The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-11
Rroomball Sent Over Some. Disoour-
aging Cables and the Weak
Holders Let Go.
The Local Cash Wheat Demand Not
Quite So Good as Earlier
& in the Week.
The Undertone Firm Notwithstand-
ing the Decline and All the;
Bear Talk.

Minneapolis Chamber of Commerce. Feb. H.
All around weakness was shown in wheat at
the start this morning. None of the markets
had any strength and on moderate selling de
clines were general. On the early decline Min.
neapolis May sold to 761a @769sc. and then halt
ed. with the traders watching Chicago. Later
weakness forced May to 76asc. Every one eN-
pected the report would come that Armour was
selling and in a short time it came Armours
representative was not selling to any greatly
Increased extent but selling orders came on from
Z house that has been known to trade heavily
for Armour at times. hence, the traders jumped
ut the conclusion that Armour was selling. The
most discouraging item. however. came from
Liverpool Rroomhall sent. personal cablegram
bearing on the supply situation, reading AS fol-
lows Continental demand for wheat is lessen
ing and ! think the supply has about overtaken
the demand am therefore inclined to modify
considerably my estimate previously made as TO
the quantity of wheat Europe will need to i'm
port in the next six MONTHS Naturally, this
was not very stimulating. and while 1t in no
way affected the confidence of the big holders
for a long pull. of the bulls. whose confidence
Is based on the general supply outlook in our.
country. 1t knocked out considerable small lot
speculative long wheat. and decline followed.
Another element OF uncertainty was. the Lincoln
day holiday tomorrow. Many hesitated to go
and there considerable evening: up in
q small way
If receipts here were heavy enough early in the
week to cause uneasiness to holders there
reactiMary feeling due this morning, for in
minneapolis there 2S6 against $40
last year, Duluth however getting 1o2 against
n. Stocks in local elevators still show stand
Off, but 1T is likely there will be slight in
crease this week, nillers not such free
buyers to-day, and some of the wheat went into
elevators. Primary POINTS received $4,000 bu'
and shipped 100000 bu, against a part holiday
and no reliable figures last year. The Gather
is favorable. Rains fell in the Ohio valley
Illinois, Missouri and Oklahoma. Moderate tenn
peratures were general over the northwest, with
little cold weather even in the extreme north
west. Liverpool cosd I'D lower. Clearances
<27 900 bu -
After noon another Broomhall cable came to
the effect that Argentine shipments will be
well. up again this week. probably close to
100000 bu. This had further weakening eff
feet and May wheat sold to 76hc closing easy
at low point. July wheat closed at 1850,
also low point of the day. .,.. -,
The cash market was unsatisfactory in the
main and sellers complaining a little.
Millers were not such active bidders for the
wheat and having fair supply of wheat, and
better supply of empty cars to load out. were
not inclined to pay fancy prices No 1 sold
at May price at first, but late in the session
some Of the unsold wheat offered ait prices
Ac to &c lower relative to May than it had
been held earlier in the day.