The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-01
Market Hardens, and Near the
Close New York Short Gov
ering Boosts It.
FLOUR Mills Close Because of In
ability to Get Cars to
Move Stuff. s..
Barnes of Duluth Sends Down q
Bullish Analysis of the
Market.

Minneapolis Chamber of Commerce. NOV. l.
The new month began with. a strong market
In wheat. The situation showed no change fela
tive to the northwest supply except where II
changed for the worse as In the eaenat ~
stocks which against decrease OF 15'oOO Du
up to yesterday, showed decrease of 125 600
up to today. No increase appeared IN the
movement Of wheat to market Mlhneapoils
again falling of. with only 25o cars against
s4O Duluth gained a little, with 300 against
273, but the whole was still disappointing
Chicago got only "a cars against 1sl: Inc OUT
side markets showed AGO against 26l at VIM
and $4,000 against $4,000 at St. Louis The
local flour shipments picked up again ana
60 663 barrels went out. There We're rumors ot
the closing Of several of the mills because OF
Inability to get wheat. The situation in short
Is no better in any particular and November
comes in with the movement away oeh'nu con,
dittons unprecedented and showing no promlse
of an immediate change.
Ijyernool was the one weak influence, COM
ing a@hd lower to close. This started the
market weak and December was on to 74ssV
741kc, but when the local figures appeared tue
market moved up to 1888 @7o11c
Considerable strength from summary
Of transportation conditions sent out from
Kansas City. 1t read: 1.-The car situation here
turning down business that pays them 80 cents
per cwt. because they can't get enough cars
to take care Of their freight houses. Inc MIS-.
souri,, Kansas & Texas for instance is short
466 cars On its line for cotton loading IN
Texas and they can use any klnd OF DoA
or hatcar for cotton. Houses In southern Kan
sas and Oklahoma full Of stuff and 1t Is
absolutely impossible to get It, Our receipts
Of wheat would be very much heavier II coun-
try points could load 1t out The corn has
hardly started and will move very slowly I'M.
less roads car relieve the situation and It
does not look possible for some weeks yet.
Secretary smily Of the Kansas Grain Deal
ers' association issued a statement at Topeka
today showing that 81 per cent Of the Kansas
wheat crop has been marketed From the state
ment it appears that the Kansas crop of good
milling wheat amounted to only about 10000
coo bu. owing to great damage to wheat In
some counties because of wet weather The
reports compiled by Mr.. Smily were obtained
from 200 grain dealers thru the wheat belt"
OF the flour situation the Northwestern Miller
says: Business for the week was not greatly
different from that of other weeks. To say
the least it lacked the snap that Is expected
in October. Possibly, with the output $4,000
brs smaller than In 1905, much -four was
sold made. Usually mill managers
described the domestic demand as only fair.
Some who haze accumulated a moderate num-
Der of orders are beginning to talk about buy
ers being slow in sending in shipping direc-
lions.
There continues to be variation in the
experience of the mills to trade One week
while in the next week Its sales may run
much lighter. The experience of the other mills
each week OF find some mills which have made
fairly good sales and others that have done
poorly
Foreign trade is very dull. Sales Of patent
flour last week unusually small. One
case in which 10000 bags were disposed Of,
was about the only business heard of. Import
ers have reduced their bids about third and that
makes transactions the more difficult, espe-
cially in the face of the increasing cost Of
spot wheat. Millers find first clear slow Of
sale, Holland at present showing little in
terest.''
The forecast: Illinois, Indiana. Missouri,
Lower and Upper Michigan Iowa-Fair tonight
and Friday, rising temperatures. Minnesota
Fair and warmer tonight, Friday increasing
cloudiness with probably showers IN north and
warmer southeast. Wisconsin-Fair tonight and
Friday, rising temperatures. North Dakota
Partly cloudy with probably showers in north
tonight Friday warmer east tonight, colder
Friday. South Dakota-Same north Dakota.
Nebraska-Fair and warmer tonight; Friday in
creasing cloudness with warmer east and
showers in west. Kansas-Fair and warmer to-
night Friday increasing cloudiness with warmer
east Montana Generally fair tonight and FRI
day; cooler tonight.
In letter to Daggett covering the situation,
rounding the making Of the wheat price have
shown a radical change in the last six weeks.
At that time practically everyone in the grain
trade believed that we ha dcseured large
northwestern crop, Immediately after what was
generally acknowledged to be a large winter
wheat crop, and estimates were made Of ar
which in the light Of recent developments seem
to have been far from sanguine. Day after day
the northwestern wheat receipts at the primary
markets have been dsappointingly small, and
week after week explanat lions have been put
forth until every reason has been disproved ex-
cept the undoubted scarcity of cars, yet this
Is a complaint which Is heard every year in the
northwest at this time, and considering that
the total volume of all kinds of grain moving
into Minneapolis and Duluth has been about the
same year ago, the radical shortage in the
movement Of spring wheat can be explained
only in two ways-that the northwestern crop
Of spring wheat is materially smaller, else
that the grower will not part with it on the
price. Whatever the reason it has had the
viz: steady advance in the price Of spot
grain. On Sept. 10 Duluth spot No. 1 northern
wheat sold at zoe, and on the same day the
'bearshly' inclined Spectator could sell for
May delivery at Toe. This Is handicap in the
favor Of the short seller, which he is always
glad to appreciate viz: that with a con
Stunning price level of Toe, either the whole
consuming level must advance by May to Toe,
+ or what is generally more probable, his sales
for May delivery will be worth only roc when
that time natures.
northwest, spot No northern wheat Is worth
the same price as the May delivery so that
the handicap against the believer in higher
prices has entirely disappeared. Some of the
Minneapolis mills have closed down, but mas
I much as they have ground every bushel OF
wheat which has arrived there on the crop, and
inasmuch as their present stocks are as small
( as can be made, there Is considerable doubt
whether the mills closed down for lack of q
market or because they simply could not Sc
cure the raw material. As to the export trade
in wheat, this has been larger than generally
[ admitted America Is furnishing 40 per cent
and more of the worlds shipments each week
/ wheat and dour-and foreign markets not
independent Of American supplies this year as
they have been for the past three years.
4 Broadly speaking, America is selling them wheat
too cheaply, and would sell them just AZ much
on a higher price level as at this
Primary receipts, 81, 900 bu against 1890,
! 600 bu. Clearances. 174, 900 bu.
Near the price level Of roc a buying order
/ was received here from New York for $50, OO(
] bu which was short covering. Execution OF
4 this bushes scaused general wave Of buying
and the market responded quickly, selling VI
:. to new high points on this rise and closing
strong for the day. . &