The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-24
Every Item of News Today Favor
able to Maintenance of
Strength in Wheat.
But the Price, After Firming Up
Eaaly to 1910, Breaks
Later to 72Zsc. J
Light Receipts and the Wherefore
the Point of Sharp Argu-
ment.

Minneapolis Chamber Of Commerce, Oct. "a
The first snowstorm Of the season had effect
to harden the wheat market and turn prices
fractionally higher. Light receipts made addi-
ticnal strength :.nd with cables showing more
responsive tone the situation was favorable TO
the bulls. The market, in view OF the several
active influences for strength, was disappointing.
While it easy at first to hold the price firm
and possible to move 1t up a little 1t was not
possible to sti: up any enthusiasm. Most OF the
locals are bulls, anyone might we'll be who
looks at the continued daily postings well I'M
der a year ago. Today, for further illustration,
there was a total in the northwest that upon
rough comparison looked only half as large as
year ago. and was In reality much lighter.
Against the AGA in Minneapolis and Duluth
there SIT last year, or 1853 more. Mime
apolis had 226 today against 400, Duluth 2Ss
against AT. The old query went around, where
is the wheat? 1t Is hard matter to con-
dense into anything brief, mention Of the va
rous things that enter into this. The long-con-
tinued light receipts has made some IN the
trade incline to the view that there must be
something to it besides Inability of the roads to
move the stuff in, but those best Informed
say it is purely railroad proposition, that
enormous east and west-bound merchandise ton
mage and much construction work accounts
for the failure of the roads to handle the grain.
The publication of the table In 7 IN
of yesterday showing Is, sos cars less of grain
of all kinds received in Minneapolis since Sept.
l. compared with the corresponding time last
year, and over 5000 less wheat caused
considerable comment. Chicago reprinted the
item, but made the wheat shortage little heav-
Ter than warranted, probably by error Of fig
uring in some coarse grain, and wires went out
from Chicago that the Minneapolis wheat move
ment to date is 600 short. This table
pleased everyone. The bulls pointed to it AS
confirmation of their views, and since 1t is
almost Nov. / and there Is still no sign OF AL
increase in the movement and northwest ter
minal stocks are light and increasing only
slightly, there will be scramble for wheat.
they believe. before December comes around, and
Of the short sellers will not feel SO gay
whan they have to pay more money to get
back their short wheat. The bears scott at
this. 1t is absurd, they say, to build up argu-
ment for higher prices upon the fact that less
wheat has been shipped, for every buShel back
means just much to time.
The bulls argue that the crop has been over
estimated, but the bears appear to have conf
dence that tn estuff is there and will day
come in. Fair illustration Of an argument coun-
ter to the general feeling Is found in the conf
recent estimate of the Minneapolis Market Rec
ord The Duluth paper says: ANY crop esti-
mate based on the assumption that the north
western wheat IS only IA, PAP, 900 acres
starts out with vital to discredit
their entire figures Suppose they are govern
inert figures. That don't make them right. The
government figures of have not been cor
rected since the census Of 1900, and this will
not be denied by their statistcians. The fig
ures Of used by the Market Record at
least 100000 acres too low, and the Market
Record knows the figures are low and for that
their estimate does not represent their
best opinion, and is not entitled to the considera
ton Of criticism. What Is said above refers tc
wheat and with equal truthfuness be ap-
piled to faXseed''
Receipts at other market lighter except
at Kansas City, where 1874, 900 bu were in against
$1,000. St Louis had SO, 600 against $1,000
Chicago 50 against 1873 and Winnipeg 29I
against 342.
Minneapolis elevator stocks decreased 15,oot
BIZ for four days
Liverpool closed A@%d higher.
Primary receipts 1897, OCO bu against 1905, 900
Clearances $50, 900 bu.
New York wired follows: ''There seems
absolutely no demand OF chance Of workin;
American oats for export. Canadian and Mani
toba figure at least couple of cents cheape
and the quality is better. The demand evel
for them is very limited Clearances Of whea
from here yesterday and today 232, 900, 0
which POI, 900 goes to Mediterranean ports, al
durum."
Broomhalls special Russian news says: "Ra
( is bandly wanted in the provinces of Bessarabia
North kerson and Podolia. Arrivals at Odess
are liberal and at the Crimea and Azof small.
The forecast is for continued storm acros
the upper lake region and upper Mississippi val
ley, high winds today and tonight, fair an
somewhat colder tomorrow.