The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-09
Would Any Interest Dare Make a
Manipulative Effort at the
Present Time?
Northwestern Supply Situation
Still Bullish as Ever-Re-
ceipts Light.
Liverpool Easy, but It Has Little
Effect Here-Modern Mil
Ter Bearish.

Minneapolis Chamber OF Commerce. Nov. o.
Wheat moved up early today from i3Ac to I413
Gl74Mc on short covering. The local elevator
stocks stood unchanged at the decrease already
indicated and promise to show 100000 bu taken
out In the weekly report to come tomorrow The
receipts, after picking up enough Yesterday 10
suggest the beginning of better things, fell on
again today, and were PAT cars under last year
In Minneapolis and Duluth and $50 less with
Chicago included. Only S12 cars were in here
against 521 and the excess over last year that
has appeared heretofore at Duluth and has beA
an Offset to the lighter Minneapolis recelpts
failed to show today the head OF the lakes get
ting only 1877 against 376. Chicago received "
cars against 1885, Winnipeg 27O against 500,
st. Louis $4,000 bu against $4,000 and Kansas
City 81, 900 against SIS, 900. There was not much
on which to sell wheat and considerable on
bearish items but the northwest situation was
strong ever. and it controlled. Liverpool
closed on range Nd to Esd lower. The Liver
pool cable said wheat was easy at the opening
with values 3sd lower. followed by further
decline Of A@ad. The weak cables from
America. together with bearish Argentine news
and larger shipments than expected prompted
free liquidation among leading longs Argentine
Corn was easy at the start. with prices IA
lower. The nearby option lost additional "a d
while in the distant month trading was dull
Weakness resulted from the heavy Argentine
shipments, lower American cables, weakness Of
spot and In sympathy with wheat.
Broomhalis weekly Argentine cable said the
wheat market is firm with quiet demand. Ar
rivals from the interior light. Locusts are
/. still In evidence, but the measures recently
adopted by the authorities for their extinction
are considered adequate. Mr.. Danvers, our Ar
Z 1ent1ne agent, thinks that the growing wheat
crop Is likely to be per cent larger than that
OF last year. strike of dock laborers Is
threatening The corn market is firm with fair
demand. Arrivals from the interior are liberal
and the quality continues satisfactory.
Worlds stocks Of wheat as given by Brad
streets are now POS, 900, 600 bu. which IS the
largest total in eleven years. In 1905 worlds
stocks were 10000, O0O
summary reporting new crop winter wheat con
ditions highly favorable
For the week the clearances, given by Brad
street, equalled 4.155, 900 bu wheat and -four
For the day clearances were $4,000 bu wheat
and hour, including 1900 brls -four. ..-
The weather forecast: Illinois. fair tough.
night and Saturday except snow furries near
lake. colder tonight: Wisconsin and Missouri
fair tonight and Saturday, colder tonight, warm.
cloudy and colder tonight, with rain or snow
north: Minnesota. fair tonight and Saturday
colder in east and central portions tonight, warm
colder in east and central tonight. warmer Sat
urdayi Nebraska and Kansas, fair tonight and
Saturday. warmer; North and South Dakota, fail
and warmer. 5yaa2 e. .'Gt,
The feature Of the day came in the sensa
tional rumor the close of the market that
there is to be manipulation in December wheat.
Apparently this originated in the pitt where
one big firm especially active in December.
What the object was could not be figured out.
1t may be doubted, however, whether there
will be any manipulation, whether in fact any
interest would dare attempt It, In the opinion
of two officers of the chamber to whom the
rumor had come before the close, it would be
the most zill-advised thing that could possibly
come about, and would probably result in a
scandal that would shake the grain trade to its
foundations. The railroads have not brought the
wheat into Minneapolis and behind by some
1900 to 15,GO0, cars on the movement since it
began, as compared with year ago. They have
crippled the great local milling industry. 1t has
been said that the reason the wheat did not
come IVES because the roads had SO much other
business that they could not move it in, and
this has met acceptance In the trade, is probably
the true reason, and hint at anything else as
an important influence would be scoffed at. In
the event, however, of manipulation in December
based upon present extraordinary Minneapolis
supply conditions, the question of the legitimacy
of the situation would at once arise. Anything
tending to show that the roads might have done
better than they have done in moving the grain
to market and that they were Influenced in any
way by desire to the manipulative pur-
poses of any speculative interest in the grain
trade by bringing on a scarcity Of wheat would
be paralyzer at this time of grand jury inyesti.
cation, rebate indictments and antibucket shop
crusades. With a carload of testimony cover
ing the relationship between the various firms
and the railroads lying where it is easy Of &C.
cess, manipulative campaign designed to ef-
2fect a change in the price Of wheat would bring
out many things not now thought OF. Conserva-
Z tives who desire to keep the trade and the or
fganizat1on out of the liimelight and have II
serve legitimate purposes are hoping that no
such attempt will be made and that the situa-
Stton will be permitted to work itself out legiti-
Inately as cash wheat demand and supply prop
sOS1tiOn,