The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-22

"A Sensational Story About the Re-
cent Selling by Armour
Prompted Caution.
Near the End the Market Spurted
Up Closing Stronger and
Higher.
Weekend Statistics About as Ex-
pected-The Local Increase
1,33s,8s8 Blu.

Minneapolis Chamber Of Commerce. Nov. o.
The wheat market opened this morning without
anything in the general situation Of impor-
lance enough to change sentiment one way or the
other. The week -end statistical changes turned
out about expected. The local increase III
wheat stocks very close to the estimate
l .:}3S, SSS bu--this making tina present total
in Minneapolis elevators 6.26S,674 bu, of which
2,541.347 bu is No / northern. Receipts In the
northwest were "a cars in excess of last year,
which was of no special significance; nor was
there anything in the weather conditions or IN
the foreign especially important.
The feature of the day, in so far, at least. as
1t bore upon trading sentiment In the pit. was
: the story bordering upon the sensational printed
In the Chicago Record-Herald. The writer
claimed to have learned through La Sale street
banking house that the recent heavy selling OF
May wheat came from Armour, and that back
Of the Armour selling lies the influence of j..
Pierpont Morgan. The story, In brief, 1s that
the bull manipulation in Chicago has maintained
prices on a level where export business has bei,n
hard to land, and that in the event OF still
higher level being reached exports will decline
materially. 1t is highly desirable that the finan-
Cial situation with reference to European credits
and the possibility of gold exports, should i'm
prove instead of growing worse. hence it Is
necessary that we export largely. And Mr..
Morgan Is credited with having notified the Ar
mour interests that the gigantic plan of pack
ing plant merger. that has been hanging fire,
Will never go through while the Armour inter-
ests are bulling wheat in Chicago. While the
story lacked confrma ton and discredited by
the bulls. 1T appeared not wholly improbable, and
the general effect was to temper bull sentiment
slightly and make for little more Of cautious
The market rallied the close and turned
suddenly firm on reports Of Armour buying in
Chicago; With this came report from the
seaboard of 40 loads taken for export. Min
neapolis December having opened al 71Ac and
having sold to nc and held steady, quickly
advanced to 1880. May wheat opened at 1875 q
13%c and broke early to 1872 @7s%c. and on
the closing strength recovered quickly selling
to 1890. The close around high points
in all markets. Minneapolis December 72esc and
May al 0l74asc.
Primary receipts were 1.263.ooO bu against
3.O1s,oOO bu last year and shipments 526,OOO
against $50, 600. Ciearances Of wheat and -four
totaled $4,000 bu.
In the cash market there larger per-
Centage of good wheat than for
time. No. hard was sale and ranged
from &c to 1890 sales of about 25
No: northern was saleable at 73Ac to 74c
and this grade was In good demand to arrive
at 1910 to 1890, the latter figure representing
trades made late in the session after the
squirt in the December option. No. 2 northern
was also in demand to arrive at 72A@72hc.
No. wheat on spot sold from 1b1ac to Csc.
Rejected brought TOlac 10 65c and grade
sold from 67l:c down to 6Oc.