The Minneapolis journal., 1903-09-24
The MILLS 60 DOWN And WHEAT GOES DOWN
December Sells Off to 751sc and
Closes Weak-Other Options
Sag Also.
Increase Of 100000 Blu. in Local
Stocks Due to Closing Of
Flour Mills.
Sentiment Still Bearish, but Some
Recovery Now Thought
to Be Due.

Minneapolis Chamber of Commerce. Sept. "a
Wheat acted hrmer when the market opened this
morning, and this in the face of bear news that
came from the inside well as from the out
side. Just now the grain trade looks towards
Minneapolis, where the strike In the flour mills
is the influence Of the day. Outside bears are
making the most of 1t, and Chicago was bear
ish as ever The strike will mean lower prices
for a certainty. In the opinion Of the bears. So
far this week the local stocks have increased by
'755,ooO bu, and this Is certainly bearish rather
than bullsh. At the same time the local cash
trade market has not shown any such demoral-
dzation as some had expected. Elevators stand
ready to take the wheat, and while 1t Is true
that large quantities are now being accumulated
that would otherwise go into -four and disappear
from view it is an open question whether or no
this feature has not been discounted in the
cent heavy decline. The mills are not all
closed and at this time it is by
tain that the men will be able to close them all.
The market hangs on the reports from time to
time. Many feel that wheat must go lower;
that with the wheat coming in and mllers out
OF the cash market, no other result can be rea-
sonably expected. At the same time it Is
daring trader who will take the short side now
after Sc decline and in the present uncertainty
where reactionary frmness Is shown on the re-
port that all the mills will not close, and where
an upturn would probably come quickly should a
settlement be reached. In Minneapolis there
were 4o5 cars this morning gainst 343, and in
Duluth 2O2 against AT, Chicago getting 80
against 13S. Kansas City had 1875 cars against
1T5, and st. Louis SO, 600 bu against 90, 900. Re-
ceipts were nowhere burdensome. e.
business Still there were thirty loads reported
taken late yesterday and this morning Duluth
had 100, Ooo-bu deal pending. overton con-
,tinues wiring from New York that no export
business may be looked for until prices go
lower. This comes every day now, thru big
Chicago house known to be bearish, and no longer
has much effect The local bears nave not vet
got their Toe December wheat, but they ought
ito get 1t soon If bear news and gossip is to do
Iat for all the wires are burdened with such
l1tems. The weather favors them, and every
thing is aiding free movement of wheat.
Last night there were frosts in Minnesota Wis
consin, Iowa and Missouri. but they were light
and are thought to have done no damage worth
lnoting. The Price Current says corn is matur-
ing we'll, and there has been no serious frost
damage outside Of Nebraska. Conditions are said
to favor threshing and the seeding of the new
winter wheat crop.
Antwerp is the European market most in
touch with Argentine, and Antwerp takes a very
gentine wheat Is said to be doing well so far
and there is repetition of the former estimates
of increased acreage.
1t is too early yet for -four shipments to fall
Ion, and this bear argument need not be looked
Tor yet, but will probably have it's effect later
on. Yesterday 6S,541 barrels went out of Min
neapolis but after to-day the effect Of the lighter
output should be shown. The millers will grind
some -four even under the present circumstance
and there Is nothing yet to Indicate that
there will be complete cessation of operations
On the contrary the outlook to noon to-day was
that the men will be unable to close all the
mills. 81 -
rlHnary recelpts were $4,000 bu, against
1000, and shipments 507 900 bu against 49,
600 bu. Wheat and -four clearances eQualed
179, 900 bu.
After noon the market began to sag and before
the close December had sold to 75hc. December
closed at 75A @75%c, May at 77bc, September
at SIC.
Cash wheat was rather hard proposition this
morning and the sellers found 1t impossible to get
prices even within cent of yesterdays range
Near the close the No. northern was weak and
down another cent from opening prices. 1t was
an unsatisfactory day all around mtllers huyinp
nothing and elevators taking the bulk at con-
cessOns. ~