The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-27
Ali Prices on Decline, but Mime
apolis Relatively Firmer
Than Chicago.
Heavy Liquidation Of Long Wheat
With the Armour Support
No Longer Seen.
Traders Will Now Watch for Elk
port Business to Develop at
the Lower Prices.

Minneapolis JAM IA sharp set back In
wheat marked the early session to-day: Min
neapolis May sale on little early squirt,
and May having opened at 777sc and having sold
tc, 7SA al7S%c, fell off to 77Ac. The fact that
Chicago dropped quickly from 81 Is @soc even
touching 79Ise on one trade started .rumor that
Armour was selling. This did not appea. 10
the local traders. who were inclined to laugh at
the suggestion that Armour would turn seller
dropping market. There was at the start
some evidence of support form Armour and carly
buying orders for fair sized lots But this
ceased after short time. The Armour 1n-
terests, the local crowd thought. saw too much
wheat coming out and instead of trying to stem
the tide by purchase Of big lots. preferred to
step out temporarily ard let the li4uidatng longs
have all the excitement for themselves The
foreign markets failed to show much strength.
and an opening decline of I'D in Liverpool
scared many weak holders who figured that
material downturn might now be In order abroad
since the foreign markets have been on the adj
vance for some time. That there were MILL
ions of bushels thrown on the Chicago market
was evident. The decline was so sudden as to
cause selling by many here who would ordinarily
have held on. but who, seeing Chicago fall on
violently thought there would be decline every
where. The stability of the local market was
again illustrated. When Minneapolis held back
on the rise last week and permitted Chicago
to work up almost &c against practically no adj
vance here tier was much grnmbling on the part
of local longs who were Inclined to regret that
thoy did not buy wheat in Chicago instead of In
the Minneapolis pit. But there was compen-
sation and consolation for them this morning in
the slower and smaller decline here, for when
Chicago broke under soc, the decline there was
almost &c while Minneapolis at 77$1c was off
only 1a@6kc from the top.
Broomhall came in later with long cablegram
bearing the situation there. The weakness
in American markets. or rather the tendency to
streets figures shows decrease of 625, 900
this only influence. Liverpool expects
heavier Russian shipments, and has closA watch
Argentine. Advices from Argentine to Liver
pool favorable, much more favorable on the
whole than the report from Rosario to Chicago,
The worlds visible, according to the Brad
streets figures shows adecrease Of $4,000
bushels. Stocks in Europe and a1oat for Eu-
rope decreased 1900, 600 bushels, but the guam
tity in America east Of the rockies increased
1875, 900 bushels.
following Chicago freely later. There
was little news from thes eaboard up to noon,
which surprising. If the foreigners as
anxious to buy American wheat recent
ports have stated, there should be a big ex->
port business this break. Large takings of
for strength and recovery. The trade will look for
this for the next few days indication
Of the situat ton.
Minneapolis had 256 cars against 100 last
year and shipped Is against "a. Wheat and -four
clearances equaled 24s,OOo bushels.
PRIMARY receipts were ga, 900 bushels against
4sS.00o last year, and shipments 153, 900 against
357 900.
At the close the market broke again following
tue persistent weakness In Chicago. Minneapolis
May sold down to 1890 and closed weak at the
low point. July also closed at low point, I'll q
77Ac
The cash market active and there was sat
tsfactory demand but prices not firm rela-
isfactory demand but prices were not so firm rel
Tor good part, and No. northern at to NC