The Minneapolis journal., 1906-06-01
It Brings Out the Bears, Who
Sell the Scenery and De-
press Prices.
Chicago Houses Sending Out
Bearish News, Also the
Modern Miller.
Trade Moderate-May Cleaned
Up in Chicago-News Of
the Day.

Niuueapolis Chamber of Commerce, June l.
More people turned bearish today, for June came
In with good weather everywhere and more OF II
to come. May wheat was out of the way, ana
with it went the hopes of the bulls Tor the
present Chicago comment called attention 10
the fact that the situation Is really no dlHereht'
but that there is now no May wheat, cohse-
ouently no shorts in May to drive In to cover.
and that the driving In of shorts does not make
'.situation.' The turn appears TO nave oeeh
made and 50 far Minneapolis is concerned
nothing favorable to an immediate advance ap-
pears. No doubt the bears, II they get snow
will again press 1t too far. There are enough
believers in the legitimacy OF wheat IN the upper
seventies to make some buying appear shoulu
September go under roc, low point at THIS VIII
ing. and enough believers In July at soc TO
bring support should that option break thru oAc'
low point to this time On the otnef nana'
there Is considerable long wheat held by little
speculators who will be getting disgusted' from
time to time. Bad weather will send the snorts
70 cover again. but without 1t prices are Eheiy
TO sag. The May cleanup ran to respectaole
figures May deliveries in Chicago amounted 10
1,255, 900 bu, of which Peavey delivered 100000,
Shearson $4,000, Bartlett 900 and ware
Leland, ash-Wright and other firms the re-
Ynainder Principal receivers were Hulburd-
Warren Barrell, Logan & Bryan and jackson
Bros. Some Of the wheat was taken over for
Waterman, the Albany. n Y, miller. oo am
Minneapolis stocks will decrease about ooo,ooo
bn for the week. Receipts here today were
i4b cars against 157, and other comparisons
were "a and ls for Duluth. and 3 for Chicago,
"a
for st. Louis and 10000 and $4,000 for Kansas
City.
Charles 3. Lewis who wired Chicago Tor. an
expression Of the general sentiment now ruhhs
the board got the following interesting sum-
mary from F. P Frazier: Last year at the
commencement Of harvest the stocks OF Wneas
in this country almost entirely eShausteo'
NO. northern wheat selling up to $l.1ocgl'Zo
E1yery miller was down to almost his last bushel
of wheat. Every wholesale flour dealers supply
was exhausted. The retailer, who carries
stock of ten to twenty five barrels OF Hour, was
down to one OF two barrels, and the little cross
road grocery store man. who usually carries ten
to twenty five sacks of -four, was down to two
or three sacks. so when the new wheat com
Ineuced to move there was an enormous ae-
rnand and it took immense amount OF wheat,
nrobably $4,000 900 to 100 OOO, 600 bu, TO put
stocks back to a normal condition. Ih1s year
conditions have entirely changed we nave d
pretty fair visible supply. The trade Is stocsea
with -four The small dealer has his stock and
the wholesale dealer has his stock so when
the new wheat commences to move 1t may nave
to sell at a point where it can be exported
The American market will not control the s1tua-
ton 80 completely it did a year ago.
1.-THE government report on spring wheat that
will be issued on the 10th, In my opinion Will
show condition or points better than
year ago. Winter wheat will probably De
or points less than a year ago, SO the hrst
report that the government gives us on wheat
this year will be perhaps shade less than the
report Of last year, but last year we naa quite
very unfavorable, and spring wheat was re
duced l believe, therefore, that 1t is among
the possibilities that wheat will sell lower, II
present conditions keep up
Cash wheat brought 1Ac over for No.
northern and July price for No. g.
Primary receipts $4,000 bu agains
e6O 900. Clearances, 25So00 bu. Clearances TO
the week. $500, 900 bu.
The forecast: Illinois and Indiana, fair TO
hight and Saturday, cooler in north tonight
Missouri fair tonight and Saturday, slight.
cooler in north. warmer; Wisconsin. fair to
hight and Saturday, possible light fros
In lowlands tonight, warmer Saturday
Minnesota, fair tonight and Saturday
iowa, fair tonight and Saturday, cool
er tonight, Saturday; North and Sout
Dakota. fair and warmer; Nebraska and Kan
bas, fair tonight and Saturday, warmer.
The Modern Miller says the drought condi
tions have been generally relieved in the white
wheat regions where rains for some time ha
been insufficient entirely lacking. The GRO
has been benefited in the greater portion OF tn
hrea suffering from drought The poorest pros
bects are in Missouri, Illinois, Indiana an
Michigan, where the yields are expected to
Disappointing Harvest has began in Texas an
h,ilI hepjn n Tennessee.