The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-23
The Bear News Deals Largely with
Prospective Conditions Both
/ at Home and Abroad.
While Existing Conditions Remain
Bullish-Local Decrease Of
$4,000 Bushels.
A Repetition Of War Talk from the
Far East Makes Sellers
Hesitate.

Minneapolis Chamber of Commerce, Oct.
23-Wheat looks weak but it does not de-
cline very much. The bears assert that
prices are bound to fall off as the market
has turned much quieter and a spell or
dullness otter presages decline. The bulls
on the other hand are inclined to feel Well
satisfied with the action of the market,
as it has held against selling and a lack
of outside interest. This morning the
early range in December was 1850 to
1914 and back down to 79Hc and May
was equally narrow, selling from 7S5sc to
79c and back to 7S5sc. In such a range
as this there Is little chance for even
the pit scalpers and business is neces-
sarily light. What the move will be when
the market breaks out of the rut is the
question. A majority on the local board
is inclined to look for decline. The
weather Is good and promises to continue
good. Receipts will in all probability run
heavier next week, and should then con-
tinue heavier for time. There is a bear
ish feeling in outside markets and if many
traders are afraid to sell, at least they will
not buy the wheat. The foreign situation
remains bearish. It is again pointed out
by the bears that Argentine has shipped
59, 900 bu wheat since Jan. l against
1S.4S4, 900 bu in the preceding PERIOD and
61.237. 900 bu corn against S7,96lOOO. Ar
gentine has shipped this week $4,000 bu
against 276,000 last week and $4,000 last
year. Advices from Argentine are very IA
vorable as TO the growing crop. Much
other news Of bearish import is seen re-
specting the actual and prospective sup
ply in Liverpool
The local bull cares nothing for all this
when he sees Minneapolis stocks falling
off by $50, 900 bu as is the case this week,
very unusual situation for October If
the big receipts are to come soon 1t will
be different story. but they are not
coming yet. Kansas City stocks are
~ ol~,-S 4 To-, 1>,,t
Kansas City expects a big run next week.
Meanwhile 10000 bu were received there
against 1863, 900 and st. Louis had 5000 bu
against 1872. 900. Minneapolis received 4SS
cars against 5O2 Duluth 1870 against 449,
and Chicago 80 against 103, a decrease in
all five points. This is no bear showing.
TO sell wheat now is to sell it on pros
poets almost certain to be realized and
equally certain to affect prices. But the
bears have done this several times this
fall and every time a turn Of bad weather
has forced them to.cover. Hence they are
a little slow and the market drags, under
present conditions warranting frmness,
but conditions almost in sight that will
test the strength Of the market severely.
q Chicago wired as the northwestern mar
Ekets are losing their advance there has
been a little shading Of prices here. The
wheat trade is dull. The war talk had
most to do with the strength and the
gea sier prices for consols is not supporting
the war rumors. There has been some
buying Of wheat by Spencer Denniston,
Bartlett Frazier and Cook. There are re-
ports Of disappointing corn husking here
from Decatur and from western Nebraska
there are reports of loss from rs to 80 pei
cent from the frosts which are now show
ing in the husking.
The market was stronger near the close
and some nervousness was shown in al
markets over the repetition of war tall;
from the far east. Primary receipts were
1.O41 900 bushels against 1,335,O00, ant
shipments were $4,000 bushels against
r301, 900. Wheat and flour clearances were
$4,000 bushels. Wheat and flour clear
ances for the week, 100000 bushels.
The Modern Miller says there are re-
ports from scattered sections of the coun
try of lack of moisture. but the genera
information indicates that seeding anl
crop conditions of the new winter whea
are entirely satisfactory. In the south
west. particularly in Kansas, farmers ar
pressing sales of wheat considerable o
which is piled on the ground. Lack .
cars restricts the movement to market
Some roads are moving grain freely.
! The market closed at 79A @79sc TO
December and at 1880 for May. ..gis c-'a..
i In the cash market No. 1 northern
varied from Sic to S5c, according to quail
ity and time Of sale. No. northern SOL
at 81 @82c for the bulk.