The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-02
The Market Dragged Down to 73c,
but Near the Close Advanced
Quickly to 74c.
Clearances Very Heavy, the Wheat
and Flour Total Showing Over
100000 Blu.
Minneapolis Stocks Have Increased
100000 Blu. So Far This Week
Country Stocks Lighter.

minneapolis Chamber of Commerce. Dec o
sentiment In the local wheat pit was very much
.iAeu TINS morning and indecsion clearly marked
tue course OF the trading In the first trades
,nere was slight depression and from the
general lack of bull enthusiasm here and from
tata tenor or the reports respecting outside
hets' decline seemed imminent. But May
"heat stuck at 13c despite some pounding by
se ag shorts, and little pressure from open
81 Chicaso was even more undecided. at
hfst than Minneapolis, and the early reports
said there was great deal of noise in the nit
put not much actual business Traders are on
tue LOOKOUT for anything to stimulate activity
representative In the wheat pit. With general
guinness ruling. so far speculative interest is
concerned, the smaller traders are standing
ready to turn either way. One of the best au-
thorities in Chicago said this morning that he
mad never seen the speculative market more
evenly balanced through hesitation or more in
position to move either way by the shifting over
Oh little sentiment one way or the other. With
no other influences of Importance interest CEN
tiers IN the doings Of the Armour interests. With
all sorts of rumors going around nobody pre-
tends to know with any certainty what Armour
Is doing If the trade could once feel certain
mat Armour, when he buys, Is actually buying
1or long account and not selling secretly in an
other part of the pit, wheat would squirt up
quickly. Or If they could feel that Armour Is
selling or working for ultimate decline, they
would pile over onto the selling side and bear
on for decline that might run several cents
1t is an Armour market of the most pronounced
type.
Liverpool was on N QNHsc at the close. Broom
hall cabled that the latest Rosario adyices say
the harvest has begun in Argentine under favor
able conditions. --' ;-.'
The northwest had almost a stand-off in re-
ceipts the days total showing 1,O17 cars against
1.051 last year. Minneapolis had 1876 against
1853 and Duluth ISL against 69s. The Chicago
public -. elevator stocks of contract wheat show
S,355,779 bu, Increase Of only 1920 bu dur
ing the week. Wheat stocks in Chicago private
elevators at 100000 bu show an increase Of
$4,000. The Bradstreet figures show the guam
tity of wheat east of the Rocky mountains to
have increased last week by 1920. 900 blu, 9but
there was decrease of 5000, 900 blu in the
Nuantity ahoat for Europe, leaving a net in
crease of 10000 bu. Minneapolis stocks for the
first half Of the week, reckoning from Friday
last, have increased by 100000 bu.
A sudden turn of strength came into the mar.
ket late in the session upon receipt of the figures
for wheat and -four clearances which showed the
surprising total Of 1,456,353 bu. May advanced
quickly to 1874 0D75Ac. With this there was re-
new ed talk Of light stocks in the country. and
the fact that country stocks fell OF by 100000
bu during November was a strong item. Par
ticular emphasis put upon the fact that
while northwestern country elevator stocks on
Dec. 1 last year were IL 1914 900 bu,- they are
now 1926, 900 bu.
Primary receipts were 1929, 900 bu, against
1 400 900 last year. This further help to
strength and May wheat sold to 74c closing
firm at high point and full cent upl from the
low point of the morning. December closed at
71Mc and May at 74hc.
The cash market was about the same as yes
terday all through. There was good general de-
lpand for wheat, elevators taking the bulk of the
offerings.