The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-14
Receipts Still Run Light and the
Shorts Are Facing an
Acute Situation.
More Wheat Must Come or the
Bears Will Again Be Driven
to Cover.
Eighty Gents Predicted for De-
ember-Gossip of the
Big Firms.

Minneapolis Chamber of Commerce, Nov. IA
/ After the sensational advance of yesterday the
wheat market opened easy this morning ana
about NC down from yesterdays high point. 1t
appeared to be only the reaction natural to ex-
IRENE activity, but the contest between the
spirited trading of yesterday and the dulness OF
the early session this morning was marked. Yet
the market was strong. 1t was as tho the bull
traders were resting to get their bearings and
find whether conditions would warrant, another
whtrl, or whether enough had been effected for
the present. The cables were, disappointing.
There was an advance Of SOLD In Liverpool
and second cables showed 1t Md up. Budapest
was up hc and Berlin also Nc higher, and tho
continent was firm generally. But In view OF
our gain of 2Mc yesterday and our range Of
CSC from Mondays close up, to yesterday
high point. this foreign frmness was scarcely
On adequate response. There was much speculn-
tive gossip. Watson was free seller here and
this Chicago took to be short selling. The Inter
Ocean had long story about the Watson posi-
tion. indicating that the house has been short
big line, that 1t covered freely and that it
was selling again In the effort to break back
prices, and half dozen tnferential and con-
3ectural things were put forward. The position
of the Woodworths was another matter for dis
cussion and here again inference was at work
with some surprising conclusions. The Chicago
contention Is, in short. that the two Minneapolis
arms Of prominence and greatest continued ac-
tivity in wheat do not know what they are
feet knowledge Of what they ought to do. Ger
tainly nothing Is known here as to their COM
mitment. The closest observer. after watching
the maneuverins Of Woodworth's pit representa-
would md it hard to tell whether the noise max
ers were buying wheat or selling it out. But
Chicago may alwayc be trusted to know Just what
every big house Is doing. and when the name
worth or Watson stands in leadership at any
time, exactly what is doing with infinite de-
tails ~ to how It is being done may be found
IN the Chicago press.
e hQN in fPnyn n1aff ~ p1x
conditions, there was an unchanged situation
here. Only 255 cars were received compared
with s14, and local elevator stocks lost another
$4,000 bu and are 10000 bu OF 50 far in the
week. Duluth received only 8oa cars against 425
and 20 the two markets were short 1s1 cars
compared with year ago. Chicago had 81 cars
ssainst 100 and Winnipeg s25 against 1856.
Liverpool closed A@kd lower. -.,. ..
Broomhall cabled: according to an official
report for India for the week ended Nov. s.
wheat sown in the early districts is in good con-
dition and in the United Provinces the plant has
germinated we'll. Our Argentine agent cables
that he has been officially informed that slight
frostS have occurred In the southern part Of
Buenos Aires, but they caused no damage. The
weather Is now cold and wet"
Kansas City received SO, 900 bu asainst LOT mn
Hu, 6t: Louis $4,000 against 90, 900. Primary
receipts. 1.0l7, 600 bu against 1896, 900. Clear
anees, 243, 1000.
but there was little selling. and when the
later continental cables showed Parts h@Xc
higher and Antwerp &c higher, Chicago and
New York armed up. December In Minneapolis
sold up again to 76he and May to 7sAc.
Near the close there was hot fight for con.
troll and the bulls out and closed the mar
ket firm at yesterdays level. It was evident
at the end that a great effort was being made
to hold the market in check and prevent a run
away. The short interest was supposed to have
covered pretty freely on yesterdays advance, and
1t was expected that there would be price
recession today. but, as there is still a large
short interest outstanding, according to gossip
OF the floor, that will have to come in eventually
or go over into December and depend upon re-
celpts next month to pick up and help them
ed TAT the close that the crucial test as to abiI
~ to sustain prices was made today when the
heavy selling failed to hold the market down
control and 80c December wheat will shortly
be- seen.