The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-20
It Circulates Extensively and Has
Its Effect Upon the
Market.
Conservative Think It Would Be
Suicidal to Try It This
Year.
Suggestion that Heavy Shows
May Mean Southwest
Floods Later.

minneapolis thamDer OF commerce. Marcn
-Specula tive interest in wheat shifted over to-
day into consideration of manipulative possibili-
ties and the probable effect OF large concen-
trated holdings in Chicago. There is, in brief.
persistent rumor in Chicago, which finds cir
culation here, that there Is line of May wheat
amounting to the great total of 15.oOO,O00 ou
held in strong hands in Chicago. AS Chicago has
been showing the world more clearly than ever
before her decline as wheat market and daily
receipts of late have averaged from one car to
nine, with twelve cars one day. five another,
the suggestion naturally followed that here
would be opportunity for squeeze in May, for,
as May approaches shorts in Chicago would see
that there not enough wheat to make good
on. and they could be driven to big
bull market. The Chicago story is that the
Wall street men-some of them. at least-Who
got wrong by buying Chicago May around SIC
found themselves with big paper losses before
they could get out, and instead of selling out and
taking their medicine they determined to fight
1t thru and put up the money and bought more.
averaging their losses by purchases all the way
down to 761ac. Consequently they now hold a
bigger line by far, but it is cheaper wheat Oh
the average. This story IS not vouched for here,
but 1T is current gossip and was an influence
for strength. No wants to fight any such
proposition that, whether it be based on folly
sanity. Scarcely a man here believes such
corner could end in anything but big
smash. Still ordinary trader would care to
be short while bull manipulation
AS to how 1t would come out that is opinion.
Last year there public stock OF about
1000 900 bu contract wheat in Chicago. Gates
and his gallant crew sailed in and not only
gobbled 1t all up. but were long at time
about Is, COG. 600 bu for the May delivery. Sure
II that cnch, In so far supplies were
concerned. No one outside the inner circles has
seen the accounts. but 1t is generally known
that there was loss of between 81 800, 900 and
81, 0Oo. 900 when the funeral Some
others. not in the deal but following the Gates
crowd. also lost One Milwaukee banker whose
name everyone will recall lost great He
was not the only one. Many dropped his
LITTLE roll hut 10 the
daily press. Probably S.. 600, 900 Is conserva-
tive estimate of losses made by Chicago, Min
neapolis and northwest and central west small
traders the great smash. People do not for
get such things in a year Probably the out
side specula tors in wheat would not follow quite
readily this year. Of course there is no
comparison between conditions now and at that
time. When Gates appeared leader wheat
already away above ordinary prices To-day
1t is not far from commercial basis. Stocks,
however, are larger and there is large proper.
ton of contract stuff, and that Is what counts
In corner.
Last year Chicago had about 1000 900 bu con
tract wheat in sight. Today she has In public
stocks 1881 900 bu No. hard. 1874, 900 No.
for Chicago. doubt contract. and in private
stocks has 2,422, 600 bu (estimated) Or 5000
bu in all. A year ago Minneapolis had IL 1858, OOt
bu wheat, of which only 2O,s35 was No. l hare
and 4,311 ,4O3 No. northern Today there is
total Of 1880 1900 bu. of which 1.029, 147 il
No. 1 hard and 1O,27o,76o bu No. / northern
Duluth had 100000 bu year ago. only 4.OO'
of it No l hard and 1.475. 900 No. l northern
Duluth has today 1886, 900 bu, of which 5000.
900 Is either contract could be made con
tract very readily. Thus there Is in the thre
big markets today in approximation "a, 900, O0
bu wheat, either contract or so close that |
could be made contract against 1912 600 yea
ago. To attempt a corner In Chicago wou
seem like suicide Yet the Chicago manipulation
may have calculated that they can at leas
start it going and get a few cents out of it O
such tactics. 1T may be only bull manipula
ton for the creation of a long interest, tn
better to facilitate bear attacks and late
snashes If glowing winter wheat reports begi
to come many think they must from tn
present fine condition of The crop.
Minneapolis received 261 today compare
with 1863, and the other figures Duluth II
and 16 Chicago and 81 Winnipeg 200 an
172 Kansas City $1,000 bu and $4,000, st. Loui
$4,000 against 81 900. Local stocks increase
10000 bu for three days.
Local cash demand was good St. Louis wire
as follows to George H. Daggett: THE cas-
situa ton In the southwest never strong
and Is likely to get more acute. Heavy sno
at this season may be good thing, and 1t als
nay cause the heaviest floods record in DO
-om lands where big yields made
E. J. Murphy. travelling auditor for Gun
mings. wired H. E. Stout from Winnipeg
follows: Il find Winnipeg owners of cas-
wheat not inclined to sell regardless of offe
from abroad.
cargo of No hard-2oo, 900 bu-was so
in Chicago to Buffalo miller to go forwa,
when navigation opens.
- Primary receipts. $4,000 bu against 3OS, 90
Clearances, 14O. 900.
Bradstreets worlds visible Increased on
$4,000 bu.
Near the close the market fell of little
estimate of northwestern country elevat
stocks March l. sent out by local house. t
total being put at 1920 900 bu.
Broomhall cabled that the Argentine whe
crop is officially estimated as follows: 19O5-C
143. 200, 900 bu: 19O4O5. 1916 600 600 bu: 1909 {
1873. 900, 900 bu: 19O2-O3 104 900 eco bu: 1901 c
Jas. 900, 900 bu.