The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-16
SAVAGE BEAR ATTACKS IN ALL THE GRAIN PITS
Wheat Weak and Very Erratic up
to Noon, With Sharp and
Panicky Breaks.
MINNEAPOLIS MAY FELL TO rs 1-4c
Bulls Say the Decline Is Being over
done; Hears Say 1t Has
Only Begun. .

Minneapolis Chamber Of Commerce, Jan. 10.
General Generalization was felt IN all the
grain markets this morning. NotWithstana-
ing the repeated declines Of the last four
days, and the feeling that some reaction was
now due, wheat slumped again, and on q
sudden panicky break, May sold down TO
70Ac This against the late high point Oh
s09sc. When will the decline stop? The early
gossip from Chicago says the bears are TAX
ing 75c for May wheat in that market. should
this follow, Minneapolis May would go TO
about Tic II the present difference were mann
tanned. We're it not for the utter discour-
agement resulting from the continued unload
ing of the heavy long lines of all grains IN
Chicago, some reaction. even II but tempo
rary, might have been felt before this. "fhere
are plenty of speculative buyers in sight, but
for the present they are persstently holding
off. Some Of the long stuff being liquidated
IN Chicago has been carried for months and
represents profits to the sellers. More Of it
is long stuff taken on the last bull turn, and
forced out by the general scare, and calls
for more margins One report says the worst
Is over, another says there ia much more 10
come II the market breaks another. cent or
two. Naturally the average trader is timld.
but Is ready to take hold as soon as the at
nosphere clears. Meanwhile the bulls. who
are still arguing that wheat Is intrinsically
worth more than Toe here are watching the
increase OF bearish sentiment, and are hoping
the bears will overdo it, they probably
will Liverpool, which market continually
- back on the American advances, re-
spends only too readily to declines. Still the
difference is narrowing. and American prices
are again getting to an export basis. New York
reported good export business on the break
on the curb yesterday.
The Price Current says winter wheat condi-
lions arc unfavorable, but not much damage
ia apparent Regarding moisture in the
southwest to-day, conditions show no special
change
Liverpool closed sd lower on wheat and
k@%d OFF on corn. London, 11sd off on both.
Before noon May was worked back to 761so
on scattered buying and short covering. A
rumor came out in Chicago that large COM
mission firm had failed to pass the clearing
house, and the market turned panicky. Min
nsapolis May broke to 75Ae in twinkling.
Primary receipts We're 521, 900 bu, compared
with $4,000 last week. and shipments 1851 900
Su, compared with 2s1. 900. Wheat and -four
clearances equaled $4,000 bu. Minneapolis
received 42S cars, against 304 last year, and
Duluth had II. against 43. Local stocks will
increase this week, from present indications,
about 1000 bu
The market regained the loss and moved
up 10 from low point closing steady May
closed at 7s1sQ7eAc; July. 771s@77Ac; Janu-
airy, 76Ac. Chicago closed May at S0Ac.
The cash market was firm and active with
good demand for the milling wheat. There
was less attention paid to cars than has been
the case for a long time, and buyers, whilc
expressing preference for Milwaukee and
Omaha cars. did not insist, and would not
pay any premium. No. / sold principally at
&c under May, and No. in good part at
&c under. No. 8 wheat ranged from T2Ac
down to zoe for tough Or smutty lots. Re-
jected and no grade sold from CSC to TOXIC. A
little No. hard turned up and sold at 77Ac.