The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-22
Chicago Sentiment Enthusiastically
Bullish, but Minneapolis Wheat
Heavy as Lead.
Chicago Gains l lac at First While
Minneapolis Is Advancing
Beggarly 3-16c. II &
#- Et... T. .-.-,..r
Lots of Chicago Wheat Believed to
Have Been Taken Out and
Dumped Here. ~.

Minneapolis Chamber of Commerce, Jam d.
Minneapolis wheat had a fit Of stubbornness
this morning, and in the early business would
not advance, although strong and higher prices
the opening, there enthusiastic bulls bid
ding 1890 for May wheat. and the market
opened at this figure But the selling here
was heavy and the opening May broke quick
ly to 7shc. Chicago meanwhile spurted up
wild bull turn, the difference between the two
markets widening greatly. On steady rise in
Chicago. May from sO15c to 81 GS1 Nc, the To-
cal market worked back up to 7S1Ac. but even
here the tone was comparatively heavy Some
traders bad Chicago dispatches saying that the
Armour interests having everything their
own way, that the Of the day was being
ignored and that traders were guiding entirely
upon Armour great many former sales rep
resenttng hedges in the Chicago pit by cash grain
buyers were taken In and put out again In Min
Heapolis Buyers OF cash grain concluded. that
they would rather be short against cash wheat
here than in Chicago. The Chicago pit showed
too clearly the effect Of the buying of the one
big interest and hedgers We're scared. The
cash wheat supply situation. while not good any
= where is better here than in Chicago. Evi-
dence of the immense quantity put out here was
seen in the buying of large line by one local
house at steady figure. On the persistent
strength in Chicago, Minneapolis May finally
of one local house bid 7sAc for 100 May and
1t was sold On succeeding bids, sales came
promptly. and the purchase of $4,000 to 900, 900
bu did not raise the price lice. the market with
to 1914 @7Sbbc when 1T closed, Chicago mean
while advancing another notch. 1t was as good
an exhibition Of market stubborn against adj
vance as the local pit has seen. When
Chicago sold at 81 y 9S1Bc. which Inc
advance over last nights close Minneapolis sold
at 1870, an advance of only 1s@Ac
The ordinary influences of the news and sta
tistical figures cut little figure to-day. Traders
paid little attention to any reports but those
pretending to give the movement Of the Chi
cago long interest. Minneapolis had Bill cars,
against 1T last year. and Duluth had ~, against
S. At primary points, 564. 600 bu were re-
ceived, against 414, 600 bu, and shipments were
10000, against 1861 900. Wheat and flour
cIearances, GAS 900 blu.
An Argentine cable said late estimate makes
the e1portable surplus about So OOO 600 bu. The
weather in Argentine is unsettled and there Is
little prospect of heavy movement OF wheat
from Argentine until about Feb. Is.
The Price Current says wheat Is mostly pro
tected east of the Missouri. Some in Kansas Is
not looking quite so we'll, but generally favor
, able condition maintained Interior corn oHer
ings are free and wheat is normal.
st. Louis wired that one of their export hrm
has sold corn to-day at the highest price ol
the crop to go to Europe. later St. Lou1
telegram reported 10000 bu No. . red sold to g
to southeastern mills. Chicago sold $4,000 bu No
/ northern at 31ac under May. New York so1'
SO loads of wheat for export.
The market closed at 1850 for May and a
1874 @7SMc for July.
The cash market was active and not especlall
changed from yesterday. the No.. mortimer
bringing &c over May and the No. northern
under. There was good general demand.