The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-05
] Conditions Highly Speculative
and Not Legitimate Now Gov
ern the Market.
Wild Stories Sent Out About a
Great Advance Soon
to Come.
Inference Drawn that Chicago
Holders Are Maneuvering
to Unload.

Minneapolis Chamber Of Commerce, Oct o.
The Chicago Record Herald threw a scare Into
the shorts this morning and caused the covering
of anywhere from 2,0G0, 0OO to 100000 bu OF
short wheat in this market Chicago and else |
where. The story published was OF 2o,Uo,ooo
bu long wheat held by big men outside the |
grain trade, principally fasteners, and OF the
probability Of a Chicago deal on the bull side
greater than even the famous Letter deal. Nat
urally cared to stand short IN the race
of such a proposition. and 80 the shorts 0ouSut
hastily The market went down. On all this
covering December in Minneapolis fell from
l74c to 1890. The ouly possible inference was
that on the covering some interest sold "heat
freely and put out more than enough to
offset the buying. That there Is great line
of long wheat held in Chicago cannot be doubt
ed, but what is to become of 1T finally Is a
question. The bulls have believed that so much
wheat carried along would give the shorts
hard time of it later, but recently there has
been evidence that the big longs are tired OF
their load and would gladly get out of 1t. They
could not hope to sell it now without breaking
the market. There Is no profit for them as
they stand. The situation Therefore IS pre-
carious No matter whether one Is bull or
/; not, or whether not he believes In the leglti-
, mate value Of wheat ut present prices, ne mas
now the speculative situation to consider. wheat
may be worth 74c soc. Probably a majority
believe 1t worth 75c at least. But it is no
longer question of legitimate influences as to
, price The Chicago crowd Of spectators again
dominate. 1t may be that Valentine Is trying
to unload the Shearson- Hamnll long line so
much talked about. He may be specializing for
big eastern interests. He may be acting on
behalf of the Chicago Board of Trade with the
purpose Of bringing about such conditions as Will
draw wheat to Chicago, revive business there
! and make better showing than last year, or he
may be specializing for himself. The fact re-
mains that when wheat Is strong enough to go
up someone always hands it out in big chunks
j to the buyers. Inference may be wrong, but
Inference says that the Chicago crowd is stuck
with great line of wheat which it cannot
sell, for if it did the market would so to pieces.
He would daring man who would venture
prediction to the outcome. Money and
muscle can do almost anything, and it may
win out for the Chicago men. but, on the other
hand. the small trader has now to consider that
he may be buried under an avalanche OF wheat
whenever the Chicago line comes out, and so
the whole makes for doubt and uncertainty
that affects even the best friends Of wheat
Liverpool closed u a sd higher
Receipts today were 4S1 cars against $50; at
Duluth, 297 against PIG; in Chicago AZ against
"a, and up at Winnipeg 3SS against 431. Kan
sas City got $4,000 bu against 129,O0O and
st. Louis $4,000 against $4,000.
Minneapolis stocks will show n decrease OF
about 90, 900 bu in tomorrow's report for the
week. Duluth stocks will increase about S00,
600 bu.
The weat Their forecast is as follows: Illinois
and Indiana, fair tonight and Saturday except
showers extreme south tonight. coole rtonight;
Missouri, fair tonight and Saturday, cooler to-
night; lower Michigan, upper Michigan and
showers extreme south tonight, cooler tonight;
Minnesota, fair tonight and Saturday, cooler
east and south, cooler Saturday; Dakotas, fair
tonight and Saturday, warmer; Wisconsin, Ialr
tonight and Saturday, cooler tonight Nebraska
Kansas and Montana, generally fair tonight and
Saturday, rising temperatures Saturday.
= Primary receipts were l 1889. COO bu against
1861, 0GO; clearanCes wheat and flour, $3.50, 900
bu. .-.
Bradstreet's report, showing cearances Of
4917 900 bu for the week, turned the market
strong and rallied December from 1880 to
73s @73Ac.
The government report will be issued at 2
pm. on Oct. 10. 1t will show the condition Of
corn, the yield Of spring wheat per as
well the quality. and the yield Of oats per
acre.
The Missouri October report, given by
King of Toledo, gives the condition 60 last
per cent sown 81, being % per cent more than
the same time last year. condition, 49, year
ago, 90; last June, II.
81 The, Modern Miller says: Rains prevented
seeding a large portion of winter wheat
territory, but put the soil in fine condition to
F. seeding is completed it is expected that far
mers' deliveries Of wheat will increase. Too
much rain in Kansas and Nebraska has dam
aged wheat In stack and the quality has been
greatly lowered in many localities"
Broomhal cabled Wheat steady, sd lower
at opening, the slight selling pressure resulted
from weaker American cables. . Later there was
a sharp advance with good speculative buying,
due largely to the continued reports of locusts
4 In Argentine. Undertone was very firm. Corn
steady, unchanged. Strength in America yes
terday and continued light Argentine shipments
to United Kingdom given as reasons for
support. Argentine shipments: Wheat, 1880,
ket firm with fair demand. arrivals light, crop
growing well, weather favorable, but locusts
causing anxiety. Corn market quiet, fair de-
mand, arrivals SMALL quality satisfactory