The Minneapolis journal., 1903-12-24
MAY WHEAT MAKES A QUICK JUMP TO 50 IA CENISE
A War Rumor Floats In and a Strike
Buenos Aires Is Posi-
BILE Factor.
St. Louis Fears a Corner, and There
Is Gossip of a Local House
Heavily Short.
Weather Favorable for Winter Wheat
News and Gossip of
the Pit.

Minneapolis Chamber of Commerce. Dec.
24-Broomball the Liverpool authority,
handed out little Christmas present this
morning to the bulls in wheat. in the form
Of war squib, on the strength of which
Minneapolis May spurted to S34c in the
first hour of trading Chicago May mean
while selling to sac. It was an excited
market for Il brief time, with the shorts
taking in the wheat they had sold yester-
day and traders who had sold calls MAX.
Ing haste to buy against them for pro-
lection. What Broomball said in his cable
was that there was a. rumor going around
in Liverpool to the effect that the Jan
anese fleet had cleared for action. Just
what was meant by this was not very
clear. but it was war message and that
was enough. The trade was in the mood
for something Of firmness anyway. for the
war gossip for several days past has been
more onlinous. There We're besides three
other items OF a strengthening nature. ST.
Louis fears a squeeze in December wheat
and that there. is still large outstanding
short interest there is evident. Argentina
shipped less wheat last week, the pre-
linlinary estimate placing the quantity at
only "a 900 bu, and there is a big strike
on In Buenos Aires which may delay ship
ments for the present. even tho Argentine
will have plenty Of wheat to ship after
the new crop is in. There was also some
talk of q local house short a big line of
Minneapolis May wheat somewhat under
the present price. and this gossip even
went so far as to take into cOnsidera ton
the probable effect, should an attempt
be made to cover on the present strong
market. AS to the weather there was
nothing helpful to prices, Oklahoma having
rain, and some other portions Of the Win
ter wheat area getting little moisture
and the forecast being for rain or snow
to-day in several states. including the
winter wheat states Of Illinois and Mis-
souri,. r.>N
Minnea polls received 55S cars Duluth
260 and Chicago 40. ST. Louis had 1853, 900
bu and Kansas City 100000, against a
holiday last year and no comparisons.
The New York Produce Exchange sent
some war gossip ter practically repe-
tition Of the Liverpool cable. New York
also states that orders had gone to-day
from there to Chicago directing the ship
ment of considerable No. northern from
Chicago. In Chicago Armour's represen-
tative went into the pit and bid for May
wheat but did not buy much, taking about
100000 bu. according to first report. Liv-
erpool closed 1s@Ad up, Paris 5 to 20
centimes higher, Berlin unchanged, and
Budapest sc up.
The Price Current says the wheat crop
was benefited from Illinois eastward by
rains. Situation generally favorable in
,Rorthern districts and less so as to ap-
pearance in southern localities. Fair pros
pect in the southwest. Much complaint of
soft corn and grading low. Movement in
creasng. '.- - -.
India shipments for this week are esti
mated at about 100000 bu. 1t was also
gossip that 800 cars will be in here on
Monday. but this is guess only, and is
probably based on the ASSUMPTION that
since there We're 55S cars in to-day, a
three day holiday. should mean accumu-
lation Of three times much, PROPOSE
ton that may not hold good.
primary receipts Lilo, 600 bu shipments. 337,-
900: wheat ard flour clearances, 467, 900 bu.
New York sold 10 loads wheat for export
Clearances for the week, reported by Brad
streets were 2.3:;GUOO bu, compared with 8 $780,
900 bu last year. ''...
The market eased off near the close. May clos
ing Mt S2%sc, July at S2k 0yS2Ac. and December
at soc. ...;.. i-
In the cash market there fair trade
hut keen demand for the poor lots. Grade
Cnsold late in the session.