The Minneapolis journal., 1903-01-16

"A Genuine Bull Market in Full
Swing and New Record Prices
Being Made.
Armour Thought to Be on the Bull
Side-Chicago Prices Still Sc
Under Last Year.
Foreign Markets Catch the Bull
Feeling and Cables Come
Strong and Higher.

Minneapolis Chamber Of Commerce, Jan. 16-
Wheat the rampage this morning, touch
Ing new high points on spurts OF good bnylns;
The foreign markets finally woke up and turned
responsive to the strength In America Liver
pool was mp I'D to start, y s@Ad- on second
cables and A@Bd higher on later advlces.
the early news, the most important OF which
was an Argentine cablegram reporting rains
over considerable part of the wheat area.
.Armour's representative in the Chicago pit BID
for some round lots in the early part OF the
session, and this evidence Of Armour's support
scared the shorts badly. May wheat opened here
at 77h177$sc, and on profit taking sales ana
selling by scalping shorts for quick down turn,
tile market broke to 761 @77c. Strong support
came out and the market would not so rurther
down. Seeing the stubbornness and this evil
dence Of underlying strength the pit shorts got
nervous and put May to 77%@771sc IN tw1nk=
ling on the covering of what was very mod
crate quantity. After this there were few Ill
the local pit who dared take the short side and
the only pressure for time came from occasional
selling by longs, who had good profits and wanted
to take them in. The market was Inclined to
hold Arm here, but on break IN Chicngo' May
the local crowd turned sellers and the de
cline carried May off to 1880, shaking out so1ne
weak longs. But the tendency towards higher
prices was evident even in the face Of the break.
and recovery followed on the first renewal OF
buying. Lehrke, the big New York exporter,
threw some additional strength to the bull side,
reporting the demand at the seaboard for dour
and wheat very good, and some heavy orders
booked. III
: Minneapolis had s54 cars against 375 last year
and Duluth ~ against IT. OF to-day's receipts
some 80 cars were winter wheat. Primary re-
ceipts ran to, $4,000 bu against 5S4, 600 b'
last year, and shipments were $4,000 against
400, 900. Wheat and -four clearances, 3s5,OOo bu
Liverpool closed strong at #@&d advance, anc
Antwerp coming unchanged at first had WORKED
up 1>ac by the close. -. -"
The Modern Miller says the winter whea
still promises we'll and that excepting lack o.
rainfall on the Pacific coast conditions are ia
vorable. Prospects In general are good for thi
season OF the year. The snow, which has af
forded good protection during the recent cole
The holdings Of wheat BY farmers are large il
the central region. but small in the south
east and extreme southwest. Lack of railwa!
transportation still hampers the movement O.
wheat to market.
When Chicago May sold at 7sA and Minneap
oils May at 77stc, both markets were at thu
highest points Of the present option. Minneap
Chicago followed to-day: At 77Ac Chicago Ma,
was exactly Sc under the closing figure of th'
corresponding day last year. which the bulls art
tain that conditions this year much NOR
bullish than last year, the strength then comm!
ea froT re fh this t
contend that conditions are such that whea
ought to hold higher level than at this tin,
last year, whereas Minneapolis year ago wa
about even with the present prices, while In Chi
s0Ec.
New York had 81 loads of wheat for export
of 1878, 900 bu
The close was very strong and at high poin
Of the day, May at 775sc, July 1880, and janu
Good demand ruled again for cash wheat an
1t was q repetition of yesterdays market. Buy1n
of choice milling wheat to arrive was on large
scale. No. northern sold at, 77Mc early and a
high as 7Sc later. All prices covered wide
ranges in line with the active changing option.