The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-19
After Opening Very stagnant the
Market Takes On a Little Ac-
tivity Near the Close. j..
s5- r.. .- ~ ....-
Manitoba Wheat Movement Affords
Room for Both Bull and Bear -
9 Argument.
36.n
A. rs, ~.
The Strength Lies at the Seaboard
Where Wheat Is Being Sold
to Go Aboad.

Minneapolis, Chamber Of Commerce. Dec. TO-
Wheat moved tic" in the first half hour this
morning, selling from 74lac 10 142s a 741ac.
After an hour it up + a. We, and trading at
i1"sc 1t was the narrowest range and the
dullest opening trade for a long time. In
thHnSo it was as bad or worse and every I'M
portant speculative market dragged willie the
smaller interior markets scarcely moved at all.
Naturally there WAS some bearsh talk heard
the floor Since dullness breeds pessmsm and
lack OF confidence in the stability of prices. there
was pretty general rehash of all the bearisll
arguments heard earlier in the week. For lack
of new material the bulls and bears are going
deep into the mater of Manitoba wheat. and
throwing arGu1nt hts along this line back and
forth. Yesterday at the first sign of waver
ing that finally brought the sharp decline, the
hears were out with the report of Manitoba
competition, citing the specific instance Of the
offer Of No. Manitoba wheat at Fort William at
&c under Chicago This, coupled with light clear
iarcoS at the scaboard, depressing. Mean
while. the fact that prominent Minneapolis
millers returned very recently from Winnipeg,
where they purchased about 100000 bu OF
,Canadinn wheat to grind in Minneapolis mills.
was picked up and circulated around the Chicago
board bull factcr. the argument that 4
large quantity of Manitoba wheat will find dis
posal this way. and the pressure upon the
board outlet will be lighter in the spring. But
the bears were out in twnklng with the coun-
ter argument that this one big purchase is not
necessarily indication Of more to follow soon.
but probably stands for the bulk that Is to come.
since only one comparatively small lot is bonded.
and if 10000 bu Il day is ground the supply will
last long time
The regular news of the day brought little of
interest. London had another cable from Argen-
tire which repeated here and there
American cables direct from Argentine. There
have been local rains. although the weather now
is bright and clear. Tic quality of the Argentine
wheat said to average better than last year.
Argentine shipped 1871 900 hu this week against
$4,000 bu last week and 10000 bu year ago.
The weather in our own country being generally
milder and above freezing was favorable for the
general grain movement Mnneapoli had 49,
cars against 24l and Duluth 16 against is last
year. a gain of 81 cars for the northwest.
Clearances were $50 900 bu wheat and -four
Primary receipts 10000 bu against 54S,
900 bu, and shipments 1S6.OOn blu against 1O7,
600 bu.
The Modern Miller says crop conditions are
seasonably good for winter wheat. There Is
nothing TO indicate damage Of consequence in
any section Of the winter wheat belt. There is
a scarcity Of good milling wheat al all points
of accumnla ton indicating that most of the
good grain has been marketed
BradStrcet's report shows exports OF o,2o6,OOO
bushels of wheat and flour for the week
New York had good day III cash wheat and
The exports of wheat sold abroad turned the
sion New York sold 40 loads in The first re-
port. but later raised it to 81 loads. Prices
were reported satisfactory aud it was intimatei
that there was an abundance OF export orders
near the market and close to the point of con-
summation. The market closed firm May Il:
T5c July 1JHsc. and December I3Sc the latter
nominal figure as there was 10 trading 10
base it on
market beyond less active demand. which left
some wheat unsold late in the session. But
l.rices relative to May were about the same
all grades as yesterday. No northern sold
There was ut much business reported i'll wheat
TO arrive.