The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-12
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Minneapolis Chamber of Commerce,
Sept. 12:-Prices were higher again in
7oNo and May to 74T675cs It looked
like even hig her figures, and the mar
ket would probably have gone up but
for the fact that there were number
of selling orders in May at the fat price
of 75c. This level that once looked 80
low now loo Ks high to the many who
there. It must be said in truth that
this has been the profitable thing to
do. For long time the short seller
has been the successful trader. No
doubt the shorts will one day sell
themselves into the hole, but to date
they have always been able to get out
and nothing serious enough to deter
them from the selling side has yet de-
,veloped Today the weather favored
with the movement, also there were
showers predicted for tonight and to-
morrow. Still the trade was not very
badly scared, the effect being confined
principally to shorts The big houses
find plenty of wheat moving in the
country and generally speaking are
Receipts here were 272 cars, against
$50, and with decrease of soc, 900 bu
strong. but Duluth got EOS against 1872
which offset the local shortage in part
Chicago received 80 compared with 81,
Winnipeg 264 against 83, and the other
comparisons were $4,000 bu and 1884,
600 bu for Kansas City and $4,000 and
$4,000 for st. Louis.
Liverpool closed I'D lower.
Peavey was a seller in Chicago.
Considerable discussion is heard as to
the export situation and the price. It
is clear that if estimates Of our crop are
correct, not enough wheat is being sold
abroad to keep the surplus down. In
speaking of the general situation,
George II. Daggett says:
For some time past everything but the
tine weather In the northwest has been in
favor of higher prices in wheat. There
has been decreasing visible supply very
unusual at this time of the year, liberal
export clearances and a remarkably light
run of interior receipts compared with
q year ago, and yet the rallies could
hardly have been more feeble. I be-
Heve that any improvement in values is
going to come from Developments here
at home and not from abroad, but what
that can be excepting possibly an over
sold market, I cannot foresee. look on
the foreign situation as sick one, One
s OF their best authorities nearer right
on such matters than any one know Of
estimates their import requirements this
season at 52o,O0o,O00, and on the basis
OF the present outlook estimates that
they can get from different countries the
following: United States and Canada
oo,oo0,o 900; Russia, 100, 900; Rumania,
Bulgaria. etc. 100, 900, oooi Argentina 10o,-
y 10000; India, 40, 600, 900; Australia a.
100000; sundries 12.000000; a total Of
! 604, 000, 900. What If he had taken Jones'
estimate Of 300, 100000 available from the
United States and, Canada? ..
or course, this Is an estimate Of what
may be possible If present indications in
the United States, Canada and Russia
are realized, and the next Argentina and
Indian crops fulfil their promises. Re-
ports from India are very favorable and
Argentina starts in with an area of
14,Soo,000 acres against 14o1S,oo0 acres
seeded at this time last year, and $780,
600 acres actually harvested. Still he
places the estimate Of their surplus at the
same as last year. ..- 4 - - -
Other crops in Europe today are better
than last year, and with the exception
Of South Russia they have been favored
with splendid weather at harvest:
All these factors have had their effect
and are reflected In values to some ex-
tent, but will any rally In values offset
the carrying charge the speculative buyer
4 has now to pay?"
j. C. Verhoeff returned today from
New York. He said: II found nearly
everyone Searish and that exporters do
not expect any demand for spring or
No. 2 red except at times when low
rates or something out Of the ordinary
may start it. They say the foreigners
will not buy.
Macaroni wheat, they think, will be
in demand sufficiently to take care Of the
yield was asked howmuch of it there
Is. I told them there was disagree
ment about it and that no one out
here pretended absolutely to say, but
that I thought that from what the best
Minneapolis and Duluth firms say and
my own advices are might take 40 ,O00,-
600 bushels as the crop. This did not
scare them at all. While it is much
more durum wheat than we have ever
i had 10 offer they seemed to think there
will be no difficulty in selling it.
Con spring wheat it is another
story We have got to change the
minds Of the foreigners and get them
/ to take more than they are now TAX
ing before we can call it healthy stu
alton. -
Trade locally was rather light. No