The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-12
The Trade Watching Armour Whose
J. Movements Are Rather ,
Erratic. y
49, -, 20
Rain Continues, but Receipts To-day
Were Heavier at All
u Points.
General Sentiment Firm, but This
Is Tempered by Cau-
lS' tlousness.

Minneapolis Chamber of Commerce, Nov. r.
The bulls in wheat were disappointed at the ac-
ton of the market this morning following the
opening. The opening disappointing in it
self. for while December was so Hc up at
715sc and May &c up at 73hc. this WAS hardly
enough to satisfy the bulls, who were working
In the expectation that the rainy weather in
the northwest Woold lie the cause of much new
speculative buying. Despite the weather, and In
tie face of bull talk from almost every quarter
tie market sumncd on the first heavy selling,
and back to yesterdays closing, figures.
going even lower. The Chicago Herald printed
an Armour story to the effect that Armour is
adding heavily to his long line of May, and that
his operations have reached the stage where
there is longer need for secrecy and all the
pit knows the source Of the buying orders.
This would seem to be a pretty bullish statement
and would probably have had more effect but
for the fact that there has been so much Armour
talk Of late that the trade Is SLOW to act upon
1t. While it IS true that the time is past when
rainy weather in the northwest necessarily
means serious interference with the movement,
still continued rain does not help 1t any. But
the showing of an excess Of 3U4 cars last
year at Minneapolis Chicago and Duluth and an
Increase of l56 In receipts in the north
west alone, took the edge off the rain argu-
ment. The market dipped to II \ oil sc for
December. but rallied again promptly and was
stubborn ever. Liverpool sd higher at
the close. So far this week the local stocks
have Increased by SSOuOO bu, which is the best
four-day Increase on the present movement. Yet
even if stocks here continue increasing at this
rate, may have figured it out that total stocks
IN minneapolis terminal houses ana III country
elevators Dec. / will be $1,000, 900 bu under
the total on Dec. l last year.
Minneapolis had 52S cars against 46l last year.
Duluth had 242 against 147.
At primary points receipts totaled 1,315 5000
bu, against 1,OS6,OOO, and shipments 674.O 600
against 100000. Clearance We're disappointing,
wheat and -four totulng only 27S,OO0 hu.
: Late in the session Chicago wired that Armour
is buyer of December wheat openly, but the
trade suspect him of selling through brokers.
Market rather dull, awaiting further action on
his part. Speculative trade merit in
wheat, but for the concentrated holding.
~ December closed steady, at 71Sc, and May at
27SM73c
Z New York reported "a loads taken to go out.
Tie cash market with 52S in not so
lively would ordinarily be supposed for the
reason that there only part Of the receipts
to work on. The bulk Of the good stuff. includ-
ing large portion of the No. 2 northern and Il
COOL part Of the No. 1 northern. turned over
to millerS and elevators to make delivery pre-
ViOus sales to arrive This left little choice
stuff to sell, and some receivers had nothing left
10 sell but low grades. Such of the choice wheat
as came on sale brought prices steady with yes
terGay, while the low grades the whole sold
better. No. hard brought 74Ac No. 1 north
ern $50 7312c, and No. northern, 72A Gl7lc.
No 3 wheat sold from 69Ec to Tie. Rejected
brought 6SM7Oc, and 20 grade ranged from 81 y {
down to 5Sc