The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-29
Big Sellers Try to Hold It Down,
but Near the Close It
Beats Them.
Prospects Are for Much Short
Covering Unless Receipts
Increase.
A Strong Close and Much More
Speculative Activity
~ Noted.

Njpueapolls Chamber Of Commerce, Oct. 70
Starting the new week with an array OF serohs
items covering the range from oldcrop sup
plies to new-crop prospects,, the bulls IN Wheat
had everything in their favor today, yet We're
unable TO make much Roadway. 1t ID really
an extraordinary situation, the like OF "hich
has not been seen before. This Is the time
when the wheat ought to be coming, but 1T does
not come. Every day there remains general
summary Of supply conditions that ought TO put
prices up Week after week the expectation
has been for an Improvement, but conditions
have not changed and another week has opened
with no new development. 1t is time something
was doing. Either wheat must come IN
pretty soon to enable the bears to make good
after long waiting, the market Will probably
start up despite the preponderance or selling
pressure against 1t. ...ee ........ ~ s.
Only 364 cars were in here over Sunday COM
pared with sos last year. and with rainy wealth
er, no improvement is promised. Duluth ran
over with 1853 against 2I2, but at that the two
markets were short 243 cars. In Mfnneapoils 90
cars were loaded out of elevators, and local
stocks, that should be Increasing heavily at this
time show a standof. The -four shipments for
the day at Ct, QUO barrels We're much better
than expected in view of the reports OF dun
business last week and the closing OF some OF
the mills The local situation IN short was bull
tsh- all around In the outside markets receipts
were also light, only 1O7 cars against 1T at
Chicago 264 against $50 at Winnipeg, LOO, 600 bu
against 145 900 at st. Louis and 161 900 against
1885, 900 In Kansas City. The news came from
Indiana Of Hessian fly damaging wheat and
dry-rot in
The worlds statistical news was bullish, the
good clearances Of last week being reflected IN
worlds shipments of IL, 52S. 900 bu, In which
America figured for 8, 1850, 900 bu against 1882,
600 from Russia, the big competitor and 1906
900 from the Danube against 2,40SOOO last
year The quantity on passage at 81 1884 600 bu
increased 600, 900 bu for the week, or somewhat
less than expected. and Liverpool firm and
1s@Ad higher at the opening. 1t was difficult
to find anything important in the news that
was other than bullish.
The market made fair start, and December
against Saturdays close at 1850 1875 q
1870 in early business. The northwest
free seller in Chicago thru Marfeld, Peavey,
Daggett and other houses Corn was strong,
Rt soa ee sSa and me tosa1 Pr
handed out wheat on the hard spots, selling one
lot Of 100000 bu of which $4,000 was taken by
Van Dusen the other $4,000 going to Hankinson-
Ireys. Against this selling the altered small
buying lost its force and the market held
In check.
The nKohler Milling company sent Stephens
the following, received by them from Ross T.
Smythe & Co. of Liverpool: Indian wheat is
coming forward slowly, and the crop has evil
IDENTIFY been overestimated. We do not look
for exports this season of more than 80 600, 900
to $4,000, 900 bu. In view, the American
crop has also been overestmated, and we are
not afraid to go record with estimate of
700. 900, 0O0-bu crop and 100, O0O, 900 for the
than predicted. Russian exports are maintained,
but from all quarters the great bulk Is heading
for the continent, leaving the United Kingdom
a minimum of supply"
The weather forecast: Illinois. partly cloudy
with rain in north portion this afternoon and
tonight, Tuesday fair and colder; Indiana, show
ers tonight, Tuesday cooler and fair except snow
Lake Michigan; Missouri fair tonight and
colder Tuesday and in west tonight; lower Mich
1gan showers tonight probably turning to snow
hurries and colder Tuesday; Minnesota, threat
ening and colder tonight, with snow near Lake
Superior, Tuesday fair; Iowa, generally fair
tonight and Tuesday, colder tonight and in east
portion Tuesday; North and South Dakota fair
tonight and Tuesday, colder tonight, warmer
Tuesday; Kansas and Nebraska, fair tonight
and Tuesday, colder tonight.
CiearaHces, 641 600 bu.
Broonhall cabled that Russian mail advices
confirm the very unfavorable seeding outlook in
the important districts In the south. Odessa
fears that they will have no winter wheat next
season. Broornhall also cabled that the wheat
crop Of South Australia is forecast this season
at Il 100000 bu against the official yield Of
2o,16o.0CO bu last year and IL. 023, O0O bu in
1905
The forecast is for continued showers or snow
the forecast district; clearing Tuesday ex-
cepr in Michigan; lower temperatures in the
eastern, at,t: central sections.
the visible report. showing a decrease Of
$4,000 bn, Elade the market very strong, and
the bears could longer hold it down. De-
ceni6er went quickly to 74c and the close
SPIRITED to Ia9sc, selling the curb at 7415c.
1t was strong finish and the market looked
higher at the end. There big shorts who
will have to consider whether or not they
will stand and wait for the heavier receipts
that have so long disappointed them, will
take in their wheat. Should any important COW
ering follow tomorrow. much higher prices might
De seen. The big houses will probably work to
hold the market down, and they may succeed,
but it looked much like scare-in of the big
shorts at the close today. ,.