The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-31
At Extreme Low Point Wheat Was
37sc to 4c Under the High Fig
ure Of Monday Last.
The Bulls Have Had a Bad Week,
but They Are Confident Of Y
High Prices Again.
The Market Cleared of Small Lot
Longs Who Quit When Armour
Ceased Buying.

MINES polls Chamber of Commerce, Jan. ST
The week ard the month. came to an end in the
wheat market with pretty sick crowd Of bulls
In the Minneapolis pit. Surprised and dlsap
pointed at the action of the market early in the
week, they have held on doggedly from day to
Wheat VIM eTeataay se ensr tsan
Notwithstanding the May figure was sTs @4c
down from the recent high point, when May sold
this morning at 10 &C.. &c. break is a pretty
good break In wheat at any time, and those
who stood through the decline consistent
bulls are mot inclined to turn hearish now at
or the big Minneapolis houses who were guiding
on Armour and following his moves in the Chi
cago pit, were lett Oh the down turn. They
did not believe the top had been reached, and
Defore they could unload their lines to ad-
vantage the market was OFT almost &c Having
failed to get out on the higher level they have
stood pat and there Is little doubt that there are
big lots Of long wheat held by Minneapolis men
who bought some of it above the present prices.
I'nt the violent declines have forced out smaller
no sense weakening influence, but quite; the
contrary. since tue wheat Is held by large
houses, who can carry 1t long time II neces
sary. 1t often happens that on reaction follow
wheat falls a below Its intrinsic worth
The bulls claim there is danger that the price
may be driven too low. The enthusiastic bulls
claim it has already gone too far and that
those who are influenced to commit themselves
TO the short side now that everything hrea thes
run for protection later on. There is one thing
that must not be overlooked In an analysis of
the present market, and that is the magic Of the
Armour name. No sooner was it generally re-
ported that the Armour interests of
# wheat than there was rush to, buy by people
VINO ordinarily are not interested in wheat
Talk of corner in May wheat only stimulated
this speculative interest and when the down.
turn began there were great many little longs
who made haste to sell, ia beer going
ON ever since, more of them getting Disguised
and selling out from time to time. Naturally
the market has been quick to decline, but it Is
fair to assume that there not many weak
holders left, while on the short side there are
some considerable lines outstanding.
Liverpool was Off again this morning, coming
3s9Ac lower. This Broomhall attributed prtn-
cipally to the effect of heavier offerings OF Argen-
tine wheat. Broomhall cabled that wheat opened
declined Il d to 1sd later of heavy
Russian shipments to Liverpool. Corn opened
1sd lower in sympathy with America yesterday
and later the May option steadied on speculative
buying.
Near the close the local market was 6rmer
selling to 1875 @76c. Good clearances were
reported wheat and -four tctaling 572. 900 bu,
Minneapolis had S02 against 2O2 last
year, and Duluth q against IS. Primary points
had $4,000 bu against 900, and shipped 174-
900 bu against 2OS, 900. Local stocks increased
by 21o,4o2 bu, making the present total IT, 147,-
ST. bu.
The market closed at 1878 @75%c for May and
76kc for July.
There was a fair trade in cash wheat with
: tue unsatisfactory car situation still felt No
important change noted, the general tone
/. being shade easier.