Men with money and nerve can do any
thing, and Gates and his following have both
Hence to say that wheat will not sell to 81 &c
or So would be foolhardy. for 1t could be put
there. On the other hand, this corner has been
well advertised. Usually when corner Is run
before the principal is known. Here there has
been no such secrecy. This Is the most widely
advertised ever heard Of. Anybody III
the United States who reads must know that
Gates has wheat cornered, for he has 1nt1mated
as much himself. Why this wide publicity? Why
advertise a corner like bargain sale OF dry
goods? These the questions disturbing the
trade. Gates undoubtedly has grip on the mar
ket and be may force prices much higher The
reason the trade hesitates Is because all fee
that Gates will want to Hqu1date sometime, II
he Is not doing 1t, and they hesitate
to take a chance in a deal where much de-
ponds upon a change of mind on the part Of one
prices were unchanged to I'D lower. following
which further declines Of I'd occurred, the
factors being larger Argentine shipments thar
expected and easier offers from Argentine hold
ers. which than Offset the strength II
America.
The Modern Miller says: Snow protection ex
tends to farther southern limits than for many
years. In the principal winter wheat producing
areas the depth is from three to nine inches
Plenty OF moisture is assured with thawiuf
weather.
May wheat closed at $1e% @1.16% and Jul!
at S1.14A @l1.14A.