The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-17
The Market Held Down at First by
Easy Cables and Argen-
tine News
Later This Gave Way to Strength
and New Buying Orders
Came In Freely.
Receipts Lighter Than Expected
and Good Cash Trade
in General.

Minneapolis Chamber of Commerce. Nov.
1.-Two things bore hard upon wheat
this morning, and held the market back
against local disposition more favorable
for an advance. They We're the weaker
cables and dullness abroad, and favorable
crop news from Argentine. So far as res
ceipts were concerned there was an in
centive to bull activity in the showing in
the northwest. Duluth had its regular
weekly double-da movement to report
and it was thought at least 600 cars would
turn up, but only 4S7 were reported
against 454 last year. Minneapolis had
276 against 312, or 763 for the two mar
kets against 766. just about stand off.
The fact that the big day in Duluth did
not make the total heavier was the bull
feature. Chicago had 227 against 1853, st.
Louis SO, 900 bu against 1913, 600 and Kansas
City $4,000 against 100000. The Kansas
City receipts took the strong edge off the
whole, and aside from this it was shown
that freight trains into Minneapolis this
morning were the average several
hours late, duo to the colder turn in the
weather since yesterday. Still the mod
crate receipts were enough to advance the
market, and December sold early to 78Ac
again and May to 1850. But the bears
had the better Of the market in the for
eign news and even fair influx OF buying
orders failed to bring much Of an advance
for almost half the session. Then the adj
vance was made and held fairly well.
Liverpool was easy and fractionaly low
or. Broomhall attributed this to the good
news now pouring into Liverpool from Ar
gentine. The crop is doing we'll and some
of the enthusiasts are putting the total eX-
portable surplus as high as 100000 blu.
The trade balks at any such total and ac-
cepts it with due allowance, and the effect
this morning would have been practically
nothing except for the fact that it was
backed up in good part by a direct cable
gram to the Northwestern Miller. The
report to the Miller Is more conservative
but verifes former reports as to the good
condition Of the crop, says that harvest
ing will shortly begin In the more ad-
Vanced districts and that the acreage Is
40 per cent larger than last year Forty
per cent increase would mean an export
able surplus Of almost 100, 100000 blu, other
conditions being equal, SO that the report
leaves little doubt that the prospects for
an enormous Argentine crop are very IA
vorable. Notwithstanding the earlier Liver
pool reports may have exaggerated favor
able conditions somewhat.
Minneapolis stocks have increased 425,-
900 bu so far this week. 4.
Liverpool closed A@5sd lower.
Duluth wired that demand there was
picking UP and good business was being
done. ~
Colder weather is predicted for Mime
sofa, the Dakotas, Nebraska, Iowa, Kan
sas, Missouri and Wisconsin.
Bradstreet's figures show an increase OF
8,113,OO0 blu in the worlds visible supply
The quantity east of the Rockies increased
3,613, 900 blu, and the quantity in Europe
and afloat shows decrease of 500, 900 bu
Primary receipts 100000 bu, agains
1,232,000, and shipments 855, 900 agains
$4,000. Wheat and foul. clearances, 241,
900 blu.
The market took on great strength late
in the session on good buying in all mar
kets. The Minneapolis options were rela.
lively a shade higher than in other mar
kets. The advance carried May to 79&.
and May and December came together OF
the rise. The close was strong, with thu
market tending higher and new buyins
orders coming in. All options closed a
high point of the day, December at 79Ac
May at 79Ao and July at 1871 @7SBc.
The cash market was active and on ;
rising option showed a wider price range
No. i northern sold from 1880 to Sic
according to quality and time of sale
No. to arrive brought soc to sic.