The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-09
December Breaks to 1880, but Re
covers Promptly and Sells to
New Top at 1885 to 1ac.
Conditions Favor the Bulls and the
Present Bear Factors Are
Outweighed.
Wheat Stocks Now Stationary, Good
Demand, and Receipts
Very Light.

Minneapolis Chamber Of Commerce, Oct.
9.--Wheat started in this morning. by fall
Ing off Bc and December having touched
-79c yesterday was down to 781sc in the
early selling. For all this there was an
undertone of strength and the bulls We're
confident of later recovery. The bears
ran thru the gossip Of the morning and
were able to marshal some facts effective
enough to induce selling by weak holders.
summary Of bear items showed that
Liverpool responded feebly to the sharp
advance of yesterday, cables coming only
A@ssd higher. The weather Is much bet
ter, and fair and warmer weather is pre-
dicted for the night. A London special
cable says the Argentine crop is doing
well. The advance yesterday was very
sudden, and other markets did not follow
Minneapolis in full European wheat
stocks are now 7s,412, 900 bu against 59,-
100000 Sept. 1, and 62,455, 900 Oct. 1 last
year. and other bearish figures were forth
coming, among them an estimate from
Liverpool that India will this week ship
out 1,6S6,000 bu of wheat against 1886, 900
In the corresponding week last year.
Scarcely had the bears got themselves
filled with the spirit of depression drawn
from those reports when the market
turned on them and December bounded
UP from 7S1sc to 1880 quicker than some
of them could act. .-. -.
Then it was time to shift the view over
to the bull side and it was seen that there
"eie lew lteius on tnat emu OF the mar
ket as WELL Minneapolis stocks have
been increasing every day for, sometime
and have been gaining noticeably since
the milling strike began. But yesterday
they made no gain. Duluth mills and
country mills have been looking over the
Minneapolis cash market. Receipts here
are running almost entirely to low grade
stuff. Practically no good milling wheat
IS coming and In the face Of this the Min
neapol1s flour mills will soon be grinding
away at the former rate as new mills are
to start up on Monday. Minneapolis had
only 296 cars In this morning against 1874
last year. There are believed to be
good many shorts in December wheat both
mere and in Chicago, and taking it all
around the bull news was a pretty thoro
offset for the bear news, with this to
note, that while the bear news was much
the same as has been heard ever since De-
cember started on the decline that took 1t
to 75@767sc, the bull news was in good
part OF new feature and of a. nature to
awaken new interest in the market. s
Receipts at outside points were not
heavy. Duluth had an increase, s71 cars
against ESQ, and Kansas City 1896 bu
against $4,000, Chicago getting 81 cars
against Sc. These increases, however were
nothing worth noting when it Is consid-
cred that wheat Is wanted everywhere. ST.
Louis had $4,000 bu against 1888, 600 bu.
the last year figures being for two DAVIS.
leader who was up to the Grain Dealers
convention went back to Chicago a pro
nounced bull In the Record Herald he
expresses himself as surprised at condi-
tons as he saw them here which he be-
1eves fully warrant the strength. In a
long message this morning to James d.
Fraser, Mr.. Patten announces himself a
convert to the Jones' estimate after
careful investigation" the message reads,
L came back convinced that the Jones'
estimate for the three states Is correct and
l am now satisfied that Jones has bet
ter system and better facilities for OBJ
tanning information than any other ex-
pert" - - -
!! The Modern Miller shows winter wheat
reports generally favorable and showing a
good stand whenever the plant is up,
Primary receipts, 1,041, 900 bu against
100000 bu, and shipments $4,000 against
$4,000 bu. = -,
The monthly government report comes
out Tomorrow. Not much interest is
shown in it, nor is it expected to have
much effect either way.
Clearances 253 900 bushels. i
: The market closed at 7SSs @7Skc for
December and 1915 @78Ac for May
Good demand for cash wheat at 80hc
to size for No. 1 northern and 78c to soc
for No. 2 northern. -.rs