The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-14
December Jumps 114c to 7S114c, and
May Goes Over 7Sssc-The
Close Firm.
Statistics Favorable to Strength
The Movement Backward and
Supplies Light.
Clearances 491 900 Bu.-Some Big
Houses Changing to the
Bull Side.

Minneapolis Chamber of Commerce,
Nov. 14.--In the face of unFesponslVe /
cables and the same old run. OF bearlsh |
news from abroad, wheat took on a squirt /
This morning. December and May both |
selling to the 7Sc level, May reaching I
1884 G07S1sc in the early trades Big flour |
business was the feature on the bull side i
Heavy purchases of wheat yesterday to
arrive were thought to be significant OF
good flour sales, even tho 1t was reported
that considerable part of the wheat
.to arrive was sold to elevators. Milers
were rather noncommttal yesterday. but
this morning were free to admit that there
had been a gratifying business in flour
yesterday afternoon. that demand was
still good this morning, and that there
was a. fair proportion of foreign business
in the total. This was poser for the
bears and was pretty good evidence that
the wheat basis is not too high to do
business on. New York was a leader In
strength, and local traders jumped at the
conclusion that big export business in
wheat was being done as well. A wire
to Watson, however attributed the
strength In New York to the fact that
York state millers came in and bought
freely of No red, and as there has only
been a handful Of No. red in New
York, they just about cleaned up tie
market. This made the December shorts
In New York somewhat anxious and they
covered to some extent. Locally there are
all sorts of opinions heard as to the move
ment for the next few days into Mime
apolis. Some contend that Monday will
bring in a big line Of wheat Others think
not. Still others look for heavy receipts
on Monday, but are inclined to think that
that will be the last very heavy day for
q time Receivers say the number of cars
in transit to them is lighter, and country
observers say the deliveries at country
points are light. Sentiment has switched
over a little to the strong side, and II
the pit traders will not buy wheat, at
least they are not so quick to sell it
short. One Of the big Chicago houses
Harris -Gates--that has been persistently
bearish for about eight weeks. sent some
rather hopeful gossip this morning, and
it Is assumed that several big bears have
gone off the bear side for the present
This may be the case. Wheat has been
/ depressed partly on foreign news. Statis
tics as to home supplies and the move
ment of spring wheat to date are bulish.
There is a, good demand here now for
! cash wheat. Even if acting upon the
theory that the bearish foreign news Is
4 to govern prices ultimately. 1t is a ques-
| ton whether big bear would try to press
the market much more just at this time.
Minneapolis elevator stocks increased
! by 1,112,626 bushels, making the total now
! b,677,11S bushels For the one day to
figure into the coming week there is an
ceipts were 1, 100000 bushels against / ISL,
/ 0o0 and shipments were $4,000 against
403, 900. Wheat and flour clearances were
$4,000 bushels, with Galveston missing.
Minneapolis received ATS cars against
427, Duluth 300 against al. and Chicago
140 against 80. Kansas City had 11S 00(
bushels against $4,000. and st. Louis 81 :
600 against 173, 900.
Duluth reported 24O 900 bushels of wheat
loading for Chicago. Four Chicago houses
bought 100000 bushels each of May
thought to be 100000 bushels taken fol
Armour.
(! The forecast is as follows: The Da
kotas. snow: Minnesota, Illinois, Indiana
Missouri. Kansas. Michigan and Wiscon
sin. fair; Nebraska, rain or snow; Iowa
rain or snow west, fair east.
Five loads for twenty four ports at New
York.
Minneapolis December closed at 1870
7sc, after selling at 7sAc. May sold t
1885 @781sc and closed at 7sHc. Jul,
closed at 77M @777sc.
An excellent demand ruled for casl
wheat with sales as per list given below
Wheat to arrive was in demand by millers