The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-09
Bears Now Talk zoe, but Not
Likely to Get It Without
q Fight.
European Buyers Run Away
Every Time We Strike a New
Export Basis.
Local Stocks Will Increase 9OO,-
600 Blu for the Week
News Of the Day.

A-ihneapolis Chamber of Commerce, March g.
Nieat struck Toe this morning for Minneapolis
May, thus making good the prediction of the
pears made when 1t was we'll up in the eighties
mat Zoe would one day be Now that this
has come about the bears have lowered their
hnal figure to zoe. and are looking for that
price. mat they Will get zoe is by means
so sure. Wheat, when 1t runs into bear
market, has cumulative properties for some dis
lance down and, starting in slowly the Slide
gathers weight as 1t goes like a SNOWFALL and
slides the faster the lower it goes But after
a time, when old standing long lines have been
brofe en- up and much wheat has been shifted about
tinto new ownership. speculative conditions
change. Spectators hesitate to sell SO freely
saitef SO long and severe decline, and more
HWheat nnds lodgment In the hands of so-called
Investors. men distinguished from the ordinary
scalper or Spectator in that they rarely appear
an the market, and when they come in they
buy the wheat for a long pull, put up plenty
OF money and stand on it. It can not be said
That any Of this class of buying has vet been
seen, but it Is entirely reasonable and in ac-
cordance with experience in past years to expect
mat Minneapolis wheat under Toe Will appeal to
s many The bears may indeed get it to roc
Certainly there is nothing to help the bulls
at present, and the bears, strong and pow
errul. club, the market every time 1t hardens
Still the stuff is worth something and to one
who looks well into the future wheat under
ioc Is not high. If the market goes to roc
1t will be by slower wearing away process
with frequent halts and upturns buyers who
Gsbel1eve IN 1t and make their appearance for
longtime commitment come in.
The bears in the pit are like the foreign buy
ers in that the lower the market goes the lower
they put their final figure With the long
played-for Toe wheat now here, they are out for
Toe. So It Is in the export trade. Duluth is
out Of line for export wheat and Minneapolis
m1liers can sell no flour abroad. except the oc-
casional little lot Of some special brand that
would go out under almost any conditions. Prac-
tically there is no export business in -four. A
dozen times wheat and -four have been close to
an export basis, and the bulls have compared
our prices and foreign prices and have seen
that another decline to certain price would
put us in line for business, but always when
the decline the foreigners. like guerilla
lighters In war, were found to have stolen away
in the night. We have been putting prices
down In order to do business and work off
exportable surplus, but the foreigner has been
running just as fast. When wheat Soc and
we were reported several cents too high for
export business then certainly it was reasonable
to expect that If we went down Zoe we would
be able to sell great quantities of stuff. But
the foreigner has kept ahead Of us. OF course
~ this cannot go on forever. Some day there will
be big orders entered, but they are not yet in
sight at this writing.
IS Minneapolis elevator stocks will not increase
! as much as was indicated by the figures for
the first two days, but there will be gain
d for the week nevertheless of about 100000 bu.
This will leave the total in local storage still
less than 100000 bu, but it will be very
close up. Receipts today were more liberal
were 81 and % at Duluth, 1 and 10 at Chicago
and 1873 and 80 at Winnipeg, while Kansas City
had %, 900 bu against %, 600 and st. Louis
81 ,0GO against A. 900.
Snow fell in the Dakotas and little in
Minnesota, also or rain in southern
Illinois. Iowa, Ohio, Tennessee, Indiana and
Kentucky. The forecast is for more of it, but
|, for Kansas fair and cooler weather is predicted
for Saturday.
Liverpool was Esd lower, Paris u q 1Ac up and
B Antwerp Is @1Ac higher. Argentine shipments
were heavier than expected at 3,S76,O00 bu
+ Primary, receipts, $4,000 bu against 4Os, Oo0
L clearances 10000 bu.
The Modern Miller says: Fewer complaints
have been received of !unfavorable conditions of
the winter wheat crop. Most of these claim
poor stands and confined to small areas
Generally satisfactory reports are now coming
from Kansas and Nebraska, where drought con-
f dftions had been prevalent. Good SHOWS have
fallen In the sandy-sol section of western Kan
sas. Prospects the Pacific coast continue
excellent especially in the northwestern states"