The Minneapolis journal., 1903-12-29
NAY WHEAT RISES TO ANOTHER. HIGH POINT
Passing SAC on the Jump The Situa-
tion a Hard One to Size Up
y. Accurately.
Journals Report of Flour Sales to
Japan Had Bullish Effect in
All Markets.
The War Prospect Now Leads Every
Other Consideration
Close Firm.

Minneapolis Chamber Of Commerce Dec
29!-Wheat made another new. high point
this morning. selling to SAY 6DS4Ac before
noon and acting at that time tho it
were going much higher. The market had
to stand a flood of selling orders at the
start from longs with profits and others,
and In the early business there was de-
cline to S3Ac. Then followed renewed
buying, rush of shorts to cover, quick
recovery and a rise to q level not before
reached. Where the market will stop is
a hard question. On change 1T is con-
ceded by all that were it not for the dull
ness and lack of outside interest Incidental
to the close of the year. there would be q
big bull market on even now. Many trad
ers had figured that no big rise could come
curing tt1e holiday d''hness ana they nave
been left. Others went SO far as to sell
wheat short. on the theory that there
had already been something of an advance
and the holidays would bring reaction and
they have not only been left, but have
had to stand punishment. 1t is still the
talk on the floor that bis local house
is short a large quantity of May wheat
A great many who arc believers in higher
wheat prices would not buy and have not
bought, as they figured that While the
wheat in all probability going up it
was due to have severe break hrst. Such
is the local pit situation. Heavy. flour
sales to Japan, recorded in yesterdays $
j our al, had effect on all markets
Then there IS the war situation, which is q
hard one to size up. The bulls take the
ground that while a 1eussian-Japan war
involving England would mean dollar
wheat without doubt that war or no war,
81 cent wheat is Warranted by supply con-
ditions, present and prospective. and the
government final figures of yesterday,
showing a reduction Of about 90, 900. 900 bu
from the yields indicated earlier in the
season. was strengthening to this view Of
it, january is the time for bull market
n.wheat, in fact, the january rise is a
stock expression in the trade. A few more
days will bring January But wheat has
already advanced somewhat, and the ques-
tion Is whether 1t will start off afresh with
the new wear, or whether a long holiday
around New Years Day may not bring an
accumulat ion of hearish Items important
enough to cause decline. 1t Is doubtful
if a year has ever drawn to a close with
the average trader finding it harder to
make up his mind; excepting, Of course,
the outright bull, who is much in evil
dencs now and who insists that May
has got to hit SOC sometime or other, and
that the up and down changes of the i'm
mediate future can in. nowise affect final
results.
Kansas City had a big run of wheat for
three days, getting $4,000 bu against
$4,000, while st. Louis had $4,000 bu.
against 1000. Minneapolis received 366
Gays. against 231;aDuluth 1S4, against A,
and Chicago 85. ga inst III. 't'< -
Liverpool closed I'D higher. Paris to
Is centimes lower, and Budapest about
1c up. Rosario cabled Chicago that the
weather in Argentine has turned little
more favorable. -...s ...
The war gossip of to-day brought report
of meat sales bygArmour of Chicago to the
Japanese government.
Minneapolis stocks have increased by
$500 b}fss6T T;fat his Week. M ~ .i'''s.S
New York December wheat fell off about
Be but this had no effect outside.
Primary receipts We're 1f294000 bu,
against $4,000, and shipments $4,000
against 252,000. Wheat and flour clear
ances 36S, 200 bu.
The worlds Visible supply decrease
79S, 900 bu; showing a gain of 1,102, 600 BIT
in tie quantity east of:the Rocky noun
tains, but a falling off CT 100000 bu ir
the Quantity in Europe and afioat fol
Europe yu.- ...t f~..',~ ...-, <e<.'.'s .-~.s ~.
Brooml1a1l cables: s'The American ad-
VANCE was followed by, an opening ad-
vance in wheat at Liverpool, but trading
was. extremely dull. Toward noon there
was a recovery because of intense colo
along the Danube and prospect Of clos
ing Of ports: - - ..-
The market was easier before the close
and backed down 14c, but the close was
firm at S3%c for May. July closed al
S2M @83c, December at S1sIc and Septem
Der at 76Mc:
In the cash market the bulk of the No
northern sold at SIC and the No.
northern at S10S1Ac. ..- .*+