The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-26
The Minneapolis Bulls Find It I'm
possible to Maintain May on
the Higher Level.
Chicago spurts Up, but Other Mar
kets Follow Reluctantly
on the Rise.
Receipts Here and at Primary Points
Very Much Heavier Than
f. Last Year.

Minneapolis Chamber of Commerce. JAN 90
Wheat finally passed the roc level this morning,
having threatened 1t half-dozen times last
week, only to halt a shade under and turn back
down again. But this morning May sold at roc
early. and the market to all appearances was
firmly established around the figure. There was
the regular gossip from Chicago to the effect that
Armour was buying, and the reports said his
purchases not especially heavy he did
not find 1t necessary to buy very much to hold
the market. New York showed a frmer feeling
said to be due to the fact that early in the
sion there was some export inquiry there result
ing in the sale of some ten leads to France. st.
Louis had good export inquiry also, although
the first reports made the actual business moder
nte. The effect of this was to firm up specula
tive prices in New York. Chicago was back to
her previous high point at s2%c. 1t was clear
that while the tendency for Minneapolis to hold
hack Chicago advances marked
ever there disposition to follow the seaboard
strength. or any strong news separate and dis
ttnct from the manipulation of the Chicago pit.
The regular statistics were about expected.
Worlds shipments showing 5,69S 900 bushels
against 67O3000 last week and 1890, 900 year
ago. America sent out 1858, 600 bushels and
Russia 1 .44S,000 bushels The Danube shipped
10000 bushels, Argentine $4,000 and India
10000 bushels. The quantity anoat for Europe
a. % 352. 900 bushels shows decrease for the year
of 65B.00O bushels Paris was up tribe and
Liverpool I'D higher. There a lack of
bull news from abroad although the weather in
Argentine was again reported unsettled. Wheat
and flour clearances equaled $4,000 bushels.
Minneapolis would not enthuse and persist
ent strength In Chicago May would not work up
much here. It is too much of a one man market
to please the local crowd. Ar,nour's influence
Is not exerted much here. There is still the
hope on the bull side that Armour will send 4
big buying order up here some day and jar up
the shorts. Still there not many bulls
here now, the pit crowd figuring that price
recession is now in order according to the law
of chances. Eighty cents is the figure of the
loyal bulls and they do not admit that there
will be any serious set back here until May first
strikes that figure
The local bears saw with glee the posted figures
showing 923 cars of wheat in here against 265
last year. Last year there was more DISPOSE
tion at his particular time to hold back wheat
This year there is more disposition to take ad-
vantage of the advance and send in wheat. Yet
n considerable part of the wheat now coming is
to apply on previous sale, so that the heavy gain
Is not really SO bearish, since all the wheat in
is not offered OH the cash tables. The turning
over Of this wheat to mlers, however, takes
the edge of the cash demand for the time. Pri-
mary receipts naturally show a heavy gain, and
to-day there were 1,165, 900 bushels received
against $4,000 bushels last year.
The market fell off the close losing al
most a cent from high point, May selling down
to 7SMc and closing at 7SAc.
There was fair demand for cash wheat but
the premiums were not quite firm as on Sat
urday.