The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-28
Local Receiving Houses Find
Banks Presenting Larger
Country Drafts.
Bears Hope for Price Recession to
Follow, but Bulls Very
Confident.
Receipts Here Very Light and
Wheat Stocks Still Fall
ing Off.

Minneapolis Chamber Of Commerce, Sept. %
Wheat opened firm today on the continued Aght
Minneapolis receipts only 27s cars appearing
here against 5S7 year ago. The market sold
to 74s, M747sc for December. Local traders
were afraid to buy much but were equally AFRAID
to sell, while the Chicago gossip said the PIT
was afraid to go short because or the Shearsoh
line of December, supposed to be tlghtly nelo.
Business here was moderate and had no part1cu-
lar leaning way or the other until ). ~.
Fraser offered some wheat and Woodwork De-
gan to sell. This assumed to represent
Chicago selling, and the market fell quickly
to TAX @74$c, but only to tighten up again
when Offering ceased. 1t looked like test OF
the market, just little feeler to see now MN
neapons would take any heavy selling :, a
little later on Bartlett reported selling
Chicago May freely, and prices were fractionaily
lower, Minneapolis December holding at TAG.
Local receiving houses reported drafts thru the
banks for grain shipments being presented more
numerously and for somewhat larger amounts
which means that more stuff Is headed this way
This is what must be expected. Present conal-
lions cannot possibly last long, and 1T is surprls-
ing that the movement has continued so light to
this time, The test should soon be here. Wheat
is standing in at various stations In guam
tity heavy enough to increase receipts here very
materially If the railroads had the motive power
to bring it in The bears are waiting for the
Increased movement, confident that 1t Will break
the market. The bulls are not afraid Larger
receipts. they say. must come ana eVeryon 1e
expect Prices will naturally recede somewhat
on days Of heavy offerings. but traders who play
this to bring on bear market will be dlsap
pointed, they believe, for sentiment in whea'
has changed and more people believe in the
value Of the cereal at present prices and VIII
be buyers the breaks
Flour shipments at g. 431 brls were again ia
vorable to strength in wheat, indicating a daily
grind of wheat that permits Of no possible &C
emulation under the present movement, anc
that will permit Of only moderate increases
unless it doubles. For the week the decrease II
local elevator stocks is estimated ut $4,000 ou
The decrease of 3Os here was Offset In
part by an increase Of 81 in Duluth, that mar
ket getting 434 against $40, but much OF
1t was macaro,h. Nearly -35 cars in every hun
dred cars received at Duluth so far on the move
ment have contained macaroni wheat. Chicago
got IS cars wheat today against 81, and Wtnnl
peg only 151 against 43e. while the st. Louis
comparison was $1,000 bu and $4,000. and the
comparison for Kansas City 10000 and 100,
900.
There Is a forecast that may bring rain TO-
night In some portions Of the northwest Rain
fell at 0 am. In the Red river valley. II was
not heavy, but unfavorable.
Exports for the week as reported by Brad
streets, 4,574 900 bu. Clearances $4,000 bu fo'
the day 90.
600.
The Modern Miller says: 1.-THE black Weevl
has appeared in the winter wheat held IN stock:
and bins by Missouri and Illinois farmers. Ell
forts are being made to destroy these pests ny
fumigation. but many farmers. it is expected
will market their holdings rather than chance
serious loss
at opening Influenced by steadiness Of American
cables and firm American offers, and very rev
sellers. There was an increase In outside sup
port The market held generally firm with ex
ception of some realizing in September. whic]
caused decline of sd Corn steady, un
changed; undertone firm, owing to smaller AZ
gentine shipments and better spot trade"