The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-21
The Bear Market of Last Week Car
ried Over and All Prices
on the Sag.
Possibility of Strike in the Local
Flour Mills a New Bear
Argument.
Good Weather, Increase in Local
Stocks, and General
Selling Out.

Minneapolis Chamber of Commerce, Sept 21.--
The week opened in wheat with the bear market
of last week carried over: Traders who mad
looked upon the break of Saturday as marking
the end of the decline were Jared not little
to find prices much lower again this morning.
Opening prices were of all around, December
being especially weak, but even these prices
could not be maintained. In short order Sep
TENDER down to S11sc, December to 1I12c,
and May to 79hc These figures put the Sep
TENDER 91ac, December &c and May 59sc under
the high points Of Monday last. The bulls said
this enough and were inclined to lend
little support but the bears were talking sun
lower prices. There was little new pressure TINS
morning. 1t was rather a further decline que
to momentum, to continued selling out, by
tired longs, to selling stop loss orders from
recent buyers for an upturn. There was no rally
to the market. Chicago weak on both
wheat and corn and all other markets were
weak An increase of 290O 900 blu is reported
far this week in the local stocks, and the
weather being fair and the predictions favorable
for fair and warmer weather. the expectation Is
for continued steady gain in stocks from now
Today's showing, however, so far from be-
Ing bearish. was the reverse minneapolis mad
643 cars against GA last year, but the posted
figures for Duluth showed 1876 cars against DAB.
Chicago had 15S cars against 200, Kansas City
l77ooo
The foreign tone was easy and Liverpool
closed I'D to ed lower.
There is little to say of the weather map ex-
cept that it shows perfect conditions for thresh-
ing and the movement of wheat and for the
maturing of corn. During the past twenty -four
Manitoba, but precipitation this side of the
Canadian border, either northwest, west or
southwest. There was no rainfall Saturday or
Sunday. Temperatures, seasonable. weather
conditions are not as favorable they were I'M
favorable week two ago.
The larger Chicago houses are still very bear
Ash. The Hnrris-Gates weekly review says:
Even the severe storms in the northwest have
failed to cut down the movement of wheat to
stocks show an increase of 100000 bu this week.
In fact, it appears as hard to stop the free
movement from first hands as it was a short time
corn $4,000 acres. The Liverpool wheat weak
the weakness that is now being shown in the
wheat market is the fact that we are on
level fully 10 per cent higher than that of the
rest of the world and more than that above our
own prices a year ago. The record OF export
cearances for the week shows the logical result
of this unnatural position. The total of wheat
and flour wheat from both coasts for the
week was 1900, 900 bu, against clearances of
5,435,O0O Blu for the corresponding week of last
year. In other words holding our surplus
while other countries supplying our Gus
toners. AS long as our stocks were light
everywhere it not a difficult matter to main
tain this unnatural condition. 1t remains to be
seen what will happen to the market should the
movement Of wheat from first hands continue at
the present rate. Shipments of wheat from Ar
gentina this year have aggregated 81, S2S 900 bu,
compared with 29S27 900 bu the correspond
ing period of last year Latest estimates are
that the area seeded in this country will be
basis of last years yield crop of nearly $780,
600 900 bu with exportable surplus %, OOO, 900
Du greater tndli tuat OIL year ago we peheFe
that current prices of wheat too high"
An official Russian crop report says the areas
of all the leading grains show increase last
year. Wheat increase, 1000, 900 acres; rye,
increase, SD 900 acres; oats, 4.006.O00 acres;
corn, 900 The Liverpool wheat weak
ness is on larger American offerings and larger
Russian shipments. Corn, lower on cheap Ar
gentine offerings.
The worlds shipments figures showed a fur
Their heavy movement from eastern Europe.
While America sent out 100000 bu, Russia
and the ports Of the Danube river shipped
6464. 600 bu. The visible supply gained 761, 900
bu. and now totals Is. 947. 600 bi.
Primary receipts, 1919, 900 blu against 1885,
O0O and shipments, SO, 900 against 491 900.
Wheat and flour cearances, 35S 900 bu.
The possibility of strike in the local -four
mills at a~time when receipts beginning to
run heavier was another bear argument to-day.
December wheat sold down to 71sc and closed
at 77hc. May sold to 791sc and closed at 7914c.
September sold to 81 hc and closed at Size.
Cash wheat suffered with the option and was
weak and lower on all grades