The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-06

Minneapolis Chamber Of Comerce, Sept, g.
Wheat was dull this afternoon and the lock Of
speculative interests was felt Economic au-
thorlties have long argued over the utility Of
speculation and whether not In the final
count it is good thing. However this may be,
there can be no doubt that a little of it would
be good thing right The farmers are
selling wheat in the country and as the eleva-
tor men buy 1t they naturally want to hedge it.
Not all Of the wheat taken in Is hcdged. Some
IS destined for consumption within short time
and some that turns up here has already been
sold against, nor are the hedging sales very
heavy. The Minneapolis market would take the
and indeed has been known to advance against
much heavier pressure Of the sort. Just now,
however, there is little speculative interest.
Nearly every interested in a speculative
way Is either bear, else bull with the
courage licked out and afraid to buy Prices
In the early session went down again, not very
much but enough to make discouragement. Min
neapolis September got down to 69A @69Bc
December to 704c and May to 75c. In Chicago
September touched the lowest point on the
crop, 69Ac, but this did not stimulate buying in
the other options might have been expected
There has got to be an increase of speculative
interest before prices will advance much and
the question is how 1t is to come about. The
only thing to encourage buyer of wheat at
this time is belief in its merits-that 1t Is
low enough legttimately. Some good people be-
lieve in this and indeed wheat is not high
even if there is big crop. The average specu-
lator, however, does not go on this basis He
wants action. He is usually bull. He does
not rule much whether wheat is legit-
imately too low. low enough, too high. If he
thinks he sees chance for advance he buys,
otherwise he Is likely to wait and do little
Nothing in this mornings summary would ap-
peal to him. The weather is good and more of
1t Is in the forecast. There are no big sales
for export to encourage him. Threshing reports
are running better the average. There are
some very strong things. us light local receipts
and a decrease in local stocks of 100000 bu for
five days. but with the new crop movement
starting these influences appear only tenn
porary.
The Price Current says: 1.-The week was fa-
yorable for growing corn and the crop will be
practically out of danger from frost in two
weeks. A full acreage Of winter wheat likely
light"
Minneapolis received 100 cars against 23s Du-
Iuth 1'io against 49, Chicago 70 against 20 The
st. Louis comparison was AZ, 900 bu and 112 OOO
Kansas City 100000 bu and $4,000 bu.
f. The Northwestern Miller says: "About all
mills found trade in -four last week less favor
abe. Sales were smaller than in the preceding
week and those made were usually In small lots
Occasionally mill is found which complains
about buyers being slow to order out -four that
they have recently contracted for. 1t Is true
mat rather better prices are being obtained OF
course there are mills which report materially
improved conditions and good business ut fair
prices, but they are the exception. Little is
heard about export trade. While most millers
believe that reasonable foreign business must
pc done before favorable milling conditions can
pc expected, they at loss to say when
IL Will be realized. The trade In the east and
abroad seems to- have gained an exaggerated
Idea OF the magnitude of our wheat crop, both
winter and spring; and is slow to understand the
true situation"
Lenders & Co. Of London have the following
TO say In their circular of Aug % relative to
corn: "A large crop has been secured in the
Danube and rates for spring shipment are being
MADE on an increasing scale at fair discount on
spot prices. The Argentine will probably raise q
crop FULLY as large as the we are now re-
SelVlng, and the prospects in the Danube and
bessarab1a are for crop Of quite exceptional
size. We can regard the European crops as Sc
cured, and If there should not be something in
the nature of a crop failure in North or South
america, 1t looks to us as If we were in for a
period OF low prices for the ensuing season"
Primary receipts, 60S, 600 bu against 761 900
nu Clearances, 375, 900 bu
Inc forecast: Illinos-Fair tonight: warm in
north, central and northwest; Friday fair. Indi-
ana, M1ssou1, Kansas, Nebraska, South Dakota
-fa1r tonight and Friday. Lower Michtenn-
Fair tonight; warmer in west; Friday fair. In
per M1ch1gan-Fatr tonight and Friday; warmer.
,Wisconstn-Fair tonight; warmer in southwest:
sI1day fa1r Minnesota-Far tonight; warmer
N southeast portion; Friday fair Iowa-Fajr
Ionignt; warmer in northeast; Friday fair. North
Oakota-Fa1r tonight and slightly cooler FRIDAY
Th1rty-two loads were sold for export at Tia
seahoard, 20 of durum and IL spring wheat